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Will Renunciation Of A Bequest Or Failure To Claim A Statutory Share Constitute A Taxable Gift?, Daniel D. Canale, Robert E. Cooper
Will Renunciation Of A Bequest Or Failure To Claim A Statutory Share Constitute A Taxable Gift?, Daniel D. Canale, Robert E. Cooper
Vanderbilt Law Review
In 1948 the 80th Congress amended the Internal Revenue Code in an effort to eliminate the discrimination theretofore enjoyed by residents of states which had adopted the community property system.' Substantial equalization in the estate and gift tax fields is expected to follow from the marital deduction and "gift tax splitting" privileges. Moreover, these changes have focused attention upon a problem which caused considerable concern to conservative tax advisors even before the 1948 Tax Amendment. It has long been a doubtful question whether the renunciation of testamentary benefits would be held to constitute a taxable gift. The Act and the …