Estate of Rosa B. Neff, Deceased, Chris Hunt, Executor - Page 7

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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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