1. It arises when two or more heirs or beneficiaries inherit an undivided property from a decedent, or when a donor makes a gift of an undivided property in favor of two or more donees.

2. Which of the following shall qualify as co-ownership?

I. Succession by several heirs to an undivided estate, the estate is not under administration;

II. Donation of property to two or more beneficiaries.

3. For income tax purposes, the heirs will be tax on net rental income from the inherited property for the year 2020 as:

4. What amount should be reported as taxable income of the co-ownership?

5. What amount should each heir report in their individual returns as their share in the net rental income of the property their inherited?