Deemed gift on surrender of life or term interests: transfers without adequate consideration treated as gifts for tax purposes.

The amendment inserts bracketed clarification to the definition of power of appointment to include general, special or restricted powers, and adds a deeming clause that where a tenant for a term, tenant for life or remainder man surrenders, relinquishes or allows termination of an interest without consideration or for inadequate consideration, the value of the interest or the excess over any consideration received shall be deemed to be a gift by that person.

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