- 41 -
disclaimed,8 and were indeed considering it. Thus, when drafting
Exhibit 8-H, Mr. Kadish used $525,000 as the amount that would be
disclaimed, which exceeded the value of the probate assets after
deducting the $75,000 needed to pay the specific bequest. Mr.
Kadish did not identify the specific assets to be disclaimed when
he drafted Exhibit 8-H because he and Mr. Meyer planned to
determine which assets would be disclaimed after all the probate
and joint tenancy assets were identified and valued. As
described in Exhibit 9-I, Mr. Meyer planned to value Mr.
Chamberlain's survivorship interests in jointly held bonds and
then disclaim however many bonds would be necessary to use fully
the unified credit:
I will need to make up a total list of joint bonds
as well, but we won't pick those up right now, but
we're going to have to make a quick decision. Let's
get what were [sic] talking about, we'll value them
and then see how many more we want to add to the
pile.
Decedent never signed Exhibit 8-H--not because a disclaimer
was otherwise accomplished--but because, as petitioner's counsel
8 Former disclaimer regulations in effect prior to
decedent's death required a survivorship interest in a joint
tenancy to be disclaimed within 9 months of the creation of the
tenancy. However, by the time of Mrs. Chamberlain's death, it
was generally accepted, in the case of a unilaterally severable
interest in a joint tenancy, that the date of death of the joint
tenant was the starting point for measuring the timeliness of a
disclaimer under sec. 2518(b)(2). See McDonald v. Commissioner,
T.C. Memo. 1989-140, on remand from 853 F.2d 1494 (8th Cir.
1988); IRS Action on Decision 1990-06 (Feb. 7, 1990).
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