About 'definition management accounting'|... about every aspect of water management from how and why to drill new wells to monthly accounting, but then water is a potentially finite resource...
Ｔｅｎａｎｃｉｅｓ ｉｎ ｃｏｍｍｏｎ ａｒｅ ａｒｒａｎｇｅｍｅｎｔｓ ｉｎ ｗｈｉｃｈ ｔｗｏ ｏｒ ｍｏｒｅ ｐｅｒｓｏｎｓ ａｒｅ ｃｏ-ｏｗｎｅｒｓ ｏｆ ａ ｒｅａｌ ｅｓｔａｔｅ ｐｒｏｐｅｒｔｙ. Ｔｈｉｓ ａｒｒａｎｇｅｍｅｎｔ ａｌｌｏｗｓ ｔｈｅｍ ｔｏ ｂｅ ａｂｌｅ ｔｏ ｉｎｖｅｓｔ ｉｎ ｐｒｏｐｅｒｔｙ, ｎｏｔ ａｓ ｌｉｍｉｔｅｄ ｐａｒｔｎｅｒｓ ｏｒ ａｓ ａ ｌｅｇａｌ ｅｎｔｉｔｙ, ｂｕｔ ｒａｔｈｅｒ ａｓ ｉｎｄｉｖｉｄｕａｌ ｏｗｎｅｒｓ. Ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ ｉｓ ａｎ ａｌｔｅｒｎａｔｉｖｅ ｔｏ ｉｎｄｉｖｉｄｕａｌ ｉｎｖｅｓｔｍｅｎｔ ｉｎ ａ ｐｒｏｐｅｒｔｙ. Ｔｈｅ ｃｏ-ｏｗｎｅｒｓ ｉｎ ａ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ ａｒｅ ｏｗｎｅｒｓ ｏｆ ａ ｐｅｒｃｅｎｔａｇｅ ｏｆ ｔｈｅ ｅｎｔｉｒｅ ｐｒｏｐｅｒｔｙ, ｒａｔｈｅｒ ｔｈａｎ ｓｐｅｃｉｆｉｃ ｕｎｉｔｓ ｏｒ ａｐａｒｔｍｅｎｔｓ, ａｎｄ ｔｈｅｉｒ ｄｅｅｄｓ ｓｈｏｗ ｏｎｌｙ ｔｈｅｉｒ ｐｅｒｃｅｎｔａｇｅｓ ｏｆ ｏｗｎｅｒｓｈｉｐ. Ｔｈｉｓ ｔｙｐｅ ｏｆ ａｒｒａｎｇｅｍｅｎｔ ｏｆｆｅｒｓ ｖａｒｉｏｕｓ ａｄｖａｎｔａｇｅｓ. Ａｄｖａｎｔａｇｅｓ ｏｆ Ｔｅｎａｎｃｉｅｓ ｉｎ Ｃｏｍｍｏｎ Ｔｈｅ ｃｏ-ｏｗｎｅｒｓ ｃａｎ ｃｏｍｂｉｎｅ ｔｈｅｉｒ ｒｅｓｏｕｒｃｅｓ ａｎｄ ｔｈｅｒｅｆｏｒｅ ｈａｖｅ ｔｈｅ ｃａｐａｃｉｔｙ ｔｏ ｐｕｒｃｈａｓｅ ｐｒｏｐｅｒｔｉｅｓ ｔｈａｔ ｔｈｅｙ ｗｏｕｌｄ ｎｏｔ ｂｅ ａｂｌｅ ｔｏ ｐｕｒｃｈａｓｅ ｉｎｄｉｖｉｄｕａｌｌｙ. Ｆｒａｃｔｉｏｎａｌ ｏｗｎｅｒｓｈｉｐ ｉｎ ｔｅｎａｎｃｉｅｓ ｉｎ ｃｏｍｍｏｎ ｏｆｆｅｒｓ ｔｈｅ ｐｏｓｓｉｂｉｌｉｔｙ ｏｆ ｄｉｖｅｒｓｉｆｙｉｎｇ ｒｅａｌ ｅｓｔａｔｅ ｉｎｖｅｓｔｍｅｎｔｓ ｉｎ ｍｏｒｅ ｔｈａｎ ｏｎｅ ｐｒｏｐｅｒｔｙ, ｅｖｅｎ ｉｎ ｄｉｆｆｅｒｅｎｔ ｐａｒｔｓ ｏｆ ｔｈｅ ｃｏｕｎｔｒｙ. Ｔｈｅ ｃｏ-ｏｗｎｅｒｓ ｃｏｎｔｒｏｌ ｔｈｅ ｐｒｏｐｅｒｔｙ ｔｈｅｍｓｅｌｖｅｓ, ａｎｄ ｄｏ ｎｏｔ ｄｅｐｅｎｄ ｏｎ ａ ｔｈｉｒｄ ｐａｒｔｙ ｔｏ ｍａｎａｇｅ ｔｈｅ ｐｒｏｐｅｒｔｙ. Ｔｈｅ ｉｎｃｏｍｅ ｇｅｎｅｒａｔｅｄ ｂｙ ｔｈｅ ｐｒｏｐｅｒｔｙ, ａｎｄ ｔｈｅ ｅｘｐｅｎｓｅｓ ｉｎｃｕｒｒｅｄ ｉｎ ｉｔｓ ｍａｎａｇｅｍｅｎｔ ａｒｅ ｔｒａｎｓｆｅｒｒｅｄ ｔｏ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ ｂａｓｅｄ ｏｎ ｔｈｅｉｒ ｐｅｒｃｅｎｔａｇｅｓ ｏｆ ｏｗｎｅｒｓｈｉｐ. Ｔｈｅ ｉｎｄｉｖｉｄｕａｌ ｃｏ-ｏｗｎｅｒｓ ｃａｎ ｃｌａｉｍ ｔａｘ ｄｅｄｕｃｔｉｏｎｓ ｆｏｒ ｔｈｅ ｉｎｔｅｒｅｓｔ, ｔａｘｅｓ, ｄｅｐｒｅｃｉａｔｉｏｎ, ａｎｄ ｏｔｈｅｒ ｅｘｐｅｎｓｅｓ ｒｅｌａｔｅｄ ｔｏ ｔｈｅ ｐｒｏｐｅｒｔｙ, ａｃｃｏｒｄｉｎｇ ｔｏ ｔｈｅｉｒ ｐｅｒｃｅｎｔａｇｅｓ ｏｆ ｏｗｎｅｒｓｈｉｐ. Ｔｈｅ ｃｏ-ｏｗｎｅｒｓ ｒｅｔａｉｎ ｔｈｅ ｒｉｇｈｔ ｔｏ ｓｅｌｌ ｔｈｅｉｒ ｐｅｒｃｅｎｔａｇｅｓ ｏｆ ｏｗｎｅｒｓｈｉｐ ａｔ ａｎｙ ｔｉｍｅ. Ａｎｙ ｏｆ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ ｃａｎ ｓｅｌｌ ｔｈｅｉｒ ｓｈａｒｅ ａｎｄ ｐａｙ ｔａｘ ｏｎ ｔｈｅ ｃａｐｉｔａｌ ｇａｉｎ, ｏｒ ｃａｎ ｄｅｆｅｒ ｔｈｅ ｔａｘ ｂｙ ｃａｒｒｙｉｎｇ ｏｕｔ ａｎ ｅｘｃｈａｎｇｅ ａｃｃｏｒｄｉｎｇ ｔｏ ｓｅｃｔｉｏｎ 1031 ｏｆ ｔｈｅ ｔａｘ ｃｏｄｅ, ａｎｄ ｒｅｉｎｖｅｓｔｉｎｇ ｔｈｅ ｐｒｏｃｅｅｄｓ. Ａ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ ｉｓ ｄｉｓｔｉｎｇｕｉｓｈｅｄ ｆｒｏｍ ａ ｊｏｉｎｔ ｔｅｎａｎｃｙ ｉｎ ｔｈａｔ ｔｈｅｒｅ ｉｓ ｎｏ ｒｉｇｈｔ ｏｆ ｓｕｒｖｉｖｏｒｓｈｉｐ. Ｔｈｅ ｃｏ-ｏｗｎｅｒｓ ｃａｎ ｃｈｏｏｓｅ ｗｈｏ ｗｉｌｌ ｉｎｈｅｒｉｔ ｔｈｅｉｒ ｓｈａｒｅｓ ｏｆ ｏｗｎｅｒｓｈｉｐ ｉｎ ｔｈｅ ｐｒｏｐｅｒｔｙ ｉｎ ｔｈｅ ｅｖｅｎｔ ｏｆ ｔｈｅｉｒ ｄｅａｔｈ. Ｔｈｅ ｈｅｉｒ ｂｅｃｏｍｅｓ ａ ｃｏ-ｏｗｎｅｒ, ｔｏｇｅｔｈｅｒ ｗｉｔｈ ｔｈｅ ｏｒｉｇｉｎａｌ ｃｏ-ｏｗｎｅｒｓ. Ｏｎ ｔｈｅ ｃｏｎｔｒａｒｙ, ｉｎ ａ ｊｏｉｎｔ ｔｅｎａｎｃｙ ｔｈｅ ｏｗｎｅｒｓｈｉｐ ｓｈａｒｅ ｏｆ ａ ｃｏ-ｏｗｎｅｒ ｗｈｏ ｄｉｅｓ ｐａｓｓｅｓ ｔｏ ｔｈｅ ｏｔｈｅｒ ｃｏ-ｏｗｎｅｒｓ. Ｗｈｙ Ｎｏｔ Ｆｏｒｍ ａ Ｌｉｍｉｔｅｄ Ｌｉａｂｉｌｉｔｙ Ｐａｒｔｎｅｒｓｈｉｐ? Ｌｉｍｉｔｅｄ ｌｉａｂｉｌｉｔｙ ｐａｒｔｎｅｒｓｈｉｐｓ ａｎｄ ｃｏｒｐｏｒａｔｉｏｎｓ ａｒｅ ｌｅｇａｌ ｅｎｔｉｔｉｅｓ ｔｈａｔ ｏｆｆｅｒ ｃｅｒｔａｉｎ ａｄｖａｎｔａｇｅｓ ｃｏｍｐａｒｅｄ ｗｉｔｈ ｆｒａｃｔｉｏｎａｌ ｏｗｎｅｒｓｈｉｐ ａｒｒａｎｇｅｍｅｎｔｓ, ｓｕｃｈ ａｓ ｔｅｎａｎｃｉｅｓ ｉｎ ｃｏｍｍｏｎ, ｂｕｔ ｆｏｒ ｔａｘ ｐｕｒｐｏｓｅｓ, ｔｈｅ ｐａｒｔｎｅｒｓ ｏｒ ｓｈａｒｅｈｏｌｄｅｒｓ ｉｎ ｔｈｅｓｅ ｅｎｔｉｔｉｅｓ ａｒｅ ｎｏｔ ｃｏｎｓｉｄｅｒｅｄ ｔｏ ｂｅ ｏｗｎｅｒｓ ｏｆ ｔｈｅ ｒｅａｌ ｐｒｏｐｅｒｔｙ ｉｔｓｅｌｆ, ａｎｄ ｔｈｅｒｅｆｏｒｅ ｃａｎｎｏｔ ｃｌａｉｍ ａｌｌ ｔｈｅ ｔａｘ ｂｅｎｅｆｉｔｓ ｃｏｒｒｅｓｐｏｎｄｉｎｇ ｔｏ ｏｗｎｅｒｓｈｉｐ ｏｆ ｒｅａｌ ｐｒｏｐｅｒｔｙ, ｓｕｃｈ ａｓ ｄｅｄｕｃｔｉｏｎｓ ｆｏｒ ｍｏｒｔｇａｇｅ ｉｎｔｅｒｅｓｔ ａｎｄ ｐｒｏｐｅｒｔｙ ｔａｘｅｓ ｏｎ ｔｈｅ ｒｅａｌ ｐｒｏｐｅｒｔｙ, ａｎｄ ｔｈｅ ｒｉｇｈｔ ｔｏ ｃｌａｉｍ ａｎ ｅｘｃｌｕｓｉｏｎ ｏｆ ｕｐ ｔｏ $250,000 ($500,000 ｆｏｒ ｍａｒｒｉｅｄ ｔａｘｐａｙｅｒｓ ｗｈｏ ｆｉｌｅ ａ ｊｏｉｎｔ ｒｅｔｕｒｎ) ｏｆ ｔｈｅ ｇａｉｎ ｏｎ ｔｈｅ ｓａｌｅ ｏｆ ａ ｈｏｍｅ. Ｈｏｗ Ｄｏ Ｙｏｕ Ｆｏｒｍ ａ Ｔｅｎａｎｃｙ ｉｎ Ｃｏｍｍｏｎ? Ｉｎ ｍａｎｙ ｃａｓｅｓ, ｔｅｎａｎｃｉｅｓ ｉｎ ｃｏｍｍｏｎ ａｒｅ ｆｏｒｍｅｄ ｗｈｅｎ ｔｈｅ ｓｅｌｌｅｒ ｏｆ ａ ｐｒｏｐｅｒｔｙ ｏｒ ｔｈｅ ｒｅａｌ ｅｓｔａｔｅ ａｇｅｎｔ ｄｅｃｉｄｅｓ ｔｏ ｓｅｌｌ ｔｈｅ ｐｒｏｐｅｒｔｙ ａｓ ａ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ. Ｉｎ ｔｈｉｓ ｃａｓｅ, ｔｈｅ ｓｅｌｌｅｒ ｏｒ ａｇｅｎｔ ｄｅｖｅｌｏｐｓ ｔｈｅ ｓｔｒｕｃｔｕｒｅ ａｎｄ ｔｈｅ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ ａｇｒｅｅｍｅｎｔ ｐｒｉｏｒ ｔｏ ｏｆｆｅｒｉｎｇ ｔｈｅ ｐｒｏｐｅｒｔｙ ｆｏｒ ｓａｌｅ ｏｎ ｔｈｅ ｍａｒｋｅｔ. Ｅａｃｈ ｂｕｙｅｒ ｈａｓ ｔｈｅ ｃｈａｎｃｅ ｔｏ ｒｅｖｉｅｗ ａｎｄ ａｐｐｒｏｖｅ ｔｈｅ ａｇｒｅｅｍｅｎｔ ｂｅｆｏｒｅ ｃｏｍｍｉｔｔｉｎｇ ｔｏ ｂｕｙ ａ ｓｈａｒｅ ｏｆ ｏｗｎｅｒｓｈｉｐ. Ｉｎ ｏｔｈｅｒ ｃａｓｅｓ, ａ ｂｕｙｅｒ ｏｒ ｇｒｏｕｐ ｏｆ ｂｕｙｅｒｓ ｅｓｔａｂｌｉｓｈ ｔｈｅ ｓｔｒｕｃｔｕｒｅ ａｎｄ ｔｈｅ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ ａｇｒｅｅｍｅｎｔ. Ａｎ ｉｎｄｉｖｉｄｕａｌ ｂｕｙｅｒ ｃｏｕｌｄ ｂｒｉｎｇ ｔｏｇｅｔｈｅｒ ａ ｇｒｏｕｐ ｏｆ ｒｅｌａｔｉｖｅｓ ｏｒ ｆｒｉｅｎｄｓ, ｕｓｅ ａ ｂｒｏｋｅｒ ｔｏ ｌｏｃａｔｅ ａ ｂｕｉｌｄｉｎｇ, ａｇｒｅｅ ｏｎ ｔｈｅ ｐｅｒｃｅｎｔａｇｅｓ ｏｆ ｏｗｎｅｒｓｈｉｐ, ａｎｄ ｔｈｅｎ ｗｏｒｋ ｗｉｔｈ ａｎ ａｔｔｏｒｎｅｙ ｔｏ ｄｒａｆｔ ｔｈｅ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ ａｇｒｅｅｍｅｎｔ. Ｗｈａｔ Ｃａｎ Ｂｕｙｅｒｓ Ｉｎｔｅｒｅｓｔｅｄ ｉｎ ａ Ｔｅｎａｎｃｙ ｉｎ Ｃｏｍｍｏｎ Ｄｏ? Ｗｈｅｎ ｔｈｅ ｓｅｌｌｅｒ ｏｒ ａｇｅｎｔ ｈａｓ ａｌｒｅａｄｙ ｐｒｅｐａｒｅｄ ａ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ ａｇｒｅｅｍｅｎｔ, ｔｈｅ ｂｕｙｅｒ ｓｈｏｕｌｄ ｒｅｑｕｅｓｔ ｔｈｅ ａｄｖｉｃｅ ｏｆ ａｎ ｅｘｐｅｒｉｅｎｃｅｄ ａｔｔｏｒｎｅｙ ｔｏ ｒｅｖｉｅｗ ｔｈｅ ａｇｒｅｅｍｅｎｔ ａｎｄ ｔｏ ａｄｄｒｅｓｓ ｔｈｅ ｐｏｔｅｎｔｉａｌ ｉｓｓｕｅｓ ｔｈａｔ ｃｏｕｌｄ ａｒｉｓｅ ａｓ ａ ｒｅｓｕｌｔ ｏｆ ｃｏ-ｏｗｎｅｒｓｈｉｐ ｏｆ ｔｈｅ ｐｒｏｐｅｒｔｙ. Ｉｆ ｔｈｅｒｅ ｉｓ ｎｏ ａｇｒｅｅｍｅｎｔ ａｎｄ ｔｈｅ ｂｕｙｅｒ ｈａｓ ａ ｇｒｏｕｐ ｏｆ ｐｅｒｓｏｎｓ ｗｈｏ ａｒｅ ｉｎｔｅｒｅｓｔｅｄ ｉｎ ｃｏ-ｏｗｎｅｒｓｈｉｐ, ｔｈｅ ｍｏｓｔ ｅｆｆｉｃｉｅｎｔ ａｎｄ ｅｃｏｎｏｍｉｃａｌ ｗａｙ ｔｏ ｅｓｔａｂｌｉｓｈ ａｎ ａｇｒｅｅｍｅｎｔ ｉｓ ｆｏｒ ｔｈｅ ｗｈｏｌｅ ｇｒｏｕｐ ｔｏ ｃｏｎｔｒａｃｔ ａｎ ａｔｔｏｒｎｅｙ ｔｏ ｄｒａｆｔ ａ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ ａｇｒｅｅｍｅｎｔ ｓｐｅｃｉｆｉｃａｌｌｙ ａｄａｐｔｅｄ ｆｏｒ ｔｈｅ ｐｒｏｐｅｒｔｙ ａｎｄ ｔｈｅ ｐａｒｔｉｃｕｌａｒ ｉｎｔｅｒｅｓｔｓ ｏｆ ｔｈｅ ｂｕｙｅｒｓ. Ｔｈｅｎ, ｅａｃｈ ｐａｒｔｉｃｉｐａｎｔ ｃａｎ ｒｅｖｉｅｗ ｔｈｅ ａｇｒｅｅｍｅｎｔ ｗｉｔｈ ｈｉｓ ｏｒ ｈｅｒ ｏｗｎ ａｔｔｏｒｎｅｙ ａｎｄ ａｃｃｏｕｎｔａｎｔ ａｎｄ ｂｒｉｎｇ ｔｈｅｉｒ ｃｏｍｍｅｎｔｓ ｂｅｆｏｒｅ ｔｈｅ ｇｒｏｕｐ ｆｏｒ ｄｉｓｃｕｓｓｉｏｎ ａｎｄ ａｇｒｅｅｍｅｎｔ ｉｎ ｏｒｄｅｒ ｔｏ ｐｒｅｐａｒｅ ａ ｆｉｎａｌ ｖｅｒｓｉｏｎ ｏｆ ｔｈｅ ａｇｒｅｅｍｅｎｔ. Ｔｈｅ Ｔｅｎａｎｃｙ ｉｎ Ｃｏｍｍｏｎ Ａｇｒｅｅｍｅｎｔ Ｔｈｅ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ ａｇｒｅｅｍｅｎｔ ｓｈｏｕｌｄ ｄｉｖｉｄｅ ｔｈｅ ｐｒｏｐｅｒｔｙ ｉｎｔｏ "ｉｎｄｉｖｉｄｕａｌ" ｐｏｒｔｉｏｎｓ ａｎｄ "ｇｒｏｕｐ" ｐｏｒｔｉｏｎｓ, ｗｉｔｈ ｒｅｓｐｅｃｔ ｔｏ ｒｉｇｈｔｓ ｏｆ ｕｓｅ ａｎｄ ｒｅｓｐｏｎｓｉｂｉｌｉｔｉｅｓ ｆｏｒ ｍａｉｎｔｅｎａｎｃｅ. Ｉｔ ｓｈｏｕｌｄ ｅｓｔａｂｌｉｓｈ ｔｈｅ ｒｕｌｅｓ ｔｈａｔ ｇｏｖｅｒｎ ｔｈｅ ｕｓｅ ｏｆ ｔｈｅ ｐｒｏｐｅｒｔｙ ｂｙ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ, ｓｕｃｈ ａｓ ｐｏｌｉｃｉｅｓ ｒｅｇａｒｄｉｎｇ ｐｅｔｓ, ｎｏｉｓｅ, ｐａｒｋｉｎｇ, ｆｕｒｎｉｓｈｉｎｇ ｏｆ ｔｈｅ ａｐａｒｔｍｅｎｔｓ ｏｒ ｒｏｏｍｓ, ａｎｄ ｐｒｏｃｅｄｕｒｅｓ ｆｏｒ ｅｎｆｏｒｃｉｎｇ ｔｈｅｓｅ ｒｕｌｅｓ. Ｔｈｅ ａｇｒｅｅｍｅｎｔ ｓｈｏｕｌｄ ｉｎｃｌｕｄｅ ａ ｄｅｓｃｒｉｐｔｉｏｎ ｏｆ ｔｈｅ ｆｉｎａｎｃｉａｌ ｏｂｌｉｇａｔｉｏｎｓ ｏｆ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ, ｉｎｃｌｕｄｉｎｇ ｉｎｉｔｉａｌ ｄｅｐｏｓｉｔｓ, ｒｅｓｅｒｖｅ ａｃｃｏｕｎｔｓ, ｓｈａｒｅｄ ｍｏｒｔｇａｇｅ ｌｏａｎｓ, ｔａｘｅｓ, ａｎｄ ｒｅｓｐｏｎｓｉｂｉｌｉｔｉｅｓ ｆｏｒ ｔｈｅ ｍａｉｎｔｅｎａｎｃｅ ｏｆ ｃｏｍｍｏｎ ａｒｅａｓ ａｎｄ ｏｔｈｅｒ ｅｘｐｅｎｓｅｓ. Ｔｈｅｒｅ ｓｈｏｕｌｄ ｂｅ ａ ｆｏｒｍｕｌａ ｆｏｒ ｄｅｔｅｒｍｉｎｉｎｇ ｔｈｅ ｍｏｎｔｈｌｙ ｐａｙｍｅｎｔ ｔｈａｔ ｅａｃｈ ｃｏ-ｏｗｎｅｒ ｍｕｓｔ ｍａｋｅ, ａｎｄ ｈｏｗ ａｎｙ ａｄｊｕｓｔｍｅｎｔｓ ｔｏ ｔｈａｔ ａｍｏｕｎｔ ｗｉｌｌ ｂｅ ｄｅｔｅｒｍｉｎｅｄ. Ｔｈｅｒｅ ｓｈｏｕｌｄ ｂｅ ｐｒｏｃｅｄｕｒｅｓ ｆｏｒ ｈｏｌｄｉｎｇ ｍｅｅｔｉｎｇｓ ａｎｄ ｍａｋｉｎｇ ｄｅｃｉｓｉｏｎｓ. Ｔｈｅ ｗａｙ ｉｎ ｗｈｉｃｈ ｔｈｅ ｐｒｏｐｅｒｔｙ ｉｓ ｔｏ ｂｅ ｍａｎａｇｅｄ ｓｈｏｕｌｄ ｂｅ ｄｅｓｃｒｉｂｅｄ, ｉｎｃｌｕｄｉｎｇ ｈｏｗ ｔｅｎａｎｔｓ ｗｉｌｌ ｂｅ ｃｈａｒｇｅｄ, ａｎｄ ｈｏｗ ｉｎｖｏｉｃｅｓ ｆｒｏｍ ｖｅｎｄｏｒｓ, ｓｕｐｐｌｉｅｒｓ, ａｎｄ ｃｏｎｔｒａｃｔｏｒｓ ａｎｄ ｏｔｈｅｒ ｅｘｐｅｎｓｅｓ ｗｉｌｌ ｂｅ ｐａｉｄ. Ｔｈｅ ａｇｒｅｅｍｅｎｔ ｓｈｏｕｌｄ ｉｎｃｌｕｄｅ ｐｒｏｖｉｓｉｏｎｓ ｆｏｒ ｒｅｇｕｌａｒ ｒｅｐｏｒｔｓ ａｃｃｏｕｎｔｉｎｇ ｆｏｒ ａｌｌ ｅｘｐｅｎｓｅｓ ｉｎｃｕｒｒｅｄ ａｎｄ ｔｈｅｉｒ ｒｅｉｍｂｕｒｓｅｍｅｎｔ. Ｔｈｅｓｅ ｐｒｏｖｉｓｉｏｎｓ ｓｈｏｕｌｄ ｉｎｃｌｕｄｅ ａ ｄｅｆｉｎｉｔｉｏｎ ｏｆ ｗｈａｔ ｃｏｎｓｔｉｔｕｔｅｓ ｂｒｅａｃｈ ｏｆ ｔｈｅ ｏｂｌｉｇａｔｉｏｎｓ ｏｆ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ, ａｎｄ ｔｈｅ ａｃｔｉｏｎｓ ｔｏ ｂｅ ｔａｋｅｎ, ｉｎｃｌｕｄｉｎｇ ｐｒｏｃｅｄｕｒｅｓ ｆｏｒ ｒｅｓｏｌｖｉｎｇ ｃｏｎｆｌｉｃｔｓ. Ｔｈｅ ａｇｒｅｅｍｅｎｔ ｓｈｏｕｌｄ ａｄｄｒｅｓｓ ｔｈｅ ｓａｌｅ ｏｆ ｓｈａｒｅｓ ｏｆ ｏｗｎｅｒｓｈｉｐ, ｔｈｅ ａｐｐｒｏｖａｌ ｏｆ ｐｒｏｓｐｅｃｔｉｖｅ ｎｅｗ ｂｕｙｅｒｓ ｏｎ ｔｈｅ ｐａｒｔ ｏｆ ｔｈｅ ｇｒｏｕｐ, ａｎｄ ｔｈｅ ｒｉｇｈｔｓ ｏｆ ｆｉｒｓｔ ｃｈｏｉｃｅ. Ｔｈｅｒｅ ｓｈｏｕｌｄ ｂｅ ａ ｐｏｌｉｃｙ ｏｎ ｔｈｅ ａｃｔｉｏｎｓ ｔｏ ｂｅ ｔａｋｅｎ ｉｎ ｔｈｅ ｅｖｅｎｔ ｏｆ ｔｈｅ ｄｅａｔｈ, ｂａｎｋｒｕｐｔｃｙ, ｏｒ ｉｎｓｏｌｖｅｎｃｙ ｏｆ ａｎｙ ｏｆ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ. Ｔｈｅ ａｇｒｅｅｍｅｎｔ ｓｈｏｕｌｄ ｂｅ ｓｕｆｆｉｃｉｅｎｔｌｙ ｃｏｍｐｌｅｔｅ ｓｏ ａｓ ｔｏ ｃｏｖｅｒ ａｌｌ ｉｓｓｕｅｓ ｔｈａｔ ｃｏｕｌｄ ａｒｉｓｅ. Ｉｔ ｓｈｏｕｌｄ ｂｅ ｗｅｌｌ ｏｒｇａｎｉｚｅｄ, ａｎｄ ｓｈｏｕｌｄ ｂｅ ｄｒａｆｔｅｄ ｉｎ ｌａｎｇｕａｇｅ ｔｈａｔ ｉｓ ｃｌｅａｒ ａｎｄ ｅａｓｙ ｔｏ ｕｎｄｅｒｓｔａｎｄ, ａｖｏｉｄｉｎｇ ａｍｂｉｇｕｉｔｙ. Ｉｔ ｓｈｏｕｌｄ ａｌｓｏ ｂｅ ｓｕｆｆｉｃｉｅｎｔｌｙ ｄｕｒａｂｌｅ ｓｏ ｔｈａｔ ｉｔ ｃａｎ ｓｔｉｌｌ ａｐｐｌｙ ｉｎ ｃａｓｅｓ ｏｆ ｃｈａｎｇｅｓ ｉｎ ｔｈｅ ｃｏｍｐｏｓｉｔｉｏｎ ａｎｄ ｐｌａｎｓ ｏｆ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ, ｗｉｔｈｏｕｔ ｈａｖｉｎｇ ｔｏ ｒｅｎｅｇｏｔｉａｔｅ ｔｈｅ ａｇｒｅｅｍｅｎｔ. Ｄｅｔｅｒｍｉｎａｔｉｏｎ ｏｆ ｔｈｅ Ｓｈａｒｅｓ ｏｆ Ｏｗｎｅｒｓｈｉｐ ｉｎ ａ Ｔｅｎａｎｃｙ ｉｎ Ｃｏｍｍｏｎ Ｉｎ ｓｏｍｅ ｇｒｏｕｐｓ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ ｗｉｌｌ ａｌｌ ｈａｖｅ ｅｑｕａｌ ｓｈａｒｅｓ, ｗｈｉｌｅ ｉｎ ｏｔｈｅｒｓ ｔｈｅ ｓｈａｒｅｓ ｍａｙ ｂｅ ｄｅｔｅｒｍｉｎｅｄ ｂａｓｅｄ ｏｎ ｔｈｅ ｒｅｌａｔｉｖｅ ｖａｌｕｅ, ｏｒ ｔｈｅ ｓｑｕａｒｅ ｆｏｏｔａｇｅ ｏｆ ｔｈｅ ａｒｅａｓ ｏｆ ｔｈｅ ｐｒｏｐｅｒｔｙ ａｓｓｉｇｎｅｄ ｔｏ ｅａｃｈ ｃｏ-ｏｗｎｅｒ. Ｍａｎｙ ｔｉｍｅｓ, ｔｈｅｓｅ ｐｅｒｃｅｎｔａｇｅｓ ａｒｅ ｕｓｅｄ ｔｏ ａｌｌｏｃａｔｅ ｃｏｍｍｏｎ ｅｘｐｅｎｓｅｓ, ｓｕｃｈ ａｓ ｉｎｓｕｒａｎｃｅ, ａｄｍｉｎｉｓｔｒａｔｉｏｎ, ｍａｉｎｔｅｎａｎｃｅ, ａｎｄ ｕｐｋｅｅｐ, ａｍｏｎｇ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ. Ｔｈｅ ｐｅｒｃｅｎｔａｇｅ ｏｆ ｏｗｎｅｒｓｈｉｐ ｉｎ ｔｈｅ ｏｖｅｒａｌｌ ｐｒｏｐｅｒｔｙ ｄｏｅｓ ｎｏｔ ｃｏｎｔｒｏｌ ｔｈｅ ｒｅｓａｌｅ ｐｒｉｃｅｓ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ ｃａｎ ｃｈａｒｇｅ, ｏｒ ｔｈｅ ｄｉｓｔｒｉｂｕｔｉｏｎ ｏｆ ｅａｒｎｉｎｇｓ ｉｎ ｔｈｅ ｅｖｅｎｔ ｔｈｅ ｅｎｔｉｒｅ ｐｒｏｐｅｒｔｙ ｉｓ ｓｏｌｄ. Ｔｈｅ ｒｅｓａｌｅ ｐｒｉｃｅ ｃｈａｒｇｅｄ ｂｙ ａｎ ｉｎｄｉｖｉｄｕａｌ ｃｏ-ｏｗｎｅｒ ｄｅｐｅｎｄｓ ｏｎ ｔｈａｔ ｏｗｎｅｒ ａｎｄ ｔｈｅ ｂｕｙｅｒ, ａｎｄ ｉｓ ｎｏｔ ｄｅｔｅｒｍｉｎｅｄ ｂａｓｅｄ ｏｎ ｔｈｅ ｏｗｎｅｒｓｈｉｐ ｐｅｒｃｅｎｔａｇｅ ｏｒ ａｎ ａｐｐｒａｉｓａｌ ｏｆ ｔｈｅ ｅｎｔｉｒｅ ｐｒｏｐｅｒｔｙ. Ｉｎ ｔｈｅ ｅｖｅｎｔ ｔｈｅ ｅｎｔｉｒｅ ｐｒｏｐｅｒｔｙ ｉｓ ｓｏｌｄ, ｔｈｅ ｄｉｓｔｒｉｂｕｔｉｏｎ ｏｆ ｔｈｅ ｅａｒｎｉｎｇｓ ｓｈｏｕｌｄ ｂｅ ｂａｓｅｄ ｏｎ ａｎ ａｐｐｒａｉｓａｌ ｏｆ ｔｈｅ ｍａｒｋｅｔ ｖａｌｕｅ ｏｆ ｅａｃｈ ｃｏ-ｏｗｎｅｒ'ｓ ｓｈａｒｅ, ａｃｃｏｒｄｉｎｇ ｔｏ ｔｈｅ ｑｕａｌｉｔｙ ａｎｄ ｓｐｅｃｉｆｉｃ ａｓｐｅｃｔｓ ｏｆ ｈｉｓ ｏｒ ｈｅｒ ａｓｓｉｇｎｅｄ ａｒｅａ. Ｆｉｎａｎｃｉｎｇ Ｔｅｎａｎｃｉｅｓ ｉｎ Ｃｏｍｍｏｎ Ｃｏ-ｏｗｎｅｒｓ ｗｈｏ ｓｈａｒｅ ａｎ ａｐａｒｔｍｅｎｔ ｂｕｉｌｄｉｎｇ, ｆｏｒ ｅｘａｍｐｌｅ, ｔｈｒｏｕｇｈ ａ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ, ｃｏｕｌｄ ｓｈａｒｅ ａ ｌｏａｎ ｇｕａｒａｎｔｅｅｄ ｂｙ ｔｈｅ ｅｎｔｉｒｅ ｐｒｏｐｅｒｔｙ. Ｔｈｅ ｐｏｒｔｉｏｎ ｏｆ ｔｈｅ ｌｏａｎ ｐａｙｍｅｎｔ ｔｈａｔ ｃｏｒｒｅｓｐｏｎｄｓ ｔｏ ｅａｃｈ ｃｏ-ｏｗｎｅｒ ｃｏｕｌｄ ｂｅ ｄｅｔｅｒｍｉｎｅｄ ｏｎ ａ ｐｒｏｒａｔｅｄ ｂａｓｉｓ, ａｃｃｏｒｄｉｎｇ ｔｏ ｅａｃｈ ｃｏ-ｏｗｎｅｒ'ｓ ｐｏｒｔｉｏｎ ｏｆ ｔｈｅ ｏｒｉｇｉｎａｌ ｐｕｒｃｈａｓｅ ｐｒｉｃｅ, ｌｅｓｓ ｔｈｅ ｄｏｗｎ ｐａｙｍｅｎｔ ｅａｃｈ ｃｏ-ｏｗｎｅｒ ｍａｋｅｓ; ｔｈａｔ ｉｓ, ｅａｃｈ ｃｏ-ｏｗｎｅｒ'ｓ ｐｏｒｔｉｏｎ ｏｆ ｔｈｅ ａｍｏｕｎｔ ｆｉｎａｎｃｅｄ. Ｔｈｅ ｒｅｓｐｅｃｔｉｖｅ ｐｏｒｔｉｏｎｓ ｏｆ ｔｈｅ ｏｒｉｇｉｎａｌ ｐｕｒｃｈａｓｅ ｐｒｉｃｅ ｃｏｕｌｄ ｂｅ ｂａｓｅｄ ｏｎ ｔｈｅ ｒｅｌａｔｉｖｅ ｖａｌｕｅｓ ｏｆ ｔｈｅ ｕｎｉｔｓ ａｓｓｉｇｎｅｄ ｔｏ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ, ｏｒ ｉｎ ｓｏｍｅ ｏｔｈｅｒ ａｇｒｅｅｄ-ｕｐｏｎ ｍａｎｎｅｒ. Ｔｈｅ ｃｏ-ｏｗｎｅｒｓ ｗｏｕｌｄ ｃｏｎｔｒｉｂｕｔｅ ｔｈｅｉｒ ｓｈａｒｅｓ ｏｆ ｔｈｅ ｍｏｒｔｇａｇｅ ｐａｙｍｅｎｔ, ｔｈｅｓｅ ａｍｏｕｎｔｓ ｗｏｕｌｄ ｂｅ ｄｅｐｏｓｉｔｅｄ ｉｎ ａ ｂａｎｋ ａｃｃｏｕｎｔ ｓｅｔ ｕｐ ｆｏｒ ｔｈｅ ｇｒｏｕｐ, ａｎｄ ｆｒｏｍ ｔｈｉｓ ａｃｃｏｕｎｔ ｔｈｅ ｐａｙｍｅｎｔ ｔｏ ｔｈｅ ｌｅｎｄｉｎｇ ｉｎｓｔｉｔｕｔｉｏｎ ｗｏｕｌｄ ｂｅ ｍａｄｅ. Ｖａｒｉｏｕｓ ｂａｎｋｓ ｈａｖｅ ｉｎｔｒｏｄｕｃｅｄ ｐｒｏｇｒａｍｓ ｉｎ ｗｈｉｃｈ ｅａｃｈ ｃｏ-ｏｗｎｅｒ ｃａｎ ｈａｖｅ ｈｉｓ ｏｒ ｈｅｒ ｏｗｎ ｌｏａｎ. Ｔｈｅｓｅ ｌｏａｎｓ ａｒｅ ｇｕａｒａｎｔｅｅｄ ｂｙ ｅａｃｈ ｃｏ-ｏｗｎｅｒ'ｓ ｐｅｒｃｅｎｔａｇｅ ｓｈａｒｅ ｏｆ ｏｗｎｅｒｓｈｉｐ ｉｎ ｔｈｅ ｐｒｏｐｅｒｔｙ. Ｔｈｅ ｓｅｌｌｅｒ ｏｆ ｔｈｅ ｐｒｏｐｅｒｔｙ ｃｏｕｌｄ ａｌｓｏ ｇｒａｎｔ ｍｏｒｔｇａｇｅ ｌｏａｎｓ, ｗｉｔｈ ａｎ ｕｎｄｅｒｌｙｉｎｇ ｌｏａｎ ｉｔ ｔｏｏｋ ｏｕｔ ｐｒｉｏｒ ｔｏ ｆｏｒｍｉｎｇ ｔｈｅ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ. Ｉｎ ｔｈｅ ｃａｓｅ ｏｆ ａ ｇｒｏｕｐ ｌｏａｎ, ｉｔ ｉｓ ｎｅｃｅｓｓａｒｙ ｔｏ ｃｏｎｔｒｏｌ ｔｈｅ ｒｉｓｋ ｔｈａｔ ｔｈｅ ｂｒｅａｃｈ ｏｎ ｔｈｅ ｐａｒｔ ｏｆ ｏｎｅ ｏｆ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ ｃｏｕｌｄ ａｄｖｅｒｓｅｌｙ ａｆｆｅｃｔ ｔｈｅ ｏｔｈｅｒ ｃｏ-ｏｗｎｅｒｓ. Ｉｎ ｐｒａｃｔｉｃｅ, ｔｈｉｓ ｒｉｓｋ ｉｓ ｍａｎａｇｅｄ ｂｙ ｒｅｓｅａｒｃｈｉｎｇ ｔｈｅ ｂａｃｋｇｒｏｕｎｄ ａｎｄ ｃｒｅｄｉｔ ｓｃｏｒｅ ｏｆ ｐｏｔｅｎｔｉａｌ ｃｏ-ｏｗｎｅｒｓ ｂｅｆｏｒｅ ａｌｌｏｗｉｎｇ ｔｈｅｍ ｔｏ ｊｏｉｎ ｔｈｅ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ ｇｒｏｕｐ; ｒｅｑｕｉｒｉｎｇ ａ ｓｉｍｉｌａｒ ｅｖａｌｕａｔｉｏｎ ｏｆ ｔｈｅ ｎｅｗ ｂｕｙｅｒ, ｅａｃｈ ｔｉｍｅ ａ ｓｈａｒｅ ｏｆ ｏｗｎｅｒｓｈｉｐ ｉｎ ｔｈｅ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ ｉｓ ｓｏｌｄ; ｍａｋｉｎｇ ａｌｌ ｌｏａｎ ｐａｙｍｅｎｔｓ ｆｒｏｍ ｔｈｅ ｇｒｏｕｐ'ｓ ｂａｎｋ ａｃｃｏｕｎｔ ｒａｔｈｅｒ ｔｈａｎ ｈａｖｉｎｇ ｅａｃｈ ｃｏ-ｏｗｎｅｒ ｍａｋｅ ｈｉｓ ｏｒ ｈｅｒ ｓｈａｒｅ ｏｆ ｔｈｅ ｐａｙｍｅｎｔ ｄｉｒｅｃｔｌｙ ｔｏ ｔｈｅ ｂａｎｋ ｏｒ ｏｔｈｅｒ ｌｅｎｄｉｎｇ ｉｎｓｔｉｔｕｔｉｏｎ; ａｎｄ ｋｅｅｐｉｎｇ ｒｅｓｅｒｖｅ ｆｕｎｄｓ ｔｈａｔ ｃａｎ ｂｅ ｕｓｅｄ ｔｏ ｍａｋｅ ｐａｙｍｅｎｔｓ ｕｎｔｉｌ ｔｈｅ ｓｈａｒｅ ｏｆ ｔｈｅ ｃｏ-ｏｗｎｅｒ ｗｈｏ ｉｓ ｎｏｔ ｍｅｅｔｉｎｇ ｈｉｓ ｏｒ ｈｅｒ ｐａｙｍｅｎｔ ｏｂｌｉｇａｔｉｏｎｓ ｃａｎ ｂｅ ｓｏｌｄ. Ｆｏｒ ａ ｇｒｏｕｐ ｌｏａｎ, ｉｔ ｉｓ ａｌｓｏ ｉｍｐｏｒｔａｎｔ ｔｈａｔ ｔｈｅ ｌｏａｎ ｃａｎ ｂｅ ａｓｓｕｍｅｄ, ｓｏ ｔｈａｔ ａ ｎｅｗ ｃｏ-ｏｗｎｅｒ ｃａｎ ｊｏｉｎ ｔｈｅ ｒｅｓｔ ｏｆ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ ａｓ ａ ｎｅｗ ｃｏ-ｓｉｇｎｅｒ ｏｆ ｔｈｅ ｅｘｉｓｔｉｎｇ ｌｏａｎ, ａｓｓｕｍｉｎｇ ｔｈｅ ｓａｍｅ ｏｂｌｉｇａｔｉｏｎｓ ｔｈｅ ｓｅｌｌｅｒ ｏｆ ｔｈｅ ｏｗｎｅｒｓｈｉｐ ｉｎｔｅｒｅｓｔ ｈａｄ. Ｉｔ ｉｓ ａｄｖｉｓａｂｌｅ ｔｏ ｈａｖｅ ａ ｌｏａｎ ｔｈａｔ ａｌｌｏｗｓ ｐａｒｔｉａｌ ａｓｓｕｍｐｔｉｏｎ. Ｉｎ ｔｈｅ ｃａｓｅ ｏｆ ｉｎｄｉｖｉｄｕａｌ ｆｉｎａｎｃｉｎｇ ｏｆ ｔｈｅ ｏｗｎｅｒｓｈｉｐ ｓｈａｒｅｓ ｉｎ ａ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ, ｅａｃｈ ｃｏ-ｏｗｎｅｒ ｗｏｕｌｄ ｓｉｇｎ ａ ｓｅｐａｒａｔｅ ｐｒｏｍｉｓｓｏｒｙ ｎｏｔｅ, ｇｕａｒａｎｔｅｅｄ ｏｎｌｙ ｂｙ ｔｈｅ ｃｏｒｒｅｓｐｏｎｄｉｎｇ ｐｏｒｔｉｏｎ ｏｆ ｏｗｎｅｒｓｈｉｐ. Ｉｎ ｔｈｅ ｃａｓｅ ｏｆ ｎｏｎ-ｐａｙｍｅｎｔ ｂｙ ｔｈａｔ ｃｏ-ｏｗｎｅｒ, ｔｈｅ ｌｅｎｄｅｒ ｃｏｕｌｄ ｆｏｒｅｃｌｏｓｅ ｏｎ ｏｎｌｙ ｔｈｅ ｐｏｒｔｉｏｎ ｃｏｒｒｅｓｐｏｎｄｉｎｇ ｔｏ ｔｈａｔ ｃｏ-ｏｗｎｅｒ. Ｔｈｅ ｌｅｎｄｅｒ ｃｏｕｌｄ ｔｈｅｎ ｓｅｌｌ ｔｈａｔ ｏｗｎｅｒｓｈｉｐ ｓｈａｒｅ ａｎｄ ａ ｎｅｗ ｂｕｙｅｒ ｃｏｕｌｄ ａｃｑｕｉｒｅ ｉｔ. Ｔｈｅ ｏｔｈｅｒ ｃｏ-ｏｗｎｅｒｓ ｉｎ ｔｈｅ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ ｗｏｕｌｄ ｎｏｔ ｂｅ ａｆｆｅｃｔｅｄ. Ｏｐｅｒａｔｉｏｎａｌ Ａｓｐｅｃｔｓ Ｉｎ ａ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ ｔｈｅｒｅ ａｒｅ ｃｅｒｔａｉｎ ｇｕｉｄｅｌｉｎｅｓ ｔｏ ｆｏｌｌｏｗ ｉｎ ｔｈｅ ｗａｙ ｉｎ ｗｈｉｃｈ ｅｘｐｅｎｓｅｓ ａｒｅ ｄｉｓｔｒｉｂｕｔｅｄ ａｍｏｎｇ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ, ａｎｄ ｉｎ ｔｈｅ ａｄｍｉｎｉｓｔｒａｔｉｏｎ ｏｆ ｔｈｅ ｐｒｏｐｅｒｔｙ. Ｒｅａｌ Ｅｓｔａｔｅ Ｔａｘｅｓ Ｔｈｅ ｒｅａｌ ｐｒｏｐｅｒｔｙ ｉｓ ｎｏｔ ｌｅｇａｌｌｙ ｄｉｖｉｄｅｄ ｉｎ ａ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ ａｎｄ ｒｅａｌ ｅｓｔａｔｅ ｔａｘｅｓ ａｒｅ ｄｅｔｅｒｍｉｎｅｄ ｂａｓｅｄ ｏｎ ｊｕｓｔ ｏｎｅ ａｐｐｒａｉｓｅｄ ｖａｌｕｅ ｆｏｒ ｔｈｅ ｅｎｔｉｒｅ ｐｒｏｐｅｒｔｙ, ｓｏ ｔｈｅ ｇｒｏｕｐ ｏｆ ｏｗｎｅｒｓ ｗｉｌｌ ｒｅｃｅｉｖｅ ｊｕｓｔ ｏｎｅ ｃｈａｒｇｅ ｆｏｒ ｔａｘｅｓ ｉｎｓｔｅａｄ ｏｆ ｓｅｐａｒａｔｅ ａｃｃｏｕｎｔｓ ｆｏｒ ｅａｃｈ ｃｏ-ｏｗｎｅｒ. Ｉｎ ｔｈｅ ｍａｊｏｒｉｔｙ ｏｆ ｃａｓｅｓ, ｔｈｅ ｔａｘ ｉｓ ａｌｌｏｃａｔｅｄ ｔｏ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ ｂａｓｅｄ ｏｎ ｔｈｅ ａｍｏｕｎｔ ｅａｃｈ ｏｎｅ ｐａｉｄ ｆｏｒ ｔｈｅｉｒ ｓｈａｒｅ ｏｆ ｏｗｎｅｒｓｈｉｐ. Ｌａｔｅｒ, ｉｆ ｔｈｅｒｅ ａｒｅ ｔａｘ ｉｎｃｒｅａｓｅｓ, ｉｔ ｎｅｅｄｓ ｔｏ ｂｅ ｄｅｔｅｒｍｉｎｅｄ ｈｏｗ ｔｈｅ ａｄｄｉｔｉｏｎａｌ ａｍｏｕｎｔ ｗｉｌｌ ｂｅ ａｌｌｏｃａｔｅｄ, ａｓ ｆｏｌｌｏｗｓ. Ｉｆ ｔｈｅｒｅ ｉｓ ａ ｔａｘ ｉｎｃｒｅａｓｅ ｄｕｅ ｔｏ ｔｈｅ ｒｅｓａｌｅ ｏｆ ｏｎｅ ｏｆ ｔｈｅ ｃｏ-ｏｗｎｅｒ'ｓ ｓｈａｒｅｓ ｉｎ ｔｈｅ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ, ｔｈｅ ｐｕｒｃｈａｓｅｒ ｏｆ ｔｈａｔ ｓｈａｒｅ ｓｈｏｕｌｄ ｐａｙ ｔｈｅ ａｄｄｉｔｉｏｎａｌ ａｍｏｕｎｔ. Ｔｈｅ ｒｅｓａｌｅ ｂｙ ｏｎｅ ｏｆ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ ｓｈｏｕｌｄ ｎｏｔ ｉｎｃｒｅａｓｅ ｔｈｅ ｔａｘ ｂｕｒｄｅｎ ｏｎ ｔｈｅ ｏｔｈｅｒ ｃｏ-ｏｗｎｅｒｓ. Ｗｈｅｎ ｔｈｅ ｏｗｎｅｒ ｏｆ ｔｈｅ ｅｎｔｉｒｅ ｒｅａｌ ｐｒｏｐｅｒｔｙ ｄｅｃｉｄｅｓ ｔｏ ｓｅｌｌ ｓｏｍｅ ｓｈａｒｅｓ ｏｆ ｏｗｎｅｒｓｈｉｐ ｉｎ ａ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ, ｂｕｔ ｒｅｔａｉｎｓ ａ ｓｈａｒｅ ｏｆ ｏｗｎｅｒｓｈｉｐ ｉｎ ｔｈｅ ｐｒｏｐｅｒｔｙ, ｔｈａｔ ｐｅｒｓｏｎ'ｓ ｓｈａｒｅ ｏｆ ｔｈｅ ｒｅａｌ ｅｓｔａｔｅ ｔａｘｅｓ ｓｈｏｕｌｄ ｂｅ ｂａｓｅｄ ｏｎ ｔｈｅ ａｐｐｒａｉｓｅｄ ｖａｌｕｅ ｂｅｆｏｒｅ ｔｈｅ ｓａｌｅ ｏｆ ｓｈａｒｅｓ ｔｏ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ, ｗｈｉｃｈ ｉｎ ｅｆｆｅｃｔ ｍｅａｎｓ ｔｈａｔ ｈｉｓ ｏｒ ｈｅｒ ｔａｘ ｂｕｒｄｅｎ ｏｎ ｔｈｅ ｏｖｅｒａｌｌ ｐｒｏｐｅｒｔｙ ｗｉｌｌ ｂｅ ｒｅｄｕｃｅｄ ｂｙ ｔｈｅ ａｍｏｕｎｔ ｏｆ ｔａｘ ａｌｌｏｃａｔｅｄ ｔｏ ｔｈｅ ｐｏｒｔｉｏｎ ｏｆ ｔｈｅ ｐｒｏｐｅｒｔｙ ｓｏｌｄ, ａｎｄ ｔｈｅ ｐｕｒｃｈａｓｅｒｓ ｗｉｌｌ ｂｅ ｒｅｓｐｏｎｓｉｂｌｅ ｆｏｒ ｔｈｅｉｒ ｐｒｏｒａｔｅｄ ｓｈａｒｅ ｏｆ ｔｈｅ ｔａｘ. Ｗｈｅｎ ｔｈｅ ｔａｘ ｉｎｃｒｅａｓｅｓ ｄｕｅ ｔｏ ａｎ ｉｎｃｒｅａｓｅ ｉｎ ｔｈｅ ａｐｐｒａｉｓｅｄ ｖａｌｕｅ ａｓ ａ ｒｅｓｕｌｔ ｏｆ ｓｏｍｅ ｔｙｐｅ ｏｆ ｉｍｐｒｏｖｅｍｅｎｔ, ｔｈｅ ｃｏ-ｏｗｎｅｒ ｗｈｏ ｍａｄｅ ｔｈｅ ｉｍｐｒｏｖｅｍｅｎｔ ｓｈｏｕｌｄ ｂｅ ｒｅｓｐｏｎｓｉｂｌｅ ｆｏｒ ｔｈｅ ｉｎｃｒｅａｓｅ ｉｎ ｔｈｅ ｔａｘ. Ｗｈｅｎ ｔｈｅ ｔａｘ ｉｎｃｒｅａｓｅｓ ｄｕｅ ｔｏ ａｎ ｉｎｃｒｅａｓｅ ｉｎ ｔｈｅ ｔａｘ ｒａｔｅ, ｏｒ ａ ｒｅａｐｐｒａｉｓａｌ ｏｆ ｔｈｅ ｖａｌｕｅ ｏｆ ｔｈｅ ｅｎｔｉｒｅ ｐｒｏｐｅｒｔｙ, ｔｈａｔ ｃａｎｎｏｔ ｂｅ ａｓｓｉｇｎｅｄ ｔｏ ａｎｙ ｃｏ-ｏｗｎｅｒ ｉｎ ｐａｒｔｉｃｕｌａｒ, ｔｈｅ ｉｎｃｒｅａｓｅ ｓｈｏｕｌｄ ｂｅ ａｌｌｏｃａｔｅｄ ｔｏ ａｌｌ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ ｂａｓｅｄ ｏｎ ｔｈｅ ｐｅｒｃｅｎｔａｇｅｓ ｄｅｒｉｖｅｄ ｆｒｏｍ ｔｈｅｉｒ ｏｒｉｇｉｎａｌ ｐｕｒｃｈａｓｅ ｐｒｉｃｅｓ ａｎｄ ａｎｙ ｉｍｐｒｏｖｅｍｅｎｔｓ ｍａｄｅ ｕｐ ｕｎｔｉｌ ｔｈａｔ ｔｉｍｅ. Ｉｎｄｉｖｉｄｕａｌ Ｅｘｐｅｎｓｅｓ ａｎｄ Ｓｈａｒｅｄ Ｅｘｐｅｎｓｅｓ Ｗｈｅｎ ｔｈｅ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ ｉｎｖｏｌｖｅｓ ａ ｂｕｉｌｄｉｎｇ, ｅｘｐｅｎｓｅｓ ｓｈｏｕｌｄ ｂｅ ｓｅｐａｒａｔｅｄ ａｍｏｎｇ ｉｎｄｉｖｉｄｕａｌ ｅｘｐｅｎｓｅｓ ａｎｄ ｓｈａｒｅｄ ｏｒ ｃｏｍｍｏｎ ｅｘｐｅｎｓｅｓ. Ｉｎｄｉｖｉｄｕａｌ ｅｘｐｅｎｓｅｓ ｃｏｒｒｅｓｐｏｎｄ ｔｏ ｔｈｅ ｅｘｐｅｎｓｅｓ ｉｎｃｕｒｒｅｄ ｗｉｔｈｉｎ ｔｈｅ ｓｐｅｃｉｆｉｃ ｕｎｉｔｓ ｔｈａｔ ｂｅｌｏｎｇ ｔｏ ｔｈｅ ｏｗｎｅｒｓ, ｆｏｒ ｍａｉｎｔｅｎａｎｃｅ ａｎｄ ｉｍｐｒｏｖｅｍｅｎｔｓ, ｐｅｒｓｏｎａｌ ｐｒｏｐｅｒｔｙ ｉｎｓｕｒａｎｃｅ, ａｎｄ ｕｔｉｌｉｔｉｅｓ, ｓｕｃｈ ａｓ ｅｌｅｃｔｒｉｃｉｔｙ ａｎｄ ｇａｓ ｔｈａｔ ｃａｎ ｂｅ ｍｅａｓｕｒｅｄ ａｎｄ ｃｈａｒｇｅｄ ｓｅｐａｒａｔｅｌｙ. Ｔｈｅ ｏｗｎｅｒｓ ｓｈｏｕｌｄ ｐａｙ ｔｈｅｓｅ ｅｘｐｅｎｓｅｓ ｉｎｄｉｖｉｄｕａｌｌｙ. Ｓｈａｒｅｄ ｅｘｐｅｎｓｅｓ ｉｎｃｌｕｄｅ ｐａｙｍｅｎｔｓ ｏｆ ｉｎｓｔａｌｌｍｅｎｔｓ ｏｎ ｔｈｅ ｍｏｒｔｇａｇｅ ｌｏａｎ, ｗｈｅｎ ｔｈｅｒｅ ｉｓ ａ ｇｒｏｕｐ ｌｏａｎ; ｉｎｓｕｒａｎｃｅ ｔｈａｔ ｃｏｖｅｒｓ ｔｈｅ ｗｈｏｌｅ ｂｕｉｌｄｉｎｇ; ｍａｉｎｔｅｎａｎｃｅ ａｎｄ ｉｍｐｒｏｖｅｍｅｎｔｓ ｉｎ ｃｏｍｍｏｎ ａｒｅａｓ; ａｄｍｉｎｉｓｔｒａｔｉｏｎ; ｓｈａｒｅｄ ｕｔｉｌｉｔｉｅｓ, ｓｕｃｈ ａｓ ｅｌｅｃｔｒｉｃｉｔｙ ｆｏｒ ｌｉｇｈｔｉｎｇ ｉｎ ｐｕｂｌｉｃ ａｒｅａｓ ａｎｄ ｆｏｒ ｅｌｅｖａｔｏｒｓ; ａｎｄ ｔｒａｓｈ ｒｅｍｏｖａｌ. Ｔｈｅｓｅ ｅｘｐｅｎｓｅｓ ｓｈｏｕｌｄ ｂｅ ｐａｉｄ ｔｈｒｏｕｇｈ ａ ｇｒｏｕｐ ｂａｎｋ ａｃｃｏｕｎｔ, ｕｓｉｎｇ ａ ｓｙｓｔｅｍ ｏｆ ｍｏｎｔｈｌｙ ｃｈａｒｇｅｓ ｔｏ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ. Ｔｈｅ ｃｏ-ｏｗｎｅｒｓ ｍａｋｅ ｍｏｎｔｈｌｙ ｐａｙｍｅｎｔｓ ｔｏ ｔｈｅ ｇｒｏｕｐ ａｃｃｏｕｎｔ ｂａｓｅｄ ｏｎ ｔｈｅｉｒ ｐｅｒｃｅｎｔａｇｅ ｏｆ ｅｘｐｅｃｔｅｄ ｃｏｍｍｏｎ ｅｘｐｅｎｓｅｓ. Ｔｈｅ ｕｓｅ ｏｆ ｒｅｓｅｒｖｅｓ ｉｓ ｃｏｍｍｏｎ ｆｏｒ ｆｉｎａｎｃｉｎｇ ｅｘｐｅｎｓｅｓ ｔｈａｔ ａｒｅ ｐａｉｄ ｓｅｍｉ-ａｎｎｕａｌｌｙ ｏｒ ａｎｎｕａｌｌｙ, ｓｕｃｈ ａｓ ｔａｘｅｓ ａｎｄ ｉｎｓｕｒａｎｃｅ, ａｎｄ ｔｏ ｃｏｖｅｒ ｕｎｆｏｒｅｓｅｅｎ ｅｘｐｅｎｓｅｓ ａｎｄ ｉｎｖｅｓｔｍｅｎｔｓ, ｓｕｃｈ ａｓ ｍａｊｏｒ ｒｅｐａｉｒｓ ｏｒ ｔｈｅ ｒｅｐｌａｃｅｍｅｎｔ ｏｆ ｅｑｕｉｐｍｅｎｔ. Ｄｅｃｉｓｉｏｎ-Ｍａｋｉｎｇ ａｎｄ Ａｄｍｉｎｉｓｔｒａｔｉｏｎ ｉｎ ａ Ｔｅｎａｎｃｙ ｉｎ Ｃｏｍｍｏｎ Ｉｎ ｔｅｎａｎｃｉｅｓ ｉｎ ｃｏｍｍｏｎ ｗｈｅｒｅ ｔｈｅｒｅ ｉｓ ａ ｓｍａｌｌ ｇｒｏｕｐ ｏｆ ｃｏ-ｏｗｎｅｒｓ, ａｌｌ ｄｅｃｉｓｉｏｎｓ ｃｏｕｌｄ ｂｅ ｍａｄｅ ｂａｓｅｄ ｏｎ ａ ｖｏｔｅ ｂｙ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ. Ｔｙｐｉｃａｌｌｙ, ｄａｙ-ｔｏ-ｄａｙ ｄｅｃｉｓｉｏｎｓ ａｒｅ ｍａｄｅ ｂａｓｅｄ ｏｎ ａ ｍａｊｏｒｉｔｙ ｖｏｔｅ, ａｎｄ ｍｏｒｅ ｉｍｐｏｒｔａｎｔ ｄｅｃｉｓｉｏｎｓ, ｓｕｃｈ ａｓ ｍａｙｏｒ ｒｅｐａｉｒｓ ｏｒ ｉｍｐｒｏｖｅｍｅｎｔｓ, ｏｒ ｃｈａｎｇｅｓ ｉｎ ｔｈｅ ｒｉｇｈｔｓ ｏｆ ｕｓｅ ｏｒ ｉｎ ｔｈｅ ｄｉｓｔｒｉｂｕｔｉｏｎ ｏｆ ｅｘｐｅｎｓｅｓ, ａｒｅ ｍａｄｅ ｂｙ ｕｎａｎｉｍｏｕｓ ｖｏｔｅ. Ｉｎ ｔｅｎａｎｃｉｅｓ ｉｎ ｃｏｍｍｏｎ ｗｉｔｈ ａ ｌａｒｇｅ ｇｒｏｕｐ ｏｆ ｃｏ-ｏｗｎｅｒｓ, ｉｔ ｍａｙ ｎｏｔ ａｌｗａｙｓ ｂｅ ｐｒａｃｔｉｃａｌ ｔｏ ｃａｌｌ ａ ｍｅｅｔｉｎｇ ｅａｃｈ ｔｉｍｅ ａ ｄｅｃｉｓｉｏｎ ｎｅｅｄｓ ｔｏ ｂｅ ｍａｄｅ. Ｓｏ ｒｏｕｔｉｎｅ ｏｐｅｒａｔｉｎｇ ｍａｔｔｅｒｓ ａｒｅ ｏｆｔｅｎ ｈａｎｄｌｅｄ ｂｙ ａｄｍｉｎｉｓｔｒａｔｉｏｎ ｃｏｕｎｃｉｌｓ ｏｒ ｃｏｍｍｉｔｔｅｅｓ, ｔｈｅ ｍｅｍｂｅｒｓ ｏｆ ｗｈｉｃｈ ａｒｅ ｓｅｌｅｃｔｅｄ ｂｙ ｖｏｔｅ. Ｍａｊｏｒ ｄｅｃｉｓｉｏｎｓ ｗｏｕｌｄ ｎｏｒｍａｌｌｙ ｒｅｑｕｉｒｅ ａ ｍａｊｏｒｉｔｙ ｏｒ ｕｎａｎｉｍｏｕｓ ｖｏｔｅ ｂｙ ａｌｌ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ, ｉｎ ａ ｓｐｅｃｉａｌ ｍｅｅｔｉｎｇ. Ｔａｘ Ａｓｐｅｃｔｓ Ｔｅｎａｎｃｉｅｓ ｉｎ ｃｏｍｍｏｎ ａｌｌｏｗ ｔｈｅ ｃｏ-ｏｗｎｅｒｓ ｔｏ ｔａｋｅ ａｄｖａｎｔａｇｅ ｏｆ ｔｈｅ ｓａｍｅ ｔａｘ ｂｅｎｅｆｉｔｓ ａｓ ａｎ ｉｎｄｉｖｉｄｕａｌ ｏｗｎｅｒ ｗｏｕｌｄ ｈａｖｅ. Ｄｅｄｕｃｔｉｏｎｓ Ｃｏ-ｏｗｎｅｒｓ ｃａｎ ｔａｋｅ ａ ｄｅｄｕｃｔｉｏｎ ｏｎ ｔｈｅｉｒ ｉｎｄｉｖｉｄｕａｌ ｉｎｃｏｍｅ ｔａｘ ｒｅｔｕｒｎｓ ｆｏｒ ｍｏｒｔｇａｇｅ ｉｎｔｅｒｅｓｔ ａｎｄ ｔａｘｅｓ ｏｎ ｔｈｅ ｒｅａｌ ｐｒｏｐｅｒｔｙ, ａｃｃｏｒｄｉｎｇ ｔｏ ｔｈｅｉｒ ｐｅｒｃｅｎｔａｇｅ ｏｆ ｏｗｎｅｒｓｈｉｐ. Ｉｆ ｔｈｅ ｐｒｏｐｅｒｔｙ ｉｓ ｈｅｌｄ ｂｙ ａ ｃｏ-ｏｗｎｅｒ ａｓ ａｎ ｉｎｖｅｓｔｍｅｎｔ ｏｒ ｆｏｒ ｔｈｅ ｐｒｏｄｕｃｔｉｏｎ ｏｆ ｉｎｃｏｍｅ, ａ ｄｅｄｕｃｔｉｏｎ ｃａｎ ａｌｓｏ ｂｅ ｔａｋｅｎ ｆｏｒ ｄｅｐｒｅｃｉａｔｉｏｎ ａｎｄ ｏｔｈｅｒ ｅｘｐｅｎｓｅｓ ｒｅｌａｔｅｄ ｔｏ ｔｈｅ ｃｏ-ｏｗｎｅｒ'ｓ ｐａｒｔｉｃｉｐａｔｉｏｎ ｉｎ ｔｈｅ ｐｒｏｐｅｒｔｙ. Ｅｘｃｌｕｓｉｏｎ ｏｆ Ｇａｉｎ ｏｎ ｔｈｅ Ｓａｌｅ ｏｆ ａ Ｈｏｍｅ Ｗｈｅｎ ａ ｃｏ-ｏｗｎｅｒ ｓｅｌｌｓ ａ ｈｏｍｅ, ｓｕｃｈ ａｓ ａｎ ａｐａｒｔｍｅｎｔ ｏｒ ｃｏｎｄｏｍｉｎｉｕｍ, ｔｈａｔ ｆｏｒｍｓ ｐａｒｔ ｏｆ ａ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ, ｔｈｅ ｇａｉｎ ｏｎ ｔｈｅ ｓａｌｅ ｏｆ ｕｐ ｔｏ $250,000, ｏｒ $500,000 ｆｏｒ ｍａｒｒｉｅｄ ｔａｘｐａｙｅｒｓ ｆｉｌｉｎｇ ａ ｊｏｉｎｔ ｒｅｔｕｒｎ, ｃａｎ ｂｅ ｅｘｃｌｕｄｅｄ ｆｒｏｍ ｔａｘａｂｌｅ ｉｎｃｏｍｅ, ｐｒｏｖｉｄｅｄ ｔｈｅ ｒｅｑｕｉｒｅｍｅｎｔｓ ｆｏｒ ｔｈｉｓ ｅｘｃｌｕｓｉｏｎ ａｒｅ ｍｅｔ. Ｔｈｅ ｃｏ-ｏｗｎｅｒ ｍｕｓｔ ｈａｖｅ ｂｅｅｎ ｔｈｅ ｏｗｎｅｒ ｏｆ ｔｈｅ ｈｏｍｅ ａｎｄ ｍｕｓｔ ｈａｖｅ ｌｉｖｅｄ ｉｎ ｔｈｅ ｈｏｍｅ ａｓ ｈｉｓ ｏｒ ｈｅｒ ｐｒｉｎｃｉｐａｌ ｈｏｍｅ ｆｏｒ ａｔ ｌｅａｓｔ ｔｗｏ ｏｆ ｔｈｅ ｌａｓｔ ｆｉｖｅ ｙｅａｒｓ. Ｃａｐｉｔａｌ Ｇａｉｎ Ｗｈｅｎ ａ ｃｏ-ｏｗｎｅｒ ｓｅｌｌｓ ａ ｓｈａｒｅ ｉｎ ａ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ ｔｈａｔ ｗａｓ ｈｅｌｄ ｆｏｒ ｉｎｖｅｓｔｍｅｎｔ ｏｒ ｆｏｒ ｔｈｅ ｐｒｏｄｕｃｔｉｏｎ ｏｆ ｉｎｃｏｍｅ, ｓｕｃｈ ａｓ ｒｅｎｔ, ｔｈｅ ｇａｉｎ ｏｎ ｔｈｅ ｓａｌｅ ｃｏｕｌｄ ｂｅ ｓｕｂｊｅｃｔ ｔｏ ａ ｓｐｅｃｉａｌ ｃａｐｉｔａｌ ｇａｉｎｓ ｔａｘ ｒａｔｅ. Ｓｅｃｔｉｏｎ 1031 Ｅｘｃｈａｎｇｅ Ａ ｃｏ-ｏｗｎｅｒ ｗｈｏ ｓｅｌｌｓ ｈｉｓ ｏｒ ｈｅｒ ｓｈａｒｅ ｉｎ ｔｈｅ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ ｍａｙ ｂｅ ａｂｌｅ ｔｏ ｄｅｆｅｒ ｔｈｅ ｔａｘ ｏｎ ｔｈｅ ｇａｉｎ ｂｙ ｒｅｉｎｖｅｓｔｉｎｇ ｔｈｅ ｐｒｏｃｅｅｄｓ ｆｒｏｍ ｔｈｅ ｓａｌｅ ｉｎ ｔｈｅ ｐｕｒｃｈａｓｅ ｏｆ ａｎｏｔｈｅｒ ｒｅａｌ ｐｒｏｐｅｒｔｙ, ｉｎ ａ ｌｉｋｅ-ｋｉｎｄ ｅｘｃｈａｎｇｅ ａｃｃｏｒｄｉｎｇ ｔｏ ｓｅｃｔｉｏｎ 1031 ｏｆ ｔｈｅ Ｉｎｔｅｒｎａｌ Ｒｅｖｅｎｕｅ Ｃｏｄｅ. Ｉｎ ｇｅｎｅｒａｌ, ｗｈｅｎ ｐｒｏｐｅｒｔｙ ｔｈａｔ ｉｓ ｕｓｅｄ ｉｎ ａ ｂｕｓｉｎｅｓｓ ｏｒ ｈｅｌｄ ａｓ ａｎ ｉｎｖｅｓｔｍｅｎｔ ｉｓ ｅｘｃｈａｎｇｅｄ ｆｏｒ ｔｈｅ ｓａｍｅ ｏｒ ｓｉｍｉｌａｒ ｐｒｏｐｅｒｔｙ, ａｃｃｏｒｄｉｎｇ ｔｏ ｓｅｃｔｉｏｎ 1031 ｎｏ ｇａｉｎ ｏｒ ｌｏｓｓ ｉｓ ｒｅｃｏｇｎｉｚｅｄ ｏｎ ｔｈｅ ｅｘｃｈａｎｇｅ. Ｉｎ ｅｆｆｅｃｔ, ｔｈｅ ｔａｘ ｉｓ ｄｅｆｅｒｒｅｄ ｕｎｔｉｌ ｔｈｅ ｒｅｐｌａｃｅｍｅｎｔ ｐｒｏｐｅｒｔｙ ｉｓ ｓｏｌｄ ｏｒ ｄｉｓｐｏｓｅｄ ｏｆ. Ｇｅｎｅｒａｌｌｙ, ｒｅａｌ ｐｒｏｐｅｒｔｉｅｓ ａｒｅ ｃｏｎｓｉｄｅｒｅｄ ｔｏ ｂｅ ｓｉｍｉｌａｒ, ｓｏ ａ ｓｈａｒｅ ｉｎ ａ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ, ｓｉｎｃｅ ｉｔ ｉｓ ｃｏｎｓｉｄｅｒｅｄ ｔｏ ｂｅ ｏｗｎｅｒｓｈｉｐ ｏｆ ｒｅａｌ ｐｒｏｐｅｒｔｙ, ｃｏｕｌｄ ｑｕａｌｉｆｙ ｆｏｒ ｔｈｉｓ ｔｒｅａｔｍｅｎｔ. Ｉｔ ｓｈｏｕｌｄ ｂｅ ｎｏｔｅｄ ｈｏｗｅｖｅｒ, ｔｈａｔ ｒｅａｌ ｐｒｏｐｅｒｔｙ ｉｎ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ ａｎｄ ｒｅａｌ ｐｒｏｐｅｒｔｙ ｌｏｃａｔｅｄ ｏｕｔｓｉｄｅ ｔｈｅ ｃｏｕｎｔｒｙ ａｒｅ ｎｏｔ ｃｏｎｓｉｄｅｒｅｄ ｔｏ ｂｅ ｓｉｍｉｌａｒ ｆｏｒ ｔｈｅｓｅ ｅｆｆｅｃｔｓ. Ｉｆ ａｓ ｐａｒｔ ｏｆ ｔｈｅ ｅｘｃｈａｎｇｅ, ｍｏｎｅｙ ｏｒ ｇｏｏｄｓ ｔｈａｔ ａｒｅ ｎｏｔ ｓｉｍｉｌａｒ ａｒｅ ａｌｓｏ ｒｅｃｅｉｖｅｄ, ａ ｇａｉｎ ｗｏｕｌｄ ｂｅ ｒｅｃｏｇｎｉｚｅｄ ｆｏｒ ｔｈｅ ｍｏｎｅｙ ａｎｄ ｔｈｅ ｖａｌｕｅ ｏｆ ｔｈｅ ｏｔｈｅｒ ｇｏｏｄｓ ｒｅｃｅｉｖｅｄ. Ｗｈｅｎ ａｃｑｕｉｒｉｎｇ ａ ｓｈａｒｅ ｉｎ ａ ｔｅｎａｎｃｙ ｉｎ ｃｏｍｍｏｎ, ｉｔ ｉｓ ｉｍｐｏｒｔａｎｔ ｔｈａｔ ｉｔ ｂｅ ｃｌａｓｓｉｆｉｅｄ ａｓ ｒｅａｌ ｐｒｏｐｅｒｔｙ, ａｎｄ ｎｏｔ ａｓ ａｎ ｉｎｔｅｒｅｓｔ ｉｎ ａ ｐａｒｔｎｅｒｓｈｉｐ, ｂｅｃａｕｓｅ ｓｅｃｔｉｏｎ 1031 ｓｐｅｃｉｆｉｃａｌｌｙ ｅｘｃｌｕｄｅｓ ｐａｒｔｎｅｒｓｈｉｐ ｉｎｔｅｒｅｓｔｓ ｆｒｏｍ ｔｈｅ ｐｏｓｓｉｂｉｌｉｔｙ ｏｆ ｄｅｆｅｒｒｉｎｇ ｔａｘｅｓ ｏｎ ａｎ ｅｘｃｈａｎｇｅ. |
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