Converted property rule expanded to include transfers to family without adequate consideration, extending wealth-tax reach. The amendment expands the definition of converted property to include property made into the common family stock or transferred by an individual, directly or indirectly, to the family otherwise than for adequate consideration, and it inserts a cross reference so the existing clause applies to the newly described subsection.
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Provisions expressly mentioned in the judgment/order text.
Converted property rule expanded to include transfers to family without adequate consideration, extending wealth-tax reach.
The amendment expands the definition of converted property to include property made into the common family stock or transferred by an individual, directly or indirectly, to the family otherwise than for adequate consideration, and it inserts a cross reference so the existing clause applies to the newly described subsection.
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