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 Repealed.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) Qualified disclaimer defined For purposes of subsection (a), the term ‘‘qualified disclaimer’’ means an irrevocable and unqualified refusal by a person to accept an in- terest 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 ei- ther— (A) to the spouse of the decedent, or (B) to a person other than the person mak- ing 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 re- quirements of the preceding sentence shall be treated as a qualified disclaimer of such por- tion 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) of subsection (b), and (B) which is to a person or persons who would have received the property had the transferor made a qualified disclaimer (with- in the meaning of subsection (b)), shall be treated as a qualified disclaimer. (Added Pub. L. 94–455, title XX, § 2009(b)(1), Oct. 4, 1976, 90 Stat. 1893; amended Pub. L. 95–600, title VII, § 702(m)(1), Nov. 6, 1978, 92 Stat. 2935; Pub. L. 97–34, title IV, § 426(a), Aug. 13, 1981, 95 Stat. 318; Pub. L. 97–448, title I, § 104(e), Jan. 12, 1983, 96 Stat. 2384.) Editorial Notes AMENDMENTS 1983—Subsec. (c)(3). Pub. L. 97–448 substituted ‘‘A written transfer’’ for ‘‘For purposes of subsection (a), a written transfer’’. 1981—Subsec. (c)(3). Pub. L. 97–34 added par. (3). 1978—Subsec. (b)(4). Pub. L. 95–600 inserted provision relating to spouse of decedent. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1983 AMENDMENT Amendment by Pub. L. 97–448 effective, except as oth- erwise provided, as if it had been included in the provi- sion of the Economic Recovery Tax Act of 1981, Pub. L. 97–34, to which such amendment relates, see section 109 of Pub. L. 97–448, set out as a note under section 1 of this title. EFFECTIVE DATE OF 1981 AMENDMENT Pub. L. 97–34, title IV, § 426(b), Aug. 13, 1981, 95 Stat. 318, provided that: ‘‘The amendment made by sub- section (a) [amending this section] shall apply to trans- fers creating an interest in the person disclaiming made after December 31, 1981.’’ EFFECTIVE DATE OF 1978 AMENDMENT Pub. L. 95–600, title VII, § 702(m)(2), Nov. 6, 1978, 92 Stat. 2935, provided that: ‘‘The amendment made by paragraph (1) [amending this section] shall apply to transfers creating an interest in the person disclaiming made after December 31, 1976.’’ EFFECTIVE DATE Pub. L. 94–455, title XX, § 2009(e)(2), Oct. 4, 1976, 90 Stat. 1896, provided that: ‘‘The amendments made by subsection (b) [enacting this section and section 2046 of this title and amending sections 2041, 2055, 2056, and 2514 of this title] shall apply with respect to transfers creating an interest in the person disclaiming made after December 31, 1976.’’ § 2519. Dispositions of certain life estates (a) General rule For purposes of this chapter and chapter 11, any disposition of all or part of a qualifying in-