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26 U.S.C. § 2518 — Disclaimers

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 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— (A) the day 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. **(c) Other rules** For purposes of subsection (a)— (1) **Disclaimer of undivided portion of interest** — A disclaimer with respect to an undivided portion of an interest which meets the requirements of the preceding sentence shall be treated as a qualified disclaimer of such portion of the interest. (2) **Powers** — A power with respect to property shall be treated as an interest in such property. (3) **Certain transfers treated as disclaimers** — A written transfer of the transferor’s entire interest in the property— (A) which meets requirements similar to the requirements of paragraphs (2) and (3)

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Source file: Laws/federal/codes/united-states-code/title-26/section-2518-disclaimers--c555ff0b83.md
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Source location: Title 26, Chapter 12, § 2518; chapter-012-gift-tax.md

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 1 — Tax imposed

**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of— (1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and (2) every surviving spouse (as defined in section 2(a)), a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000. **(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000. **(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 2046 — Disclaimers

For provisions relating to the effect of a qualified disclaimer for purposes of this chapter, see section 2518.

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 2041 — Powers of appointment

**(a) In general** The value of the gross estate shall include the value of all property— (1) **Powers of appointment created on or before October 21, 1942** — To the extent of any property with respect to which a general power of appointment created on or before October 21, 1942, is exercised by the decedent— (A) by will, or (B) by a disposition which is of such nature that if it were a transfer of property owned by the decedent, such property would be includible in the decedent’s gross estate under sections 2035 to 2038, inclusive; but the failure to exercise such a power or the complete release of such a power shall not be deemed an exercise thereof. If a general power of appointment created on or before October 21, 1942, has been partially released so that it is no longer a general power of appointment, the exercise of such power shall not be deemed to be the exercise of a general power of appointment if— (i) such partial release occurred before November 1, 1951, or (ii) the donee of such power was under a legal disability to release such power on October 21, 1942, and such partial release occurred not later than 6 months after the termination of such legal disability. (2) **Powers created after October 21, 1942** — To the extent of any property with respect to which the decedent has at the time of his death a general power of appointment created after October 21, 1942, or with respect to which the decedent has at any time exercised or released such a power of appointment by a disposition which is of such nature that if it were a transfer of property owned by the decedent, such property would be includible in the decedent’s gross estate under sections 2035 to 2038, inclusive. For purposes of this paragraph (2), the power of appointment shall be consi

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2041

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 2055 — Transfers for public, charitable, and religious uses

**(a) In general** For purposes of the tax imposed by section 2001, the value of the taxable estate shall be determined by deducting from the value of the gross estate the amount of all bequests, legacies, devises, or transfers— (1) to or for the use of the United States, any State, any political subdivision thereof, or the District of Columbia, for exclusively public purposes; (2) to or for the use of any corporation organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes, including the encouragement of art, or to foster national or international amateur sports competition (but only if no part of its activities involve the provision of athletic facilities or equipment), and the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private stockholder or individual, which is not disqualified for tax exemption under section 501(c)(3) by reason of attempting to influence legislation, and which does not participate in, or intervene in (including the publishing or distributing of statements), any political campaign on behalf of (or in opposition to) any candidate for public office; (3) to a trustee or trustees, or a fraternal society, order, or association operating under the lodge system, but only if such contributions or gifts are to be used by such trustee or trustees, or by such fraternal society, order, or association, exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals, such trust, fraternal society, order, or association would not be disqualified for tax exemption under section 501(c)(3) by reason of attempting to influence legislation, and such trustee or trustees, o

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2055

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 2056 — Bequests, etc., to surviving spouse

**(a) Allowance of marital deduction** For purposes of the tax imposed by section 2001, the value of the taxable estate shall, except as limited by subsection (b), be determined by deducting from the value of the gross estate an amount equal to the value of any interest in property which passes or has passed from the decedent to his surviving spouse, but only to the extent that such interest is included in determining the value of the gross estate. **(b) Limitation in the case of life estate or other terminable interest** (1) **General rule** — Where, on the lapse of time, on the occurrence of an event or contingency, or on the failure of an event or contingency to occur, an interest passing to the surviving spouse will terminate or fail, no deduction shall be allowed under this section with respect to such interest— (A) if an interest in such property passes or has passed (for less than an adequate and full consideration in money or money’s worth) from the decedent to any person other than such surviving spouse (or the estate of such spouse); and (B) if by reason of such passing such person (or his heirs or assigns) may possess or enjoy any part of such property after such termination or failure of the interest so passing to the surviving spouse; and no deduction shall be allowed with respect to such interest (even if such deduction is not disallowed under subparagraphs (A) and (B))— (C) if such interest is to be acquired for the surviving spouse, pursuant to directions of the decedent, by his executor or by the trustee of a trust. For purposes of this paragraph, an interest shall not be considered as an interest which will terminate or fail merely because it is the ownership of a bond, note, or similar contractual obligation, the discharge of which woul

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2056

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 2514 — Powers of appointment

**(a) Powers created on or before October 21, 1942** An exercise of a general power of appointment created on or before October 21, 1942, shall be deemed a transfer of property by the individual possessing such power; but the failure to exercise such a power or the complete release of such a power shall not be deemed an exercise thereof. If a general power of appointment created on or before October 21, 1942, has been partially released so that it is no longer a general power of appointment, the subsequent exercise of such power shall not be deemed to be the exercise of a general power of appointment if— (1) such partial release occurred before November 1, 1951, or (2) the donee of such power was under a legal disability to release such power on October 21, 1942, and such partial release occurred not later than six months after the termination of such legal disability. **(b) Powers created after October 21, 1942** The exercise or release of a general power of appointment created after October 21, 1942, shall be deemed a transfer of property by the individual possessing such power. **(c) Definition of general power of appointment** For purposes of this section, the term “general power of appointment” means a power which is exercisable in favor of the individual possessing the power (hereafter in this subsection referred to as the “possessor”), his estate, his creditors, or the creditors of his estate; except that— (1) A power to consume, invade, or appropriate property for the benefit of the possessor which is limited by an ascertainable standard relating to the health, education, support, or maintenance of the possessor shall not be deemed a general power of appointment. (2) A power of appointment created on or before October 21, 1942, which is exercisable by the

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2514

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 2518 — Disclaimers

Page 2643 TITLE 26—INTERNAL REVENUE CODE § 2519 Editorial Notes AMENDMENTS 1984—Pub. L. 98–369 substituted in introductory text ‘‘within the 3-year period beginning on the date 1 year before such agreement is entered into’’ for ‘‘within 2 years thereafter’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1984 AMENDMENT Pub. L. 98–369, div. A, title IV, § 425(c)(2), July 18, 1984, 98 Stat. 804, provided that: ‘‘The amendment made by subsection (b) [amending this section] shall apply to transfers after the date of the enactment of this Act [July 18, 1984].’’ [§ 2517. Repealed. Pub. L. 99–514, title XVIII, § 1852(e)(2)(A), Oct. 22, 1986, 100 Stat. 2868] Section, added and amended Pub. L. 85–866, title I, §§ 23(f), 68(a), Sept. 2, 1958, 72 Stat. 1623, 1659; Pub. L. 87–792, § 7(j), Oct. 10, 1962, 76 Stat. 830; Mar. 8, 1966, Pub. L. 89–365, § 2(b), 80 Stat. 33; Dec. 30, 1969, Pub. L. 91–172, title I, § 101(j)(24), 83 Stat. 528; Pub. L. 94–455, title XX, § 2009(c) (4), (5), Oct. 4, 1976, 90 Stat. 1895, 1896; Pub. L. 97–34, title III, § 311(d)(2), Aug. 13, 1981, 95 Stat. 280; Pub. L. 98–369, div. A, title IV, § 491(d)(35), July 18, 1984, 98 Stat. 851, related to the transfers of certain annuities under qualified plans. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal applicable to transfers after Oct. 22, 1986, see section 1852(e)(2)(E) of Pub. L. 99–514, set out as an Ef- fective Date of 1986 Amendment note under section 406 of this title. § 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)

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 2518

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