Transfers for consideration Sample Clauses

Transfers for consideration. Except as provided in paragraph (c)(3)(iii) of this section, if, during the life of the initial transferor, a section 2701 interest is transferred to or for the benefit of an individual other than the initial trans- feror or an applicable family member of the initial transferor for consider- ation in money or money’s worth, or in a transfer that is treated as a transfer for consideration in money or money’s worth, the transfer of the section 2701 interest is deemed to occur at the death of the initial transferor. In this case, the estate of the initial transferor is entitled to a reduction in the same manner as if the initial transferor’s gross estate included a section 2701 in- terest having a chapter 11 value equal to the amount of consideration in money or money’s worth received in the exchange (determined as of the time of the exchange).