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several more narrowly defined classes of assets. Among these
specific sections are section 2036, which includes transfers
where the decedent retained the possession of, the enjoyment of,
or the right to designate persons who shall possess or enjoy
transferred property or income therefrom; section 2038, which
includes revocable transfers; and section 2041, which includes
property over which the decedent held a general power of
appointment.
However, inclusion of certain assets in the gross estate may
be avoided through operation of the disclaimer provisions of the
Internal Revenue Code. For purposes of the estate tax, section
2046 incorporates by reference section 2518, which reads in part:
SECTION 2518. DISCLAIMERS.
(a) General Rule.--For purposes of this subtitle,
if a person makes a qualified disclaimer with respect
to any interest in property, this subtitle shall apply
with respect to such interest as if the interest had
never been transferred to such person.
(b) Qualified Disclaimer Defined.--For purposes of
subsection (a), the term “qualified disclaimer” means
an irrevocable and unqualified refusal by a person to
accept an interest in property but only if--
(1) such refusal is in writing,
(2) such writing is received by the
transferor of the interest, his legal
representative, or the holder of the legal title
to the property to which the interest relates not
later than the date which is 9 months after the
later of--
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Last modified: May 25, 2011