Accounting & Tax Definitions -- J

Jointly Owned Property: Property held in the name of more than one person.

Joint Return: A return combining the income, exemptions, credits, and deductions of a husband and wife.

Joint Tenancy: A form of joint ownership. Each tenant has an undivided interest in the entire property. On death of one of the owners, the survivor becomes the owner of the whole. A joint tenancy may involve more than two persons.

Joint Venture: An enterprise participated in by associates acting together, with a community of interests, each associate having the right to participate in its management. For income tax purposes, a joint venture is treated as a partnership, not taxable in its own capacity, but regarded as a taxpayer for the purpose of computing its taxable income, which is distributable among the associates in the proportions agreed upon. Such distributive shares are reported by the associates on their individual income tax returns.