Estate of Henry A. Lassiter, deceased, Paula Ann Masters Lassiter, administrator, C.T.A. - Page 28

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                                         (I) which passes from the                      
                                         (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                 
                               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                 
                                    (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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