Hence, it is obvious that the concept of community property as a result of marriage does not exist in Morocco or in Syria.
Income from working should be taxed to the individual who earned it regardless of community property laws.
FORBES: Same Sex Couples - Registered Domestic Partners - Community Property - What A Mucking Fess
The result: Residents of community property states have more flexibility when it comes to filling a bypass trust.
Residents of community property states get a big income tax break, too.
Because spending out of community property income comes equally from both partners, neither provides more than half the support, so neither can claim the dependent.
The Zouheils contend the trial court erred because Nationwide failed to prove that the debt was the separate property of Pierre Zouheil and not community property.
App. 270, 492 P.2d 1208 (1972), Smith, Summary of Arizona Community Property Law, Sec. 11 at pp. 18-19 (1977).
The firm is auctioning the property for BTC Bank, a community bank that took control of the property about a year ago.
If you own property jointly and don't live in a community property state, at the death of the first spouse the half of the property he owned gets stepped up in basis to its current market value.
The downside to this is that Community Property is subject to the claims of the creditors of either spouse, while the Separate Property is subject to only the claims of the spouse who incurred the liability.
FORBES: Community Property and Creditor-Debtor Law Explained
To prevail Nationwide, had to show that the initial investment with the Jankes in 1978 was the sole and separate property of Zouheil and that there was no transmutation of this property from separate to community.
If, however, you live in a community property state and hold property jointly, at the death of the first spouse the entire property is stepped up in basis--meaning it can be sold immediately without gains tax.
While the definition of marriage is still left to the states, they say, the federal government has stepped in before to enforce order, as when it declared uniform national policy on death taxes regardless of whether states had community-property laws or common-law marriage.
Not until after the lawsuit had been filed by Nationwide did Zouheil take steps to see that his wife had an interest in the Janke transaction, the inference being that the promissory note was made out to husband and wife only to avoid any judgment in the Nationwide case and not with the intention of making the note community property.
Nationwide had the burden of proving by clear and satisfactory evidence that the note was not a community asset but, instead, the separate property of Zouheil.
As Mr. Husbands sees it, barbecue isn't the exclusive property of that insular community.
At that point, the IRS gave domestic partners the option of filing amended returns reflecting community property laws but did not require them to file new returns.
Still, spouses can write out an agreement recasting pieces of property as either separate or community, depending on what works best for them.
"That includes the right to build a place of worship and a community centre on private property in lower Manhattan, in accordance with local laws and ordinances, " Mr Obama said.
When SWAT agents stormed the bunker to rescue the boy from the man's property in the rural Alabama community of Midland City, Dykes "engaged in a firefight with the SWAT agents, " Pack added.
As it turned out, authorities' decision to rely on every tool at their disposal was a wise one: Dykes had planted an explosive device in a ventilation pipe he'd told negotiators to use to communicate with him on his property in the rural Alabama community of Midland City, and also placed another explosive device inside the bunker, the FBI said in a statement late Tuesday.
Only if some support comes from non-community property may one partner file as head of household.
California couples are supposed to file separate single (or head of household) returns, but with community property income split as if they were married, in accordance with California law.
Nearly a third of the population now lives in states with community property laws.
The List of World Heritage in Danger is designed to inform the international community of threats to the outstanding universal values for which a property has been inscribed on the World Heritage List, and to encourage corrective action.
The upside is that the couple can agree between themselves to divvy up the Community Property so that in the future it is held only as Separate Property and thus available to the claims of one set of creditors only.
FORBES: Community Property and Creditor-Debtor Law Explained
Is it because the community members are aggressive in business and owning property in any part of the country?
At least as it relates to creditor issues, Community Property is actually pretty easy to understand if you think of it in terms of His, Hers and Ours.
FORBES: Community Property and Creditor-Debtor Law Explained
But if the exec had changed the titling of the stock after moving and before her husband's death--say, by putting the stock in a joint account with right of survivorship--she would have lost that valuable community property step-up.
However, it was massive government support for the housing industry through the mortgage deduction, rules such as the Community Reinvestment Act, and a multitude of subsidy programs that created the property bubble which burst so disastrously in 2008.
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