Page:United States Statutes at Large Volume 68A.djvu/447

 CH. 12—GIFT TAX

407

(2) TIME.—Such consent may be so signified a t any time after ' the close of the calendar year in which the gift was made, subject to the following limitations— (A) the consent may not be signified after the 15th d a y of April following the close of such year, unless before such 15th day no return has been filed for such year by either spouse, in which case the consent may not be signified after a return for such year is filed by either spouse; (B) the consent may not be signified after a notice of deficiency with respect to the tax for such year has been sent to either spouse f in accordance with section 6212(a). ' (c) REVOCATION OF CONSENT.—Revocation of a consent previously signified shall be made in such manner as is provided under regulations prescribed by the Secretary or his delegate, b u t the right to revoke a consent previously signified with respect to a calendar year— (1) shall not exist after the 15th day of April following the close ' of such year if the consent was signified on or before such 15th d a y; i and ^ (2) shall not exist if the consent was not signified until after such ^ 15th day. (d) JOINT AND SEVERAL LIABILITY FOR T A X. — I f the consent required by subsection (a)(2) is signified with respect to a gift made in any calendar year, the liability with respect to the entire tax imposed by this chapter of each spouse for such year shall be joint and several. SEC. 2514. POWERS OF APPOINTMENT. (a) P O W E R S CREATED ON OR B E FOR E OCTOBER 21, 1942.—An

exercise of a general power of appointment created on or before October 21, 1942, shall be deemed a transfer of property by the individual possessing such power; b u t the failure to exercise such a power or the complete release of such a power shall not be deemed an exercise thereof. If a general power of appointment created on or before October 21, 1942, has been partially released so that it is no longer a general power of appointment, the subsequent exercise of such power shall not be deemed to be the exercise of a general power of appointment if— (1) such partial release occurred before November 1, 1951, or (2) the donee of such power was under a legal disability to release '" such power on October 21, 1942, and such partial release occurred ' not later than six months after the termination of such legal disability. '

(b) P O W E R S CREATED A F T E R OCTOBER 21, 1942.—The exercise or

release of a general power of appointment created after October 21, 1942, shall be deemed a transfer of property by the individual possessing such power. A disclaimer or renunciation of such a power of appointment shall not be deemed a release of such power. (c) DEFINITION OF GENERAL P O W E R OF APPOINTMENT.—For purposes of this section, the term "general power of appointment" means a power which is exercisable in favor of the individual possessing the power (hereafter in this subsection referred to as the "possessor"), his estate, his creditors, or the creditors of his estate; except that— (1) A power to consume, invade, or appropriate property for the benefit of the possessor which is limited by an ascertainable § 2514(c)(1)

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