REVENUE RULE 92-68

1992-2 C.B. 257, 1992-36 I.R.B. 15.

Internal Revenue Service
Revenue Ruling

REVOCATION OF REV. RUL. 80-31

Published: September 8, 1992

Section 2511. Transfers in General, 26 CFR 25.2511 -2: Cessation of donor's dominion and control.

Revocation of Rev. Rul. 80-31. In view of Tax Court's opinion in Estate of DiMarco v Commissioner, 87 T.C. 653 (1986), acq. in result, 1990-2 C.B. 1, the Service has reconsidered Rev. Rul. 81-31. Rev. Rul. 81-31 revoked.

The Internal Revenue Service has reconsidered Rev.Rul. 81-31, 1981-1 C.B. 475, in view of the Tax Court's opinion in Estate of DiMarco v. Commissioner, 87 T.C. 653 (1986), acq. in result, 1990-2 C.B. 1. Rev.Rul. 81-31 held that a decedent made a gift of the value of a death benefit passing to the decedent's surviving spouse and that the gift became complete in the calendar quarter in which the decedent died, at which time the amount of the gift first became susceptible of valuation. The ruling is inconsistent with the result in DiMarco. Rev.Rul. 81-31 is hereby revoked.

EFFECT ON OTHER REVENUE RULINGS

Rev.Rul. 81-31 is revoked.

DRAFTING INFORMATION

The principal author of this revenue ruling is Susan Hurwitz of the Office of the Assistant Chief Counsel (Passthroughs and Special Industries). For further information about this revenue ruling, call Ms. Hurwitz at (202) 622-3090 (not a toll-free call).

Rev. Rul. 92-68, 1992-2 C.B. 257, 1992-36 I.R.B. 15.