XII. Joint Ownership
24.A99. In the Committee's view, the interest of a joint tenant that passes to another joint tenant on the former's death should be included in his estate. Provided it is a beneficial interest, no part of the surviving joint tenant's interest should be included. Thus if husband and wife own a house as joint tenants, half only will be taxed on the death of the first spouse. Any gift that may have been made by the deceased joint tenant of funds applied in acquiring the surviving tenant's interest should be taxed when made and should not affect the manner in which a joint tenancy is taxed on death.