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with the intention of providing definitive rules for disclaimers
that could be uniformly applied among the States, with all three
of the Federal transfer taxes. Id.
The enactment of section 2518 made compliance with State law
alone insufficient to establish that a valid disclaimer has been
made for purposes of the Federal transfer taxes. Even if the
disclaimer complies with State law, it will not be a qualified
disclaimer for purposes of section 2518(a) unless it also
satisfies the requirements of section 2518(b), (c)(3). See
Estate of Hennessy v. United States, 81 AFTR 2d 98-383, 98-1 USTC
par. 60,298 (S.D. Ind. 1997); sec. 25.2518-2(c)(5) Example (5),
Gift Tax Regs.; Bittker & Lokken, supra par. 121.7.7, at 121-63.
Nevertheless, a disclaimer will not be treated as a
qualified disclaimer under section 2518 unless it is effective
under applicable local law. This is because State law determines
whether or not a property interest has passed. See Estate of
Bennett v. Commissioner, supra at 67.
Under Oregon law, the common-law right to disclaim has been
supplanted by the Uniform Disclaimer of Transfers by Will,
Intestacy or Appointment Act. See Or. Rev. Stat. sec. 112.650
through 112.667 (1997); Or. Rev. Stat. sec. 112.662 and Comment,
Uniform Disclaimer of Transfers by Will, Intestacy or Appointment
Act, sec. 5 ("Uniform Act"). Oregon Revised Statutes section
112.652 provides generally that an heir, legatee, or devisee may
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