Equitable owner

Equitable owner

The beneficiary of a property held in a trust.
References in periodicals archive ?
Similarly, references to the beneficial owner may be ambiguous insofar as they fail to distinguish the beneficial interest of the absolute owner from that of the equitable owner under a trust.
163-1(b) provides that interest the taxpayer paid on a mortgage upon real estate of which he or she is the legal or equitable owner, even though the taxpayer is not directly liable upon the note secured by that mortgage, may be deducted as interest on the debt.
The cases do not stand for the proposition that a lessee found to be the equitable owner of the underlying realty must pay ad valorem taxes in lieu of the intangible tax.
The taxpayer bore the benefits and burdens of ownership under state law, making him its equitable owner, and his intention to live in the home after renovating it met the credit's requirement, the court held.
Charity is the equitable owner of the vehicles until they were sold, and bears the risk of accidental loss, damage or destruction.
Since this was more than two years after Five Forks' option expired, the court concluded that Five Forks was not the equitable owner of an interest in the land at the time of the condemnation.
Secondly, the human holder of legal title will, like a traditional trustee, have obligations to the equitable owner of the animal, that is the animal himself.
The Benson decision clearly explained that a party who has complied with all the terms and conditions that entitle him or her to a patent for a particular tract of public land acquires a vested interest therein and is to be regarded as the equitable owner thereof [citing 145 U.
163-1(b) provides, "Interest paid by the taxpayer on a mortgage upon real estate of which he is the legal or equitable owner, even though the taxpayer is not directly liable upon the bond or note secured by such mortgage, may be deducted as interest on his indebtedness.
1995-420, the Tax Court sided with the IRS, denying the taxpayer's mortgage interest deduction claim as equitable owner and holding that the taxpayer had failed to provide evidence establishing equitable or legal ownership.
The risks-and-rewards approach holds that the equitable owner of the instrument recognizes the asset.