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contingency, or on the failure of an event or
contingency to occur, an interest passing to
the surviving spouse will terminate or fail,
no deduction shall be allowed under this
section with respect to such interest—-
(A) if an interest in such
property passes or has passed (for
less than an adequate and full
consideration in money or money's
worth) from the decedent to any
person other than such surviving
spouse (or the estate of such
spouse); and
(B) if by reason of such
passing such person (or his heirs
or assigns) may possess or enjoy
any part of such property after
such termination or failure of the
interest so passing to the
surviving spouse;
and no deduction shall be allowed with
respect to such interest (even if such
deduction is not disallowed under
subparagraphs (A) and (B))—-
* * * * * * *
(5) Life estate with power of
appointment in surviving spouse.--In the case
of an interest in property passing from the
decedent, if his surviving spouse is entitled
for life to all the income from the entire
interest, or all the income from a specific
portion thereof, payable annually or at more
frequent intervals, with power in the
surviving spouse to appoint the entire
interest, or such specific portion
(exercisable in favor of such surviving
spouse, or of the estate of such surviving
spouse, or in favor of either, whether or not
in each case the power is exercisable in
favor of others), and with no power in any
other person to appoint any part of the
interest, or such specific portion, to any
person other than the surviving spouse—
(A) the interest or such
portion thereof so passing shall,
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Last modified: May 25, 2011