Net wealth inclusion of assets transferred without adequate consideration extends tax attribution to transfers to relatives and related entities. Net wealth includes assets transferred by an individual to others without adequate consideration (including spouse, certain children, persons or associations for the individual's benefit), assets deemed where a partner's interest or cooperative housing allotment exists, and converted family property treated as belonging to the individual; irrevocable transfers are excluded until revocation power arises, and book-entry gifts are included unless actual delivery to the donee is proved to the Assessing Officer.
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.
Net wealth inclusion of assets transferred without adequate consideration extends tax attribution to transfers to relatives and related entities.
Net wealth includes assets transferred by an individual to others without adequate consideration (including spouse, certain children, persons or associations for the individual's benefit), assets deemed where a partner's interest or cooperative housing allotment exists, and converted family property treated as belonging to the individual; irrevocable transfers are excluded until revocation power arises, and book-entry gifts are included unless actual delivery to the donee is proved to the Assessing Officer.
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