The income of property, as the term is used in this Part of the Code, includes the rents and profits of real property, the interest of money, dividends upon stock, and other produce of personal property.
Property in GeneralGeneral Definitions
Section § 748
This part of the law explains what counts as income from property. It includes money earned from renting out real estate, interest from savings, dividends from stocks, and profits from other types of personal property.
income from property rents profits
Section § 749
This law explains when a restriction, condition, or future interest in property is officially considered to be in effect. If it's set up through a grant, it starts when the grant is delivered. If it's created through a will, it starts when the person who made the will dies.
The delivery of the grant, where a limitation, condition, or future interest is created by grant, and the death of the testator, where it is created by will, is to be deemed the time of the creation of the limitation, condition, or interest, within the meaning of this Part of the Code.
grant delivery future interest creation limitation timing
