- 6 - bequest, which is to be an amount that will take advantage of the unified credit and any other estate tax credit available to petitioner. (We shall refer to this sheltered amount as the credit equivalent.) Petitioner argues that since the disclaimed property was in an amount less than the credit equivalent, the disclaimer had no effect upon the amount of the pecuniary marital devise or upon the marital deduction. In general, section 2056(a) provides, in pertinent part, as follows: the value of the taxable estate shall * * * be determined by deducting from the value of the gross estate an amount equal to the value of any interest in property which passes or has passed from the decedent to his surviving spouse, but only to the extent that such interest is included in determining the value of the gross estate. If a surviving spouse disclaims an interest in property passing to such spouse from a decedent, the efficacy of the disclaimer will be determined by section 2518 and the corresponding regulations. Sec. 20.2056(d)-1, Estate Tax Regs. Under section 2518, if a qualified disclaimer is determined to have been made by the surviving spouse, then for purposes of subtitle B--dealing with estate and gift taxes--the property interest disclaimed is treated as if it had never been transferred to the surviving spouse. Sec. 2518(a); sec. 25.2518-1(b), Gift Tax Regs.; seePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011