§ 2-1.11 Renunciation of property interests\n (a) A renunciation made in compliance with the provisions of this\nsection shall not necessarily constitute a qualified disclaimer within\nthe meaning of section 2518 of the Internal Revenue Code of 1986, as\namended, or for the purposes of the taxes imposed by article twenty-six\nof the tax law.\n (b) For purposes of this section:\n (1) The term "disposition" shall include a disposition created under a\nwill or trust agreement including, without limitation, the granting of a\npower of appointment, a disposition created by the exercise or\nnonexercise of a power of appointment, a distributive share under 4-1.1,\na transfer created by a trust account as defined in 7-5.1, a transfer\ncreated by a life insurance or annuity contract, a transfer resulting\nfrom the creation of a joint tenancy or tenancy by the entirety,\nsuccession to an interest occurring by operation of law on the death of\na joint tenant or tenant by the entirety, a transfer under an employee\nbenefit plan (including, without limitation, any pension, retirement,\ndeath benefit, stock bonus or profit-sharing plan, system or trust), a\ntransfer of a security to a beneficiary pursuant to part 4 of article 13\nof this chapter, any other disposition or transfer created by any\ntestamentary or nontestamentary instrument, or by operation of law, and\nany of the foregoing created or increased by reason of a renunciation\nmade by another person.\n (2) The effective date of the disposition for purposes of this section\nshall be:\n A. If the disposition is created by will, the exercise or nonexercise\nof a testamentary power of appointment, a distribution pursuant to\n4-1.1, the deposit of money in a trust account as defined in 7-5.1, the\nregistration of a security in beneficiary form pursuant to part 4 of\narticle 13 of this chapter, a life insurance or annuity contract, the\ndeath of a joint tenant or tenant by the entirety, or an employee\nbenefit plan, the date of death of the deceased testator, holder of the\npower of appointment, intestate, creator of the trust account,\nregistered owner of the security, insured, annuitant, other joint tenant\nor tenant by the entirety, or employee, as the case may be;\n B. If the disposition is created by trust agreement, the exercise of a\npresently exercisable power of appointment, the creation of a joint\ntenancy or tenancy by the entirety, or the renunciation of a disposition\ncreated by another, the date as of which the transfer in trust is\nirrevocable and is a completed gift for federal gift tax purposes\n(regardless of whether a gift tax is imposed on the completed gift), the\ndate of the exercise of the power of appointment, the creation of a\njoint tenancy or tenancy by the entirety, or renunciation, as the case\nmay be; and\n C. If the disposition is created by any other testamentary or\nnontestamentary instrument, or by operation of law, the date of the\nevent by which the beneficiary is finally ascertained.\nNotwithstanding the foregoing, the effective date of a disposition which\nis of a future estate shall be the date on which it becomes an estate in\npossession.\n (c) (1) Any beneficiary of a disposition may renounce all or part of\nsuch beneficiary's interest; provided, however, that a surviving joint\ntenant or tenant by the entirety may renounce the interest to which such\ntenant succeeds, by operation of law upon the death of another joint\ntenant or tenant by the entirety, to the extent such interest could be\nthe subject of a qualified disclaimer under section 2518 of the United\nStates Internal Revenue Code of 1986, as amended.\n (2) Such renunciation shall be in writing, signed and acknowledged by\nthe person renouncing, and shall be filed in the office of the clerk of\nthe court having jurisdiction over the will or trust agreement governing\nthe property of which the disposition would otherwise be made or the\ncourt which issued letters of administratio
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