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handle is hein.ali/aliftp0203 and id is 1 raw text is: Preliminary Draft 196

SECTION X1007 . . .
The following transfers are excluded from gifts:
(h) Exclusion of Renunciation of an Interest in Property. --An
irrevocable renunciation of an interest in property whether or not there had
been a technical transfer of title to the person who renounced the interest
or to a trustee for his benefit and whether or not the renunciation would
under the applicable local law be denominated a release, transfer, rejection,
disclaimer or similar act, provided that the following requirements of
subparagraphs (1) and (2) of this subsection are both satisfied:
(1) The intetest must be renounced within a reasonable time
after the person who renounced the interest first became aware
of the existence of the interest and was not under any legal dis-
ability to renounce. However, in the case of an interest of a
spouse which is a dower or curtesy interest or an interest created
by statute in lieu of dower or curtesy, the interest may be re-
nounced at any time not later than a reasonable time after the
death of the other spouse.
(2) After the renunciation the transfer of the interest must
be governed by the instrument under which it was or would have
been transferred to the person who renounced it, or by the
local law applicable in the absence of such a governing instru-
ment, and not by the person who renounced the interest. Where
the applicable local law permits renunciation of the interest only
by a transfer thereof by the person renouncing the interest
to another person or persons, then the requirement of the previous

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