A right to use,
possess and share real property with other
co-owners, in which each owner is entitled
to undivided possession of the whole
property, such as in the case of
joint tenancy.
For example, ten investors form a
Tenancy in Common and purchase a
100-acre tract of land. Each cotenant
obtains an undivided interest in the
property. All decisions as to the use and
disposition of the land are made
collectively by all cotenants. No one
cotenant may unilaterally mortgage, develop,
or sell a portion of the tract. A
partnership tax return is filed. Each
co-owner also includes a share of the
income, loss, gain, etc., in his/her own
personal income tax return.
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