Estate of Floy M. Christensen - Page 2

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               (2)  Is certain property with respect to which decedent had            
          a power of appointment at the time of her death includible in               
          decedent’s gross estate?  We hold that it is.                               
               This case was submitted fully stipulated.  The facts that              
          have been stipulated are so found.                                          
               At the time the petition was filed, Carl Stewart Christensen           
          (Mr. Christensen), decedent’s son and the personal representative           
          of the estate, resided in Seattle, Washington.                              
               On January 10, 1996, Floy M. Christensen, a resident of                
          Kirkland, Washington, died testate at the age of 102.  On Febru-            
          ary 25, 1982, Carl A. Christensen, decedent’s spouse to whom she            
          had been married for approximately 50 years, died testate.                  
          Pursuant to Carl A. Christensen’s will, which he executed on                
          August 26, 1980, a trust (trust) was created for the benefit of,            
          inter alia, decedent.  Pursuant to the terms of Carl A.                     
          Christensen’s will creating that trust, decedent had the power to           
          withdraw (power to withdraw) from the trust annually, by written            
          request to the trustee, a share of the trust’s principal in an              
          amount not exceeding the greater of $5,000 or 5 percent of the              
          value of such principal.  Carl A. Christensen’s will creating the           
          trust contained no limitations or directions on the exercise of             
          decedent’s power to withdraw.  When decedent died, she had not              

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