(a) Notwithstanding any other provision of this chapter, if, as a result of a disclaimer or transfer, the disclaimed or transferred interest is treated under the provisions of 26 U.S.C. (Internal Revenue Code) as never having been transferred to the disclaimant, then the disclaimer or transfer is effective as a disclaimer under this chapter. In this section, “26 U.S.C. (Internal Revenue Code)” includes 26 U.S.C. as amended, any successor statute to 26 U.S.C. or 26 U.S.C. as amended, and regulations adopted under 26 U.S.C., 26 U.S.C. as amended, and any successor statute to 26 U.S.C. or 26 U.S.C. as amended.
(b) A tax-qualified disclaimer under 26 U.S.C. (Internal Revenue Code) is subject to the time limits under 26 U.S.C., as amended, even though time limits are not specified under this chapter.