Sec. 22. (a) As used in this chapter, "presently exercisable power of appointment" means a power of appointment exercisable by the powerholder at the relevant time.
(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.
(c) The term does not include a power exercisable only at the powerholder's death.