- 10 - spouse in the property shall be the adjusted basis of the transferor in the portion transferred. Petitioner husband contends that because the King of Prussia property is held in a tenancy by the entirety, for purpose of section 1034, he is treated as an owner of the entire interest in the King of Prussia property. Accordingly, petitioner husband asserts that he is entitled to include all the amounts expended for construction and reconstruction of the King of Prussia property. In Pennsylvania, a tenancy by the entirety is an estate per tout et non per my (by the whole and not by the half). Sterrett v. Sterrett, 401 Pa. 583, 585, 166 A.2d 1, 2 (1960). The distinctive characteristic of a tenancy by the entirety is that it is deemed to be owned by a single entity, the marital community. While a tenancy by the entirety resembles a common 5(...continued) INCIDENT TO DIVORCE. (a) General Rule.--No gain or loss shall be recognized on a transfer of property from an individual to (or in trust for the benefit of)-- (1) a spouse, or (2) a former spouse, but only if the transfer is incident to the divorce (b) Transfer Treated as Gift; Transferee Has Transferor's Basis.--In the case of any transfer of property described in subsection (a)-- (1) for purposes of this subtitle, the property shall be treated as acquired by the transferee by gift, and (2) the basis of the transferee in the property shall be the adjusted basis of the transferor.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
Last modified: May 25, 2011