Julia mark and Peter own a rental property as tenants in common. Julia owns a 40% share, mark owns a 35% share and Peter owns
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Julia mark and Peter own a rental property as tenants in common. Julia owns a 40% share, mark owns a 35% share and Peter owns the remaining 25%. the property generates $2000 in rental income for the year. Julia decided to sell her interest in the property which has an adjusted cost base of $25,000 for $35,000. based on the information provided which of the following statements regarding the reporting of taxable income is true? a) The rules for deemed capital gains upon death are different for joint tenancies and tenancies in common. b) julia's shares of the rental income would be $800, calculated as (her ownership interest * total rental income) or (40% *$2000). c) Julie's share of the rental income would be $667 calculated as (total rental income divided by 3 owners)or($2000 / 3) d) julia's capital gain of $10,000 can be deferred until the rental property is actually sold
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