Commonwealth Consolidated Acts Commonwealth Consolidated Acts Where under any contract agreement or arrangement made or
entered into orally or in writing, either before or after the commencement of
this Act, a person assigns, conveys, transfers or disposes of any property on
terms and conditions which include the payment for the assignment, conveyance,
transfer or disposal of the property by periodical payments which, in the
opinion of the Commissioner, are either wholly or in part really in the nature
of income of that person such of those payments as are derived in the
year of income shall, to the extent to which they are in that opinion in the
nature of income, be included in the person's assessable income.