- 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
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