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Section 2056(b)(7) permits an unlimited marital deduction for
QTIP, which is defined as property passing from the decedent to the
surviving spouse in which the surviving spouse has a "qualifying
income interest for life" and as to which an election has been
made. To have a qualifying income interest for life, the surviving
spouse must be entitled to all of the income from the QTIP for
life, payable annually or at more frequent intervals, and no
person, including the surviving spouse, can appoint any part of the
property to any person other than the surviving spouse. Sec.
2056(b)(7)(B)(ii)(I) and (II). In the instant case, respondent
admits that the property in the Part B trust passed from decedent
to his surviving spouse and that an election was properly made.
Respondent argues that decedent's surviving spouse, Hilda, did
not have a qualifying income interest in the Part B trust property
for life because decedent's will permits the trustee of the Part B
trust to invade the corpus not only for the benefit of decedent's
wife, but also for his daughters and grandchildren. Petitioner
contends that the language of the will does not permit invasion of
the corpus of the Part B trust during the lifetime of decedent's
surviving spouse. We agree with respondent.
Article four, paragraph C, of decedent's will provides that
the trustees may invade the trust corpus "at any time * * * for the
benefit of my wife or for the benefit of any beneficiary of any
trust". Petitioner contends that the trustees' power to invade on
behalf of "any beneficiary" should be construed as limited to an
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