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types of property interests whose values must be included in the
calculation of a decedent’s gross estate. Section 2031(a)
provides that “The value of the gross estate of the decedent
shall be determined by including to the extent provided for in
this part, the value at the time of his death of all property,
real or personal, tangible or intangible, wherever situated.”
Section 2033 provides that “The value of the gross estate shall
include the value of all property to the extent of the interest
therein of the decedent at the time of his death.” Section
2041(a)(2) requires that property with respect to which the
decedent had a general power of appointment49 created after
October 21, 1942, also be included in the decedent’s gross
estate.
We have concluded that decedent, by executing the assignment
on January 8, 1997, and exercising dominion and control over the
Marital Fund assets from that date to the date of her death,
effectively exercised the withdrawal power granted to her by the
Sidney Gore Trust declaration. We have also concluded, however,
that the assignment was not sufficient to effect a transfer of
49Sec. 2041(b)(1) defines “general power of appointment” to
mean “a power which is exercisable in favor of the decedent, his
estate, his creditors, or the creditors of his estate”. However,
sec. 2041(b)(1)(A) provides that “A power to consume, invade, or
appropriate property for the benefit of the decedent which is
limited by an ascertainable standard relating to the health,
education, support, or maintenance of the decedent” is not a
general power of appointment.
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Last modified: November 10, 2007