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(A) the date on which the transfer
creating the interest in such person is made,
or
(B) the day on which such person attains
age 21,
(3) such person has not accepted the interest
or any of its benefits, and
(4) as a result of such refusal, the interest
passes without any direction on the part of the
person making the disclaimer and passes either--
(A) to the spouse of the decedent, or
(B) to a person other than the person
making the disclaimer.
As pertains to the above-quoted section 2518(b)(3)
requirement of no acceptance of benefits, regulations further
provide:
A qualified disclaimer cannot be made with respect to
an interest in property if the disclaimant has accepted
the interest or any of its benefits, expressly or
impliedly, prior to making the disclaimer. Acceptance
is manifested by an affirmative act which is consistent
with ownership of the interest in property. Acts
indicative of acceptance include using the property or
the interest in property; accepting dividends,
interest, or rents from the property; and directing
others to act with respect to the property or interest
in property. * * * The exercise of a power of
appointment to any extent by the donee of the power is
an acceptance of its benefits. * * * [Sec. 25.2518-
2(d)(1), Gift Tax Regs.]
See also H. Rept. 94-1380, at 67 (1976), 1976-3 C.B. (Vol. 3)
738, 801.
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