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ULTIMATE FINDING OF FACT
Decedent intended to make a present inter vivos gift of the
19 annuities in issue to the respective recipients.
OPINION
Section 2038(a)(1) provides that a decedent's gross estate
includes any interest in property transferred by the decedent for
less than full consideration if, at the time of the decedent's
death, the transferred interest was subject to the decedent's
power to revoke, alter, amend, or terminate. Section 2033
provides that the gross estate includes the value of all property
to the extent that the decedent had an interest in it at the time
of her death. State law determines the extent of a decedent's
interest in property. Burnet v. Harmel, 287 U.S. 103, 110
(1932). We will follow the decisions of the highest State court,
but in the absence of a decision by that court, we may look to
the State's lower courts' rulings and holdings. Commissioner v.
Estate of Bosch, 387 U.S. 456, 465 (1967).
Respondent contends that because the durable power of
attorney did not specifically grant the attorneys in fact the
authority to make gifts of decedent's property, such gifts were
incomplete, invalid, or revocable by decedent and thus includable
in decedent's gross estate. We disagree.
The elements of a completed gift under Oklahoma law are:
(1) Intention to give, (2) complete delivery, and (3) acceptance
by the donee. In re Estate of Carano, 868 P.2d 699 (Okla. 1994);
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Last modified: May 25, 2011