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Simple English definitions for legal terms
qualified property
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A quick definition of qualified property:
Qualified property refers to the right to possess, use, and enjoy a specific thing, whether it's land or an object. It's like having a bundle of rights that come with ownership. Property can also refer to external things that are owned and used. There are different types of property, such as abandoned property that is voluntarily given up, absolute property that gives full control to the owner, and income property that produces income.
A more thorough explanation:
Qualified property refers to the right to possess, use, and enjoy a specific thing, whether it is a piece of land or a chattel. It is the right of ownership, also known as a bundle of rights.
For example, if you own a house, you have the right to possess it, use it, and enjoy it. You can sell it, rent it out, or live in it. These are all part of your bundle of rights as the owner of the property.
Qualified property can also refer to any external thing over which the rights of possession, use, and enjoyment are exercised. For instance, an airport is city property, and the city has the right to possess, use, and enjoy it.
qualified profit-sharing plan | qualified residence interest