### Question
What is the definition of qualified terminable interest property?


### Answer
The definition of **qualified terminable interest property** is as follows in *26 U.S.C. § 2523*:

> 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**

