Www.irs.gov/pub/irs-pdf/p557. 26 U.S. Code § 501 - Exemption from tax on corporations, certain trusts, etc. Publication 557: Tax-Exempt Status for Your Organization; 501(c)(25) -- Title-Holding Corporations for Multiple Parents. If your organization wants to obtain recognition of exemption from federal income tax as an organization organized for the exclusive purpose of acquiring, holding title to, and collecting income from real property, and turning over the entire amount less expenses to member organizations exempt from income tax, it should file its application on Form 1024. For a discussion of the procedures for obtaining recognition of exemption, see chapter 1.
Who can control the organization. Organizations recognized as exempt under this section may have up to 35 shareholders or beneficiaries, in contrast to title-holding organizations recognized as exempt under IRC 501(c)(2), which may have only 1 controlling parent organization. Organizational requirements. A 501(c)(25) organization must be either a corporation or a trust. The organizing document must permit the shareholders or beneficiaries to terminate their interests by at least one of the following methods. Subsidiaries.
Tax treatment of donations. Tenancy in Common legal definition of Tenancy in Common. Tenancy in Common synonyms by the Free Online Law Dictionary. Tenancy in Common A form of concurrent ownership of real property in which two or more persons possess the property simultaneously; it can be created by deed, will, or operation of law. Tenancy in Common is a specific type of concurrent, or simultaneous, ownership of real property by two or more parties. Generally, concurrent ownership can take three forms: joint tenancy, tenancy by the entirety, and tenancy in common. These forms of concurrent ownership give individuals a choice in the way that co-ownership of property will be carried out. Usually, the term tenant is understood to describe a person who rents or leases a piece of property.
All tenants in common hold an individual, undivided ownership interest in the property. Another difference between tenants in common and joint tenants or tenants by the entirety is that tenants in common may hold unequal interests. Further readings Kurtz, Sheldon F., and Herbert Hovenkamp. 2003. West's Encyclopedia of American Law, edition 2. Multiple Destination Route Planner for Google Maps.