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FEDERAL INCOME, ESTATE & GIFT TAX STATUTE i (AMENDED DRAFT & COMMENTS § X1007(h))

handle is hein.ali/aliftp0292 and id is 1 raw text is: Amended Draft Section X1007(h). Exclusion of kenunciation of an Interest in Property., -- An irrevocable renunciation of an interest in property, whether or not there had been a technical transfer of title to the person who renounced the interest or to a trustee for his benefit, and whether or not the renunciation would under the applicable local law be denominated a release, transfer, rejection, or similar act, provided that-- (1) the interest was renounced within a reasonable time from the time that the person who renounced the interest-- (A) had definite personal knowledge that he was the owner of the interest; and (B) was-not under any legal disability to renounce; and (2) after the renunciation the transfer of the interest is governed by the instrument under which it was or would have been transferred to the person who renounced it, or, in the absence of such a governing instrument, by the applicable local law.