As used in sections 12-345b to 12-345f, inclusive, the term “general power of appointment” means a power, whether created before or after May 24, 1972, which is exercisable in favor of the decedent, his estate, his creditors or the creditors of his estate, except that (a) a power to consume, invade or appropriate property for the benefit of the decedent which is limited by an ascertainable standard relating to the health, education, support or maintenance of the decedent shall not be deemed a general power of appointment; (b) a power of appointment created on or before October 21, 1942, which is exercisable by the decedent only in conjunction with another person shall not be deemed a general power of appointment; and (c) in the case of a power of appointment created after October 21, 1942, which is exercisable by the decedent only in conjunction with another person: (1) If the power is not exercisable by the decedent except in conjunction with the creator of the power, such power shall not be deemed a general power of appointment; (2) if the power is not exercisable by the decedent except in conjunction with a person having a substantial interest in the property subject to the power, which is adverse to exercise of the power in favor of the decedent, such power shall not be deemed a general power of appointment. For the purposes of this section a person who, after the death of the decedent, may be possessed of a power of appointment, with respect to the property subject to the decedent's power, which he may exercise in his own favor shall be deemed as having an interest in the property and such interest shall be deemed adverse to such exercise of the decedent's power; and (3) if, after the application of subdivisions (1) and (2), the power is a general power of appointment and is exercisable in favor of such other person, such power shall be deemed a general power of appointment only with respect to a fractional part of the property subject to such power, such part to be determined by dividing the value of such property by the number of such persons, including the decedent, in favor of whom such power is exercisable. For purposes of subdivisions (2) and (3), a power shall be deemed to be exercisable in favor of a person if it is exercisable in favor of such person, his estate, his creditors or the creditors of his estate.
(1972, P.A. 290, S. 4; P.A. 75-437, S. 1, 5.)
History: 1972 act effective May 24, 1972, and retroactive to January 1, 1972 (all estates of persons dying before January 1, 1972, are subject to succession tax laws applicable before that date and continued in force for that purpose); P.A. 75-437 extended definition to apply to Sec. 12-345f, made former Subdiv. (b) applicable to powers of appointment created after October 21, 1942, redesignating it as Subdiv. (c), and inserted new Subdiv. (b) re powers of appointment created on or before October 21, 1942, effective, effective June 26, 1975, and retroactive to January 1, 1972.
Cited. 173 C. 232.
Cited. 10 CA 95.
Cited. 32 CS 231.
Structure Connecticut General Statutes
Chapter 216 - Succession and Transfer Taxes
Section 12-340. - Tax on transfers of property. Sunset of chapter.
Section 12-341a. - Effective date.
Section 12-341b. - Taxable transfers by persons dying on and after July 1, 1963.
Section 12-341c. - Effective date.
Section 12-342. - Life, accident and war risk insurance.
Section 12-343. - Jointly-owned property.
Section 12-344a. - Additional amount added to tax.
Section 12-344b. - Applicable rates.
Section 12-345. - Revocable trusts.
Section 12-345c. - Taxable transfer made, when.
Section 12-345d. - Lapse of power.
Section 12-345e. - Tax liability for transfer of property subject to general power of appointment.
Section 12-345f. - Power created on or before October 21, 1942.
Section 12-346. - Transfers to executors and trustees in lieu of commissions.
Section 12-348. - Declaration by officer of corporation or other entity claiming exemption.
Section 12-349. - Gross taxable estate.
Section 12-349a. - Effective date.
Section 12-350. - Net estate of resident transferors; deductions.
Section 12-351. - Administration expenses not deductible.
Section 12-352. - Net estate of nonresident transferor; deductions.
Section 12-353. - Life estates; annuities.
Section 12-354. - Estate which may be divested.
Section 12-355. - Compounding of tax. Contingent remainders.
Section 12-356. - Determination of value of contingent interest by Insurance Commissioner.
Section 12-357. - Supervision by commissioner.
Section 12-358. - Reports by clerks of probate courts. Certified copies of wills and papers.
Section 12-359. - Reports of representatives of transferors.
Section 12-363. - Jointly-owned real property; certificate of tax payment.
Section 12-364. - Certificate of release of lien. Regulations.
Section 12-365. - Administration on taxable transfer.
Section 12-366. - Lien for taxes. Regulations.
Section 12-368. - Waiver of hearing on computation of tax.
Section 12-369. - Action for quieting title to property.
Section 12-370. - Forms. Reciprocal exchange of information.
Section 12-371. - Estates of nonresident decedents; cooperation with other states.
Section 12-372. - Authority to compromise or arbitrate dispute as to decedent's domicile.
Section 12-373. - Agreement of compromise to fix amount of tax.
Section 12-374. - Determination of domicile by arbitration.
Section 12-375. - Tax due at death.
Section 12-376. - Payment. Interest. Extensions.
Section 12-376a. - Waiver of interest on tax on certain transfers.
Section 12-377. - Temporary payments.
Section 12-378. - Opinion of no tax due by probate court. Receipts and certificates.
Section 12-379. - Computation and payment by fiduciary.
Section 12-380. - Commissioner may compromise tax.
Section 12-381. - Enforcement against personal property.
Section 12-383. - Penalty for false return or affidavit.
Section 12-384. - Liability of representatives of estates and transferees.
Section 12-385. - Enforcement by sale of property.
Section 12-386. - Legacy charged on real property.
Section 12-387a. - Out-of-state action to collect succession tax; local tax.
Section 12-387b. - Reciprocity.
Section 12-387c. - “Tax” to include interest and penalties.
Section 12-388. - Certain refunds to estates subject to additional succession tax.
Section 12-389. - Appointment of attorneys to represent the Commissioner of Revenue Services.
Section 12-390. - Applicability of this chapter. Continuance in force of former statutes.