Page:United States Statutes at Large Volume 42 Part 1.djvu/305

 SIXTY-SEVENTH CONGRESS. Sess. I. Ch. 136. 1921. 277 of that title not ina plicable includin enalties are hereb made ‘““ ·““’ E"°E” applicable to the taxlds imposéd by thisgt£le., y moms mn no. 337. That IH the case of a bona fide sale of mines, oil or gas Mi“'?s·°“"'°“S·°°°~ wells, or any interest therein, where the principal value of the roperty Saiii;`§$`i§imsii>i;erg§ has been demonstrated by prospecting or ex loration and discovery '°yt“p°"°’· work done by the taxpayer, the ortion of the tax imposed by this title attributable to such sale shall not exceed 20 per centum of the selling price of such property or interest. · nrrncrrvn DATE or ·rrr1.n. _ E“°°“"°d“*°· Sec. 338. That this title shall take effect as of January 1, 1921. ’“““‘“"‘· ml- ' TITLE IV.——ESTATE TAX. “““ “‘· Sec. 400. That when used in this title- Tm °°mm°d‘ The term "executor" means the executor or administrator of the Qf§f,?,°‘,§*‘{§€,§ m,,,,d_ decedent, or, if there is no executor or administrator, an person in <·¤· ’ ' actual or constructive possession of any property of the decedent; _ The term "net estate" means the net estate as determined under “*"t°“°“’·” the rovisions of section 403; H H The term "month" means calendar month; and UM°"°" H The term "collector" means the collector of internal revenue of C°"°°t°" the district in which was the domicile of the decedent at the time of his death, or, if there was no such domicile in the United States, then the collector of the district in which is situated the part of the oss estate of the decedent in the United States, or, if such art ogrthe gross estate is situated in more than one district, then tliie collector of internal revenue of such district as may be desginated by the Commissioner. Sec. 401. That, in lieu of the tax imposed by Title IV of the Rev- ,,,;£“’E,}°Y,,°§lQ,t'f,,Y*{,?,'§,‘§ enue Act of 1918, a tax equal to the sum of the following percentages amof the value of the net estate (determined as provided in section 403) V°'· ‘°» *’· “’“· is hereby imposed upon the transfer of the net estate of every decedent dy1n% after the assage of this Act, whether a resident or nonresident 0 the United) States: Rew- 1 per centum of the amount of the net estate not in excess of $50,000; 2 per centum of the amount by which the net estate exceeds $50,000 and does not exceed $150,000; 3 per centum of the amount by which the net estate exceeds $150,000 and does not exceed $250,000; 4 per centum of the amount by which the net estate exceeds $250,000 and does not exceed $450,000; 6 per centum of the amount by which the net estate exceeds $450,000 and does not exceed $750,000; 8 per centum of the amount by which the net estate exceeds $750,000 and does not exceed $1,000,000; . 10 per centum of the amount by which the net estate exceeds $1,000,000 and does not exceed $1,500,000; 12 per centum of the amount by which the net estate exceeds $1,500,000 and does not exceed $2,000,000; 14 per centum of the amoimt by which the net estate exceeds $2,000,000 and does not exceed $3,000,000; 16 per centum of the amount by which the net estate exceeds $3,000,000 and does not exceed $4,000,000; 18 per centum of the amount by which the net estate exceeds $4,000,000 and does not exceed $5,000,000; 20 per centum of the amount by which the net estate exceeds $5,000,000 and does not exceed $8,000.000;