- 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 casePage: Previous 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Next
Last modified: May 25, 2011