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(I) which passes from the
decedent,
(II) in which the surviving
spouse has a qualifying income
interest for life, and
(III) to which an election
under this paragraph applies.
(ii) Qualifying income interest for
life.--The surviving spouse has a
qualifying income interest for life if--
(I) the surviving spouse is
entitled to all the income from the
property, payable annually or at
more frequent intervals, or has a
usufruct interest for life in the
property, and
(II) no person has a power to
appoint any part of the property to
any person other than the surviving
spouse.
Subclause (II) shall not apply to a
power exercisable only at or after the
death of the surviving spouse. * * *
(iii) Property includes interest
therein.--The term “property” includes
an interest in property.
(iv) Specific portion treated as
separate property.--A specific portion
of property shall be treated as separate
property.
(v) Election.--An election under
this paragraph with respect to any
property shall be made by the executor
on the return of tax imposed by section
2001. Such an election, once made,
shall be irrevocable.
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