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<h1>Comprehensive Tax Rules Define Revocable Asset Transfers, Expanding Scope of Income Reclamation Mechanisms</h1> The statutory provision defines transfer and revocable transfer for tax purposes. A transfer is considered revocable if it allows the transferor to reclaim income or assets directly or indirectly, either through re-transfer provisions or by retaining power over the transferred assets. The definition of transfer broadly encompasses settlements, trusts, covenants, agreements, and arrangements.