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of <h1>Transferred right to income without transferring the asset remains taxable to the transferor, revocable or irrevocable</h1> Where a person transfers the right to receive income to another person-whether the transfer is revocable or irrevocable and whether it occurred before or after this Act commenced-but does not transfer the underlying asset that generates that income, the income remains taxable as the transferor's income and must be included in the transferor's total income for income-tax purposes.
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