Instance of a legal interest or right in any type of property. It imparts the power to benefit from or to change, modify, or use an asset, and is used in taxation as an evidence of ownership. For example, if a building owner gives it away as a gift but keeps the right to receive rent from it then, from the tax point of view, no gift was made. In insurance, incident of ownership translates into the power to change the policy's beneficiary, to pledge the policy for loan, to assign the policy, and to surrender or cancel the policy.
Related information about incident of ownership:
- Incidents Of Ownership Definition | Investopedia
... has the right to possess or use that asset, or if he or she benefits in any other way from the property, this would be considered an incident of ownership.
- Incident of Ownership - Legal Dictionary - The Free Dictionary
Some aspect of the exclusive possession or control over the disposition or use of property that demonstrates that the person with such exclusive rights has not ...
- What is incident of ownership? definition and meaning
Definition of incident of ownership: Instance of a legal interest or right in any type of ... In insurance, incident of ownership translates into the power to change the ...
- Estate Tax and Incident of Ownership | CPA Advantage Edge
Jul 5, 2012 ... Estate Tax and Incident of Ownership. What does it mean when someone says that you cannot retain any incident of ownership in an asset if ...
- Shielding Your Insurance from Estate Taxes
You may already know that life insurance policy benefits are contingent upon incidents of ownership. In general, an incident of ownership is the right to exercise ...
- 26 USC § 2042 - Proceeds of life insurance | LII / Legal Information ...
For purposes of the preceding sentence, the term “incident of ownership” includes a reversionary interest (whether arising by the express terms of the policy or ...
- estate taxation of life insurance under §2042: recent
(Ct. Cl. 1969), held that power not to be an incident of ownership. In Rev. ... an incident of ownership, but merely a collateral consequence of the termination of ...
- Incidents of Ownership Tests for Inclusion of - Marquette Law ...
sentence, the term "incident of ownership" includes a reversionary interest ( whether arising by the express terms of the policy or other instrument or by operation ...