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Is a co-ownership taxable

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Reference no: EM132766919

Problem 1: Is a co-ownership taxable? No, because the activities of the co-owners are limited to the preservation of the property and the collection of income therefrom.

Problem 2: Is the share of a co-owner in the net income of a co-ownership taxable? Yes, because each co-owner is taxed individually on his distributive share in the income of co-ownership.

A. Answer to both questions are correct
B. Answer to Question 1 is wrong, Answer to Question 2 is correct
C. Answer to Question 1 is correct, Answer to Question 2 is wrong
D. Answer to both questions are wrong

Reference no: EM132766919

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