Property OwnershipQuestion 13 of 120
A married couple wants to hold title so the survivor automatically owns the whole property and also receive a favorable tax basis step-up on the entire property at the first death. They should consider:
a.Tenancy in common
b.Community property with right of survivorship
c.Joint tenancy in severalty
d.Tenancy at sufferance
Explanation
Community property with right of survivorship combines the survivorship feature with community property tax treatment, allowing a full step-up in basis on both halves at the first spouse's death. California created this form to give couples both benefits. Ordinary joint tenancy provides survivorship but only a step-up on the decedent's half.
Law Reference: CA Civil CodePractice all 120 questions free — no signup required.
Related questions on this topic
- California's homestead exemption primarily protects a homeowner's equity from:
- An owner of land bordering a flowing river or stream holds water use rights known as:
- To acquire title by adverse possession in California, a claimant generally must, among other requirements, occupy the land openly and:
- Ownership of real property by one person or a single legal entity alone is called ownership in:
- A neighbor's fence is built two feet over the boundary onto the adjoining owner's land. This physical intrusion is an:
- An easement acquired through open, continuous, and hostile use of another's land for the statutory period is an easement by:
Last reviewed: · editorial process
PrepPass Editorial Team · Verified against California DRE Real Estate Salesperson License Exam · How we review