Tax
Terms & Definitions - J
| Term |
Definition |
| Jointly Owned
Property |
Property held in the
name of more than one person. |
| Joint Return |
A return combining the
income, exemptions, credits, and deductions of a
husband and wife. |
| Joint Tenancy |
A form of joint
ownership. Each tenant has an undivided interest
in the entire property. On death of one of the
owners, the survivor becomes the owner of the
whole. A joint tenancy may involve more than two
persons. |
| Joint Venture |
An enterprise
participated in by associates acting together,
with a community of interests, each associate
having the right to participate in its management.
For income tax purposes, a joint venture is
treated as a partnership, not taxable in its own
capacity, but regarded as a taxpayer for the
purpose of computing its taxable income, which is
distributable among the associates in the
proportions agreed upon. Such distributive shares
are reported by the associates on their
individual income tax returns. |
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