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trust property in decedent’s gross estate (as reported on the
estate’s estate tax return) to have been in error. On July 10,
2001, respondent issued a notice of deficiency disallowing the
refund claim.6
OPINION
I. Introduction
Section 2001 imposes an estate tax determined, in part, by
the value of the taxable estate. Sec. 2001(b). The taxable
estate is defined as the gross estate less deductions. Sec.
2051. The gross estate generally includes the value of any
property with respect to which the decedent has a general power
of appointment at the time of his or her death. Sec. 2041(a)(2).
With exceptions inapplicable here, a general power of appointment
is defined as a power that is exercisable in favor of the
decedent, the decedent’s estate, the decedent’s creditors, or the
creditors of the decedent’s estate. Sec. 2041(b)(1).
A power to make an inter vivos appointment of property is a
general power of appointment if it is exercisable in favor of the
decedent or the decedent’s creditors, regardless of whether the
power is also exercisable in favor of the decedent’s estate or
the creditors of the decedent’s estate. Jenkins v. United
6 Respondent made a number of adjustments to the estate’s
estate tax return and determined an estate tax deficiency. The
parties have resolved all issues except respondent’s disallowance
of the claimed refund.
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