- 12 - satisfied, will be considered as a taxable disposition. * * * S. Rept. 382, supra, 1951 U.S.C.C.A.N. at 1535-1536. The section 2041(b)(2) exception was not intended as an exception to be applied to the property over which a decedent has a general power of appointment at the time of death but rather as an exception to be applied to the property over which such power has lapsed, property the value of which, after the 1951 Act, might be includable in the gross estate. Based on the legislative history of section 2041(b)(2), we do not agree with the estate's argument that the inclusion of the final year's amount in decedent's gross estate defeats the purpose of that section. See also Estate of Kurz v. Commissioner, supra, where we held that 5 percent of the principal of the family trust over which Mrs. Kurz held a general power of appointment was includable in her gross estate even though the principal of the marital trust had not yet been exhausted at the time of her death, a requirement for her to exercise her right to withdraw principal from the family trust. The Estate's Lack of Dominion or Control The estate's final argument is that since the estate has no dominion or control over the final year's amount, the estate should not be taxed on the value of that property. Petitioner has cited no authority for this argument, but asserts that sincePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
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