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Incident of Ownership |
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Some aspect of the exclusive possession or control over the disposition or use of property that demonstrates that the person with such exclusive rights has not relinquished them. A person who has kept the right to change the beneficiaries on his or her life insurance policy has retained an incident of ownership and is, therefore, considered the owner of the policy. |
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Such policies may be in the deceased's estate for three years from the date the insured last had an incident of ownership. 72-307, the IRS held that the power to cancel a group-term life insurance policy solely by terminating employment was not an incident of ownership causing the policy to be included in the insured's gross estate; Rev. 82-145,(29) the Service reversed this result, stating that because the corporation could borrow against the policy's CSV, it possessed an incident of ownership under Regs. |
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Incident of Ownership
