If closing occurs on June 16, what portion of the year does the buyer own?

When closing occurs on June 16, the buyer takes ownership of the property and becomes responsible for it from that date onward. To determine what portion of the year the buyer owns the property, you would assess the number of days from the closing date to the end of the year.

June 16 marks the start of the buyer's ownership within the year. From June 16 to December 31, there are approximately 198 days remaining in the year. Given that there are 365 days in a standard year, the ownership duration for the buyer from June 16 until year-end accounts for a significant number of days.

Calculating from June 16 shows that the buyer owns the property for over half the year, since they possess it for nearly six and a half months (or 198 days out of 365). This is why it is observed that ownership extends beyond half of the year, making the option that states "more than half of the year" the correct choice. Evaluating the time frame of ownership supports this conclusion, as it clearly falls into the category of greater than 182.5 days, thus confirming that the buyer possesses the property for more than half the year.