incidents of ownership
- A situation where a person has control over a property, but does not legally own it, such as retaining the right to income from a gifted property
- Despite gifting the house to his son, his claim on the rental income showed he still had incidents of ownership.
- The rent from the apartment building she donated to the charity were incidents of ownership she retained.
- He gifted the family business, but by authorizing himself dividends, he held onto incidents of ownership.
Provide Feedback
