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Revenue Ruling 77-60
Internal Revenue Service
1977-1 C.B. 282 (1977)
- Written by Eric Miller, JD
Facts
The will of a decedent’s spouse granted the decedent a general power of appointment to make use of assets held in a trust. The will stipulated that the decedent’s ability to invade corpus—that is, use money from the trust—was to be for the purpose of continuing the decedent’s accustomed standard of living. The Internal Revenue Service considered the issue of whether the power of appointment was subject to a statutory exception for powers limited by an ascertainable standard relating to the health, education, support, or maintenance of at least one person. If the exception were to apply, the power would not be a taxable part of the decedent’s gross estate.
Rule of Law
Issue
Holding and Reasoning ()
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