- 4 -
and that the $144,400 value of the property should be included in
decedent’s gross estate.
Discussion
For Federal estate tax purposes, all interests in property
that a decedent possesses at the time of death are includable in
the gross estate. Sec. 2033; Estate of Jalkut v. Commissioner,
96 T.C. 675, 678 (1991).
Also, the value of property transferred by a decedent prior
to death without consideration and with respect to which a
decedent retains a power to revoke the transfer is includable in
the decedent’s gross estate. Sec. 2038(a)(1); Estate of Swanson
v. United States, 46 Fed. Cl. 388, 391 (2000).
The legal effect of gifts of property made under a POA is
controlled by State law. Morgan v. Commissioner, 309 U.S. 78, 80
(1940); Estate of Swanson v. United States, supra. In the
absence of a decision or interpretation of State law by a State’s
highest court, we look to lower State court rulings and holdings.
Commissioner v. Estate of Bosch, 387 U.S. 456, 465 (1967).
The Supreme Court of Connecticut has not addressed whether
attorneys-in-fact are authorized under the Act to make gifts of
their principal’s property without express language in the POA
authorizing gifts to be made. This issue, however, has been
involved in three opinions of the Connecticut Superior Court,
Judicial District of Hartford-New Britain.
Page: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011