INCIDENTS OF OWNERSHIP
\ˈɪnsɪdənts ɒv ˈə͡ʊnəʃˌɪp], \ˈɪnsɪdənts ɒv ˈəʊnəʃˌɪp], \ˈɪ_n_s_ɪ_d_ə_n_t_s ɒ_v ˈəʊ_n_ə_ʃ_ˌɪ_p]\
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Any control over property. If you give away property but keep an incident of ownership--for example, you give away an apartment building but retain the right to receive rent--then legally, no gift has been made. This distinction can be important if you're making large gifts to reduce your eventual estate tax.
By Oddity Software
Word of the day
hydromorphic
- [Greek] Structurally adapted to an aquatic environment, as organs of water plants.