### Question
How does Estate and Gift Taxes define qualified terminable interest property?


### Answer
Under *26 U.S.C. § 2523*, **qualified terminable interest property** is defined as:

> any property—


(A) which is transferred by the donor spouse,


(B) in which the donee spouse has a qualifying income interest for life, and


(C) to which an election under this subsection applies

#### Citation:
  - *26 U.S.C. § 2523*
  - Heading: **Subtitle B-Estate and Gift Taxes > CHAPTER 12-GIFT TAX > Subchapter C-Deductions**

