Sec. 12-345a. Taxation of property transferred by exercise or nonexercise of a power of appointment. - Connecticut Statutes

      Sec. 12-345a. Taxation of property transferred by exercise or nonexercise of a power of appointment. Section 12-345a is repealed, effective May 24, 1972, and retroactive to January 1, 1972. All estates of persons dying before January 1, 1972, shall be subject to the succession tax laws applicable to them prior to January 1, 1972, and such laws are continued in force for that purpose.

      (1969, P.A. 796, S. 1, 2; 1972, P.A. 290, S. 5.)

      Application to donee's exercise or nonexercise of a power of appointment re a marital deduction trust. Nonvesting of property in decedent does not prevent taxation. Application is not invalid for retroactivity. 166 C. 581. History of provision. Id. Statute reaches transfer of economic benefits to appointee upon exercise of power of appointment by donee and to taker in default by omission of its exercise notwithstanding prior taxation in donee's estate. 173 C. 232.

      Cited. 32 CS 231.