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D. No Written Disclaimer Designates the Property Being
Disclaimed
Section 25.2518-2(b)(1), Gift Tax Regs., requires that the
written disclaimer identify the property being renounced and be
signed by the disclaimant or his legal representative. The
purpose of this requirement, along with the requirement of
section 2518(b)(2) concerning delivery of the disclaimer,
discussed infra, is to avoid disputes about whether an interest
in property was disclaimed. See Stephens et al., Federal Estate
and Gift Taxation, par. 10.07[2][a] (7th ed. 1996); 5 Bittker &
Lokken, Federal Income Taxation of Income, Estates & Gifts, par.
121.7.3 at 121-52 (2d ed. 1993).
On brief, petitioner contends that assets valued at
$498,889 on Mrs. Chamberlain's date of death were disclaimed.
Petitioner's list of assets alleged to be disclaimed by decedent
does not simply include the residue of Mrs. Chamberlain's
estate--it includes all her probate assets. Inasmuch as
Mrs. Chamberlain's will provided a $75,000 pecuniary bequest
to Dale, we fail to see how decedent could have disclaimed all
the probate assets.
Petitioner also claims that decedent identified the assets
that he was disclaiming by marking them with a "J". Yet only
$257,745 worth of assets was designated "J" by decedent on
Exhibit 5-E; another $149,799 worth of assets were designated "J"
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