26 U.S.
Code § 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) 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
(within the meaning of subsection (b)),
shall
be treated as a qualified disclaimer.
