community property


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Related to community property: separate property
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  • noun

Words related to community property

property and income belonging jointly to a married couple

References in periodicals archive ?
In the Idaho example, however, the property is considered "community property held by the decedent and the surviving spouse under the community property laws of any State," and thus the federal tax law considers the surviving spouse's share to have come from the decedent, resulting in a 100% step-up in the basis of the property for computing capital gains.
18) Community property law is based on the notion that married persons participate as an economic unit to which each makes valuable contributions.
Valli, the California Supreme Court addressed this issue and determined that, unless the statutory transmutation requirements had been met, the life insurance policy was community property.
Separate property in community property states may include property owned before marriage and, in some states, property acquired during the marriage with proceeds from the sale of separately owned assets.
At that time, property that otherwise became community property after marriage (e.
Washington law generally defines community property to be all 1) earnings during the marriage of each spouse; 2) property acquired with earnings during marriage; and 3) any property acquired with "community funds.
Since the couple has been married for a quarter century and it's probably impossible to separate what they each had before they tied the knot, it's likely the entire pot of money will be considered community property.
When a couple divorces in Louisiana, a partition of the community property that the husband and wife co-own is generally required.
The property of the spouses constitute their joint community property, until their separation, or until the extinguishment of the joint community property rights in some other way.
How are proceeds of community property life insurance treated in the insured's estate?
Community property is a specialized form of property ownership that exists only between a husband and wife who are considered to have an undivided one-half interest in such property during marriage.
How can community property law affect the federal income tax treatment of investment income?
In general, property is owned outright, as tenants in common, as joint tenants with rights of survivorship, or as community property.
Constitution preempted a state court from dividing military retirement pay pursuant to state community property laws.
Finally, the article summarizes new developments in the innocent spouse provisions with particular emphasis on a recent Tax Court decision in 2006 that deals with innocent spouse rules in community property states.
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