1. (a) As used in this chapter, "presently exercisable power of appointment" means a power of appointment exercisable by the powerholder at the relevant time.
2. (b) The term includes a power of appointment exercisable only after the occurrence of a specified event, the satisfaction of an ascertainable standard, or the passage of a specified time.
3. (c) The term does not include a power exercisable only at the powerholder's death.

As added by P.L.161-2022, SEC.3.