- 32 -
Helvering v. Stuart, 317 U.S. at 161-162; Morgan v. Commissioner,
309 U.S. at 80. Hence, the interest must have validly passed
without disclaimant direction under State law before it will be
deemed to have done so for Federal tax purposes. See Estate of
Bennett v. Commissioner, supra at 67. Relevant portions of the
Georgia disclaimer statute are reproduced below:
53-2-115. Renouncement of succession.
(a) Any person to whom an interest in property is
transferred, or who succeeds to an interest in property
by contract or by operation of law, or any fiduciary
acting on behalf of such person is authorized to and
may renounce in whole or in part the succession to any
property or interest therein by filing a written
instrument within the time and at the place provided in
subsection (b) of this Code section. For purposes of
this Code section, the term “interest in property”
includes any powers over or rights with respect to such
property. The instrument shall:
(1) Describe the property or part thereof or
interest therein renounced;
(2) Be signed by the person renouncing or by
a fiduciary acting on behalf of such person; and
(3) Declare the renunciation and the extent
thereof.
* * * * * * *
(c) Unless the decedent or donee of the power has
otherwise indicated by his or her will, the interest
renounced and any future interest which is to take
effect in possession or enjoyment at or after the
termination of the interest renounced shall pass as if
the person renouncing had predeceased the decedent or,
if the person renouncing is one designated to take
pursuant to a power of appointment exercised by a
testamentary instrument, as if the person renouncing
had predeceased the donee of the power. In every case
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