||December 31, 1997
Disclaimer of Interests & Powers
[4830-01-u] DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Parts 20 and 25 [TD 8744] RIN 1545-AR52
TITLE: Disclaimer of Interests and Powers
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final Regulations.
SUMMARY: This document contains final regulations relating to the treatment of disclaimers for estate and gift tax purposes. The regulations clarify certain provisions governing the disclaimer of property interests and powers and, in addition, conform the regulations to court decisions holding the current regulation invalid with respect to the disclaimer of joint property interests. The final regulations will affect persons who disclaim property interests, powers, or interests in jointly owned property.
DATES: Effective date: The final regulations are effective December 31, 1997.
APPLICABILITY dates: The amendments to 25.2518-1(a) and 25.2518-2(c)(3) (substituting the statutory language in section 2518(b)(2)(A) "transfer creating the interest," for "taxable transfer") and conforming changes to 20.2041-3(d)(6)(i), 20.2046-1, 20.2056(d)-2(a) and (b), 25.2511-1(c)(1), 25.2514-3(c)(5), are applicable for transfers creating the interest or power to be disclaimed made on or after December 31, 1997. The amendments to 25.2518-2(c)(4) (relating to the disclaimer of joint property and bank accounts) are applicable for disclaimers made on or after December 31, 1997.
FOR FURTHER INFORMATION CONTACT: James F. Hogan (202) 622-3090 (not a toll-free number).
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