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of <h1>Income Includes Assets Transferred Without Ownership Change; Revocable Transfers Also Considered for Tax Calculation.</h1> The total income of a person includes income from assets transferred to another person without transferring the asset itself, whether the transfer is revocable or not. It also includes income from assets transferred to a trust if the transfer is revocable during the beneficiary's lifetime, or to another person if revocable during their lifetime. A transfer is deemed revocable if it allows re-transfer of income or assets to the transferor or gives the transferor power over them. Transfers encompass settlements, trusts, covenants, agreements, or arrangements.
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