Conversion of Separate Property triggers deemed transfer and income attribution to individual and family members for income-tax purposes. Conversion of an individual's former separate property into family property is treated as a deemed transfer by the individual through the family to members to be held jointly; income attributable to the individual's interest in such converted property is deemed to arise to the individual, while income attributable to the spouse's or minor son's interest (and amounts received by them on partition) is deemed to arise to them as income from assets transferred indirectly by the individual, with such income excluded from the family's or the spouse's/minor son's total income once included in the individual's total income.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Conversion of Separate Property triggers deemed transfer and income attribution to individual and family members for income-tax purposes.
Conversion of an individual's former separate property into family property is treated as a deemed transfer by the individual through the family to members to be held jointly; income attributable to the individual's interest in such converted property is deemed to arise to the individual, while income attributable to the spouse's or minor son's interest (and amounts received by them on partition) is deemed to arise to them as income from assets transferred indirectly by the individual, with such income excluded from the family's or the spouse's/minor son's total income once included in the individual's total income.
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