Internal Revenue Code:Sec. 2207. Liability of recipient of property over which decedent had power of appointment

From TaxAlmanac

Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle B - Estate and Gift Taxes
       CHAPTER 11 - ESTATE TAX
        Subchapter C - Miscellaneous
      

Statute

    Sec. 2207. Liability of recipient of property over which decedent
        had power of appointment
 
      Unless the decedent directs otherwise in his will, if any part of
    the gross estate on which the tax has been paid consists of the
    value of property included in the gross estate under section 2041,
    the executor shall be entitled to recover from the person receiving
    such property by reason of the exercise, nonexercise, or release of
    a power of appointment such portion of the total tax paid as the
    value of such property bears to the taxable estate.  If there is
    more than one such person, the executor shall be entitled to
    recover from such persons in the same ratio.  In the case of such
    property received by the surviving spouse of the decedent for which
    a deduction is allowed under section 2056 (relating to marital
    deduction), this section shall not apply to such property except as
    to the value thereof reduced by an amount equal to the excess of
    the aggregate amount of the marital deductions allowed under
    section 2056 over the amount of proceeds of insurance upon the life
    of the decedent receivable by the surviving spouse for which
    proceeds a marital deduction is allowed under such section.
 

Sources

    (Aug. 16, 1954, ch. 736, 68A Stat. 402; Pub. L. 94-455, title XX,
    Sec. 2001(c)(1)(I), Oct. 4, 1976, 90 Stat. 1852.)
 

Miscellaneous

                                 AMENDMENTS
      1976 - Pub. L. 94-455 substituted ''the taxable estate'' for
    ''the sum of the taxable estate and the amount of the exemption
    allowed in computing the taxable estate, determined under section
    2052, or section 2106(a), as the case may be'' after ''property
    bears to''.
                      EFFECTIVE DATE OF 1976 AMENDMENT
      Amendment by Pub. L. 94-455 applicable to estates of decedents
    dying after Dec. 31, 1976, see section 2001(d)(1) of Pub. L.
    94-455, set out as a note under section 2001 of this title.