CASES AND MATERIALS FEDERAL WEALTH TRANSFER TAXATION SIXTH EDITION by PAUL R. MCDANIEL James J. Freeland Eminent Scholar in Taxation and Professor of Law University of Florida Levin College of Law JAMES R. REPETTI William J. Kenealy, S.J. Professor of Law Boston College Law School Paul L. Caron Associate Dean of Faculty and Charles Hartsock Professor of Law University of Cincinnati College of Law ?PUNDATION_P RES S 2009 THOMSON REUTERS"
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CASES AND MATERIALS
FEDERAL WEALTHTRANSFER TAXATION
SIXTH EDITION
by
PAUL R. MCDANIELJames J. Freeland Eminent Scholar in Taxation and Professor of LawUniversity of Florida Levin College of Law
JAMES R. REPETTIWilliam J. Kenealy, S.J. Professor of LawBoston College Law School
Paul L. CaronAssociate Dean of Faculty and Charles Hartsock Professor of LawUniversity of Cincinnati College of Law
?PUNDATION_P RES S
2009 THOMSON REUTERS"
SUMMARY OF CONTENTS
PREFACE — - - - - - - - ,—. v
ACKNOWLEDGEMENTS - - - - - - vii
TABLE OF CASES, REVENUE RULINGS AND PROCEDURES .— —- - - xxix
PART I Overview of the Federal Wealth Transfer Tax System 1
CHAPTER 1 An Historical Review - - —— — 2
A. Introduction — - — .— — — - 2B. From 1789 to the Civil War — - — .— - 2C. The Civil War Period - — — — —- —- 3D. 1870-1916: Further Congressional Experimentation - 3E. 1916-1939: Development of a Basic Structure-- — - - 4F. 1940-1947: World War II Period — —- - -— 6G. 1948-1976 - - — — —- - —- - 7H. 1976 to 2001: Interstitial Reform - — — —- 8I. The 2001 Act: Repeal (and Resurrection) of the "Death Tax" - 12
CHAPTER 2 The Legislative Process — - ~~ 154
CHAPTER 3 The Administrative Process — - — - 20
A. General Organization of the Internal Revenue Service -- -- 20B. Administrative Interpretation of the Tax Laws - - - -- 21
CHAPTER 4 The Judicial Process - - - - — 25
A. Original Jurisdiction .. — - - - - 25B. Appellate Jurisdiction - -- - - — - 27
CHAPTER 5 A Brief Summary of Transfer Tax Procedure - 28
A. Filing of Return and Payment of Tax - - — 28B. Investigation of Returns and Settlement Procedures 32C. Tax Court Proceedings — —- — — —. 33D. Refund Procedures-- - — —- -- — 34E. Statutes of Limitations, Interest, and Penalties---- - 35
CHAPTER 6 Data on U.S. Wealth and Wealth Transfer Taxes 38
A. Distribution of Wealth in the United States and in the World 38B. Wealth Transfer Tax Data — — — -— — - 43
I X
SUMMARY OF CONTENTS
CHAPTER 7 Policy Aspects of a Transfer Tax - — - 49
A. Introduction - -- -- - - -- 49B. The Structure of a Transfer Tax ..— - - — — 49C. Some Particular Issues in the Present Transfer Tax System —- 50
CHAPTER 8 Constitutional Aspects of Transfer Taxes - — — 54
A. Power to Impose Transfer Taxes - - - - 54B. Power to Apply Transfer Taxes Retroactively.--- - - - 55
CHAPTER 9 Basic Application of the Transfer Taxes—- - 65
A. General Description of Gift Tax - — - -- 65B. General Description of Estate Tax - - - . - —. 67C. General Description of Generation—Skipping Transfer Tax — - 69
CHAPTER 10 Coordinating the Computation of the Estate and GiftTaxes - - - - - - - - - - 73
CHAPTER 11 The Role of State Law - - -i— - - 82
PART II Composition of the Tax Base: General Principles 99
CHAPTER 12 The Scope of the Estate Tax: § 2033 - - —. 100
A. Beneficial Ownership — - - — - — — 100
B. Interests Arising at Death---- - - - - -- - 109C. "Property" vs. "Expectancy" - - - — - 113D. Bank Deposits, Checks, and Notes---- - - - 118E. Right to Accrued Payments — - - — — —. 121
CHAPTER 13 The Scope of the Gift Tax: §§ 2501 and 2511 - 124
A. Is There a "Transfer" of "Property"?—- - - - —- 125B. When is the Transfer "Completed"? -— - - - -— 143C. What is a "Gift"? - - 165
CHAPTER 14 Transfers of Property in Satisfaction of MaritalRights: Estate and Gift Taxes - - - - —- 177
A. Dower and Curtesy Interests in the Gross Estate —- - 177B. Marital Rights as Consideration--- - - - —. 178C. Transfers Incident to Separation and Divorce - - - 183
9
SUMMARY OF CONTENTS xi
PART III Composition of the Tax Base: Specific Transfers—.. 201
CHAPTER 15 Transfers with Retained Powers and Rights 202
A. Background and Statutory Framework of §§ 2036-2038 - 202
B. Transfers with Retained Life Estates: § 2036 — - 204
CHAPTER 16 Transfers with Retained Powers to Alter, Amend,Revoke, or Terminate: § 2038 —--— - 255
A. Operation of § 2037 - - - - - 270B. Policy Considerations for §§ 2036-2038 - - 275
CHAPTER 18 The "Adequate and Full Consideration" Exception for§§ 2036-2038 - - - - - 279
CHAPTER 19 Gift Tax Effects of Transfers with Retained Interestsor Powers - - - - - - — 299
A. Transfers with Retained Powers --- --- --- - —. 299B. Transfers with Retained Interests —- -- - - - 314
CHAPTER 20 Annuities and Employee Benefits-— - - - 320
A. The Scope of § 2039- - - - ~~ - - 321B. The Treatment of Employee Benefits Under Other Code Provi-
sions - - — - - - 335
CHAPTER 21 Joint Interests in Property- - - - 338
A. Estate Tax — — - —— —- —- 339B. Gift Tax - - - - - - 350C. Estate Planning Aspects of Jointly Owned Property - 353
CHAPTER 22 Powers of Appointment — - —.. 355
A. An Overview of Powers of Appointment - — - 355B. Estate Taxation of Powers of Appointment-- —- —- 356C. Gift Taxation of Powers of Appointment - — — 372
xii SUMMARY OF CONTENTS
CHAPTER 23 Life Insurance- 377
A. Estate Tax Treatment of Life Insurance — — - 377B. Gift Tax Treatment of Life Insurance - - 410
CHAPTER 24 Transfers Made Within Three Years of Death - — 418
A. Historical Background — - - — 418B. Technical Aspects of § 2035 —- — - - —- 421
CHAPTER 25 Disclaimers- - - 434
A. Disclaimers in General — - — - — 434B. Disclaimers in Situations Involving Joint Tenancies and Powers of
PART IV Exclusions, Deductions, and Credits Necessary toDefine the Tax Base — — - — - - 445
CHAPTER 26 The Gift Tax Annual Exclusion: Resolution of Admin-istrative Problems of Taxing Small Transfers — - 446
i
A. Present Interests Versus Future Interests—In General — - - - 448B. Gifts to Minors - — — - — - — 460C. Policy Issues - - - - — - — 487D. Transfers for Tuition or Medical Expenses - — — 488
CHAPTER 27 Estate Tax Deductions Necessary to Define the NetTransfer - - — — —- — 491
A. The Role of State Law — - - - — 492B. Specific Deductions - — - - - —. 504
CHAPTER 28 The Unified Transfer Tax Credit - 525
PART V Other Deductions and Credits 531
CHAPTER 29 The Deduction for Charitable Contributions 532
A. Outright Transfers to Charity - - - 532B. Split-Interest Transfers to Charity — - —- 543C. Policy Issues - — - - —- 548CHAPTER 30 Other Tax Credits - —- - —- 552
A. The Credit for Tax on Prior Transfers — — —- - 552B. The State Death Tax Credit - - - — 559
SUMMARY OF CONTENTS xiii
CHAPTER 31 Tax Expenditures in the Wealth Transfer Taxes 561
A. The Tax Expenditure Concept — --- — — - 561B. Definition of "Tax Expenditure"— —- - - 562C. Wealth Transfer Tax Expenditures by Budget Function - —- 563
PART VI The Taxable Unit 571
CHAPTER 32 The Marital Deduction L — - — 572
A. Introduction — - — - — 572B. The Estate Tax Marital Deduction - - - 574C. The Gift Tax Marital Deduction - - —- 637D. Split Gifts - - - - - 638E. Planning Considerations - - - - 640F. Policy Issues - — - - —- - - 645PART VII The Taxation of Transfers from Generation to
Generation — - — - — — 647
CHAPTER 33 The Generation-Skipping Tax and the Credit for Taxon Prior Transfers - — 648
A. The Concept of Periodicity in a Transfer Tax--- - 648B. Transfers Subject to the GST Tax — - - — 653C. Exceptions to Generation-Skipping Transfers - - 658D. Calculating the GST Tax - - — - —. 660E. The GST Exemption and the Applicable Rate - - 663F. Interrelationships of GST Tax with Estate, Gift and Income Taxes 669G. Effective Date Rules — - - - - 671H. Policy Issues —- — — - — 671
PART VIII Valuation - 675
CHAPTER 34 Time of Valuation - — —- - 676
A. The Valuation Date - - — - 676
CHAPTER 35 Valuation Methods - - —- - 687
A. Valuation of Business Interests - — - 687B. Valuation of Real Property— - - - 719C. The Use of Mortality and Interest Tables in Valuation —- 723
CHAPTER 36 Impact of Buy-Sell Agreements, Lapsing Rights andLiquidation Restrictions on Valuation —- - - 728
A. Restrictive Transfer Agreements - - - - 728B. Lapsing Rights and Restrictions on Liquidation: § 2704 - 752
xiv SUMMARY OF CONTENTS
CHAPTER 37 Estate Freezes 758
A. Special Valuation Rules for Certain Interests in Corporations andPartnerships: § 2701 759
B. Special Valuation Rules for Trusts and Term Interests: § 2702 770
PART IX Administrative Aspects of Wealth Transfer Taxes —. 779
CHAPTER 38 Tax Responsibilities of the Executor—- —- 780
A. Liquidity Problems 781
B. Post-Mortem Estate Planning.— 796C. Personal Liability of the Executor 800
> D. Ethical Problems Involved in the Administration of Estates 806
PART X International Aspects of Wealth Transfer Taxation... 823
CHAPTER 39 U.S. Jurisdictional Principles — 824
A. Citizenship — — 824
B. Expatriation to Avoid U.S. Wealth Transfer Taxes — 825C. Domicile 4— 829D. Situs Rules 832
CHAPTER 40 The Foreign Tax Credit - 838
CHAPTER 41 Transfer to a Non-Citizen Spouse 846
CHAPTER 42 Transfers by Non-Resident Aliens 853
CHAPTER 43 Wealth Transfer Tax Treaties 856
APPENDIX 861
INDEX 863
TABLE OF CONTENTS
PREFACE — - — . — — v
ACKNOWLEDGEMENTS - - — — - vii
TABLE OF CASES, REVENUE RULINGS AND PROCEDURES — xxix
PART I Overview of the Federal Wealth Transfer Tax System 1
CHAPTER 1 An Historical Review —- — 2
A. Introduction--- *- — —- - 2
B. From 1789 to the Civil War - - - 2C. The Civil War Period .—. 3D. 1870-1916: Further Congressional Experimentation 3E. 1916-1939: Development of a Basic Structure —- —.. 4F. 1940-1947: World War II Period — —- -— 6G. 1948-1976 - - 7H. 1976 to 2001: Interstitial Reform — — — 8I. The 2001 Act: Repeal (and Resurrection) of the "Death Tax" 12
CHAPTER 2 The Legislative Process - — *. 15
CHAPTER 3 The Administrative Process- — - 20
A. General Organization of the Internal Revenue Service 20
B. Administrative Interpretation of the Tax Laws 21CHAPTER 4 The Judicial Process — — — 25
A. Original Jurisdiction —- - - — 25B. Appellate Jurisdiction — - — 27
CHAPTER 5 A Brief Summary of Transfer Tax Procedure 28
A. Filing of Return and Payment of Tax - - - 281. Gift Tax —- —- - — 282. Estate Tax- - —- — —- 293. Generation-Skipping Tax — — — 31
B. Investigation of Returns and Settlement Procedures - - 32C. Tax Court Proceedings - —- - —- —- 33D. Refund Procedures - - — - 34E. Statutes of Limitations, Interest, and Penalties - - 35
xv
x v i TABLE OF CONTENTS
CHAPTER 6 Data on U.S. Wealth and Wealth Transfer Taxes 38
A. Distribution of Wealth in the United States and in the World 38Kopczuk & Saez, Top Wealth Shares in the United States, 1916-
2000: Evidence From Estate Tax Returns — 38Davies, Sandstrom, Shorrocks & Wolff, The World Distribution of
Household Wealth — 40B. Wealth Transfer Tax Data —- 43
Joint Committee on Taxation- History, Present Law, and Analysisof The Federal Wealth Transfer Tax System - — 43
CHAPTER 7 Policy Aspects of a Transfer Tax 49
A. Introduction 49B. The Structure of a Transfer Tax - 49C. Some Particular Issues in the Present Transfer Tax System 50
CHAPTER 8 Constitutional Aspects of Transfer Taxes 54
A. Power to Impose Transfer Taxes- — — 54Illustrative Material — — 54
B. Power to Apply Transfer Taxes Retroactively-->- —- 55United States v. Carlton — — 55NationsBank v. United States — - 60Illustrative Material - 64
CHAPTER 9 Basic Application of the Transfer Taxes - - 65
A. General Description of Gift Tax —- 65B. General Description of Estate Tax 67C. General Description of Generation-Skipping Transfer Tax 69
CHAPTER 10 Coordinating the Computation of the Estateand Gift Taxes— —- — - 73
House Ways and Means Committee Report, Revenue ReconciliationBill of 1997 - 73
Illustrative Material —- —- - 74
CHAPTER 11 The Role of State Law — 82
Commissioner v. Estate of Bosch — —- 82Illustrative Material — 91Estate of Goree v. Commissioner —- — 91Illustrative Material —- 95
TABLE OF CONTENTS xvii
PART II Composition of the Tax Base: General Principles 99
CHAPTER 12 The Scope of the Estate Tax: § 2033 — 100
A. Beneficial Ownership — — — 100
Helvering v. Safe Deposit & Trust Co. - — 102Illustrative Material — — .— — 107
B. Interests Arising at Death — 1 — - 109Connecticut Bank & Trust Co. v. United State's^-' —- 109Illustrative Material — — — - 111
C. "Property" vs. "Expectancy" - - 113Estate ofBarr v. Commissioner — — —. 113Illustrative Material — — — - 116
D. Bank Deposits, Checks, and Notes —- — 118Illustrative Material —- - — — 118
E. Right to Accrued Payments — — — 121Illustrative Material —- : - 121
CHAPTER 13 The Scope of the Gift Tax: §§ 2501 and 2511 - 124
A. Is There a "Transfer" of "Property"? - —- 1251. Compensation-Free Services —- — l 125
Commissioner v. Hogle — - - 125Illustrative Material - - 127Revenue Ruling 66-167 —- — — 128Illustrative Material —- - —. 130
2. Interest-Free Loans and Rent-Free Use of Other Assets 130Dickman v. Commissioner —- .— - 131Illustrative Material- - — — 140
B. When is the Transfer "Completed"? - — 1431. Executory Agreements to Transfer — - - 143
Technical Advice Memorandum 9729005 ~ 425Illustrative Material--- - - - 427Estate of Sachs v. Commissioner - - 428Illustrative Material 431
CHAPTER 25 Disclaimers 434
A. Disclaimers in General 1 434House Ways and Means Committee Report Estate and Gift Tax
Reform Act of 1976 - - 434Illustrative Material - 436
B. Disclaimers in Situations Involving Joint Tenancies and Powers ofAppointment 441
Notice of Proposed Rulemaking Disclaimer of Interests and Pow-ers - 441
Treasury Decision 8744 Disclaimer of Interests and Powers .— 442Illustrative Material 442
C. Policy Aspects of Disclaimers-- - 443
PART IV Exclusions, Deductions, and Credits Necessary toDefine the Tax Base - 445
CHAPTER 26 The Gift Tax Annual Exclusion: Resolution ofAdministrative Problems of Taxing Small Transfers 446
A. Present Interests Versus Future Interests—In General 448Maryland National Bank v. United States 448Illustrative Material ~ 453
B. Gifts to Minors 4601. Section 2503(b)(l) - 460
a. Non-Trust Gifts to Minors 460Revenue Ruling 54-400 - - - 460Illustrative Material 461
XXll TABLE OF CONTENTS
B. Gifts to Minors—Continuedb. Gifts in Trust for Minors —- 462
Crummey v. Commissioner 462Estate of Cristofani v. Commissioner 468Illustrative Material —. 472Estate ofKohlsaat v. Commissioner — 473Illustrative Material 475
2. Section 2503(c) 479Commissioner v. Herr 480Illustrative Material 481Commissioner v. Estate ofLevine 481Illustrative Material 485
C. Policy Issues 487D. Transfers for Tuition or Medical Expenses - 488
House Ways and Means Committee Report, Tax Incentive Bill of1981 488
Illustrative Material - 489
CHAPTER 27 Estate Tax Deductions Necessary to Define theNet Transfer 491
A. The Role of State Law 492Estate ofMillikin v. Commissioner 492Estate ofMillikin v. Commissioner 500Illustrative Material J. 503
B. Specific Deductions 5041. Funeral Expenses-- 504
Illustrative Material 5052. Administration Expenses 505
Illustrative Material 5053. Claims Against the Estate 512
Estate of McMorris v. Commissioner 512Illustrative Material 518
4. Taxes —- 5205. Unpaid Mortgages or Other Indebtedness - 5226. Deductions in Community Property States — 523
CHAPTER 28 The Unified Transfer Tax Credit 525
House-Senate Conference Committee, Economic Growth and Tax Re-lief Reconciliation Act of 2001 — ---- 525
Illustrative Material 526
PART V Other Deductions and Credits — 531
CHAPTER 29 The Deduction for Charitable Contributions .— 532
A. Outright Transfers to Charity 532
Rev. Rul. 67-325 532Illustrative Material 536
_5
TABLE OF CONTENTS xxiii
B. Split-Interest Transfers to Charity.-- — - - - 543Illustrative Material - - - — - 543
C. Policy Issues - - - — - — — 548Factors Affecting Charitable Giving: Inferences from Estate Tax
Illustrative Material - - - - - 588(4) Life Insurance, Annuity, and Endowment Proceeds
with Power of Appointment in Surviving Spouse 589
xxiv TABLE OF CONTENTS
B. The Estate Tax Marital Deduction—Continued(5) Qualified Terminable Interest Property 590
House Ways and Means Committee Report, Tax Incen-tive Act of 1981 — 591
(a) Income Requirements 594Estate of Shelfer v. Commissioner — 594Illustrative Material - — 599
(b) Powers of Appointment 600Estate of Clack v. Commissioner 600Illustrative Material - 602
(c) Other Technical Requirements - 603Illustrative Material —- 603Revenue Ruling 98-8 606Illustrative Material - 609
(6) Charitable Remainder Trust with Life Estate in Surviv-ing Spouse 610
Illustrative Material - — 6104. Valuation of Interest Passing to Surviving Spouse 611
United States v. Stapf 611Illustrative Material 615Commissioner v. Estate of Hubert 615Illustrative Material 626
5. Types of Marital Deduction Bequests 628a. Introduction 628b. Considerations in Selecting the Form of a Marital Bequest ~ 629
Polasky, Marital Deduction Formula iClauses in EstatePlanning—Estate and Income Tax Considerations 629
Revenue Procedure 64-19 634Illustrative Material 635
C. The Gift Tax Marital Deduction —- 637D. Split Gifts 638E. Planning Considerations 640
1. Objectives of Estate Planning — 6402. The Economics of Tax Minimization - 6413. Techniques to Achieve Marital Deduction Objectives 6424. The Task of the Estate Planner 644
F. Policy Issues 645Illustrative Material - 645
PART VII The Taxation of Transfers from Generation toGeneration - - 647
CHAPTER 33 The Generation-Skipping Tax and the Creditfor Tax on Prior Transfers — 648
A. The Concept of Periodicity in a Transfer Tax 6482. The Tax Reform Acts of 1976, 1986, and 2001 — 653
B. Transfers Subject to the GST Tax —- 6531. The Direct Skip 6542. The Taxable Termination 6553. The Taxable Distribution - 655
G. Effective Date Rules— — — — - - —- 671H. Policy Issues — —- — — — — 671
1. Evaluation of the Generation-Skipping Tax - — 671a. The Level of Transfers at Which the Tax Should Apply - 671b. Generation-Skipping Taxable Events — - 672c. Tax Base and Tax Rates — — — —- —- 674
PART VIII Valuation- — - — — - - t 675
CHAPTER 34 Time of Valuation — - - — 676
A. The Valuation Date- —- — - — —- — - 676
1. Estate Valuation of Property Transferred Inter Vivos 677a. Disposition of Donated Property . . - - 677
2. Value of Property Affected by Event of Death—- - — 6783. Alternate Valuation Date — - — 680
2. Size of Holding as Affecting Fair Market Value---- — — 697a. The Blockage Doctrine — — — — — 697
Helvering v. Maytag — — - - 697Illustrative Material — — - . - 700
b. Minority Discounts — - - - - 702Estate of Bright v. United States - — - - — 702Revenue Ruling 93-12 - — - - 710Illustrative Material - —- - — - - - 712
XXVI TABLE OF CONTENTS
B. Valuation of Real Property - 719Revenue Procedure 79-24 719Illustrative Material — 721
C. The Use of Mortality and Interest Tables in Valuation —- 723Illustrative Material 725
CHAPTER 36 Impact of Buy-Sell Agreements, LapsingRights and Liquidation Restrictions on Valuation 728
v _____
A. Restrictive Transfer Agreements 7281. Types of Agreements - 729
a. First Offer Agreements-— 729b. Option Agreements 729c. Binding Agreements 730
2. Section 2703 730Estate ofLauder v. Commissioner 7301990 Senate Report on Proposed Revision of Estate Freeze
Rules - 744Illustrative Material 746
3. Judicial Requirements 750a. Necessity of Enforceable Agreement 751b. Necessity That Agreement Bind Both During Life and After
Death i — 751B. Lapsing Rights and Restrictions on Liquidation: § 2704 —- 752
1990 Senate Report on Proposed Revision of Estate Freeze Rules — 752Conference Report on H.R. 5835, The Omnibus Budget Reconcilia-
tion Act of 1990 — 753Illustrative Material 754
CHAPTER 37 Estate Freezes - - 758
A. Special Valuation Rules for Certain Interests in Corporations andPartnerships: § 2701 759
1990 Senate Report on Proposed Revision of Estate Freeze Rules ---- 759Illustrative Material 766
B. Special Valuation Rules for Trusts and Term Interests: § 2702 —- 7701990 Senate Report on Proposed Revision of Estate Freeze Rules .... 770Illustrative Material 773
PART Di Administrative Aspects of Wealth Transfer Taxes.... 779
CHAPTER 38 Tax Responsibilities of the Executor - 780
A. Liquidity Problems 781
1. Extensions of Time to Pay the Tax — 7812. Payment of Tax in Installments 7823. Redemption of Stock to Pay Estate Taxes and Expenses 784
TABLE OF CONTENTS xxvii
A. Liquidity Problems—Continued4. Family Farms and Small Businesses —- — —- - 786
Staff of the Joint Committee on Taxation, General Explanationof the Tax Reform Act of1976—- — — — 786
Gutman, Reforming Federal Wealth Transfer Taxes AfterERTA - - - 787
Illustrative Material - —- — - — - - 7905. Planning for Estates with Illiquid Assets - — — 7936. Policy Issues - ->- — — — - 793
Chason & Danforth, The Proper Role of'the Estate and GiftTaxation of Closely Held Businesses - — —- — - 794
Gutman, Reforming Federal Wealth Transfer Taxes AfterERTA —- — — 795
B. Post-Mortem Estate Planning — — - 796Browne, Effect of Elections by an Executor Upon the Estate and
Upon the Beneficiaries — —- — — —- - 797C. Personal Liability of the Executor---- — — — — 800
Singleton v. Commissioner - —- — — - .— - 800Illustrative Material - —- — -— — 804Report of Committee on Tax Aspects of Decedents' Estates, Liability
of Fiduciaries and Transferees for Federal Estate and Gift Taxes 804D. Ethical Problems Involved in the Administration of Estates 806
Report of the Special Task Force on Formal Opinion 85-352 —. 811Regulations Governing Practice Before the Internal Revenue Ser-