Examples of Income producing property in a sentence
Income producing property which annually produces income consistent with the fair market value is excluded even if used on a seasonal basis.
Income producing property is a noncountable asset when it is essential to employment or self-employment, or when it annually produces income consistent with its fair market value.
PORTFOLIO 2; Investment Portfolio; Income producing property held for non- operational purposes that would form the basis of an investment portfolio, comprising commercial retail, office and industrial premises together with other mixed uses which are primarily held to generate income.
These include, among other things:• A home with equity of up to $500,000 in value (may be increased to$750,000)• Household goods• Up to 2 vehicles• Family burial plots• A fund for funeral expenses up to $6000• Life insurance of $10,000 or less face value on each person• Term life insurance regardless of value• Income producing property/ net annual return of 6% produced• Personal property with equity value of $5,000.00 or less.
Income producing property is the ideal type of property because the IDIT can use the property's income to make the installment note payments to the transferor.