Page:United States Statutes at Large Volume 44 Part 1.djvu/2021

 QQ07 TITLE 26.-—-INT1 “ 10 per centum of the amount by which the not estate exceeds $1,0G0_000 and does not exceed $13500,000; t “ 12 per centum of the amount by which the net estate exceeds _$1,‘5{l·0.00Q and doe; not exceed $2,000,000;j ‘ " " 14 `per eentum of the amount by which the net estate exceeds $2,090,900 and does not exceed $3,000,000; _ ‘, ` ‘• 16 per centum of theamount by which the net estate exceeds $3,090,000 and does not exceed $4,000,000; 1 , " 18 per centunrot the amount by which the! net estate exceeds $4,n90,0nQ and does not exwed $5,000,900; z` _ _» ‘ __ _ $5,000,060 and iloésvnot exceed $8,000,Q00; _ _ _•‘22 per centum of thoamount by which the net estate exceeds $8.000.090 and does notexceed $10,000,000; and ._ — " 25 per ce¤tpm`oftl1e‘amonnt by which the net estate exceeds $10,o00,000."_ ‘ = a · . -- _ __ ‘ · _ · (bl Subdivision (:1) of, thisfseetiou shall take elect as of June 2, 1924; · (Juno- 2, 1924, 4.01 p. m., c. 234, § 301(a), 43_Stat. 30; Feb. 26, 1926, c. 27, § 322, 44_Stat. 85.)- I .~ · ` Section 303, referred to in this amcndatory section, is act forth in `§ 1095_of !1‘ltle—26, INTERNAh,RE\;ENUB.` * _` Q _ ~ _ y _ 1893, Taxes paid States, Territories, or District of Columbia as credits; fimitation.-4The Stax lmboséd by thiS»secfiou shall pe credited with the amount of. any estate, inheritance, legacy, or ·s1gh<·essiou taxes actually ipaid to any state or territory or `·the `Distriot of Columbia, in respect oflany property included in the gross estate, The crediballowed by thfs sulgdtyiéion shall not exceed 80 per centum of the tag: iniponed by this section, . and shall include only such taxes gas were -ncti1ally· paid and credit therefor clnimedi within three, yearn after the filing of the retain required. by section 30·L_ (Feb. 26, 1926, ci. 27, f§ .301T (lr), 44 Stat.~70.). -_ . _ _ . _· _ See note at b<·ginnln§ of Part I of Hl·1is chaptort .. , ,_ _ ,,.____,/-—` f"I‘his section," becelnreferreq to, is set out in §§ 1092 and · 1093"of this "supplennental title. Section 304, mentioneekin the text, is set out in §· 1096 ot this supplemental title,. 1094. Gross estate; yalue of.=-—}-The value of the gross estate _ of the decedent shall  detcrnninecf by_ iuqluding the value at the time of his death of all property; real or personal,· tangible or intangible, {VhB1‘€V€T_;Sit§l8.t€d—· r · y _ ’ (a) To the extent ofithe interest therein of theadecedent at the time of his death;. I. · _ _ (Fb) _To’the eitent of any interest therein otfthe surviving spouse, existing at the time oflthe decedemfs death as. dowen·Q cnrtesy, or by virtue of a statpte creating an estatejiu lieu_ot dower or enrtesy;' Y  ‘ ’ ’" i ., (c) To the extent of nay ixitterést_tl1_erc·itn`of whicl1—tl1e glo; ., (rodent: has at nny tiinea made a?transter, by trust or otherwise,  in contemplation of or intended to takcf cEect in possession or enjoyment at or aftétt his death,Cexeept_ in case ot a bona tide ·_sale for an·udequate` and full conalderation_in`xno11ey or inouey’s_ worth. [Where within two ..years'prlor to hisn death but after the enactment of this Act and without such a_ consideration the decedent hast made a· transfer or transfers, by/trust or otherwise, ot any ofhis ¤property,a0r an interest therein; not admitted or shown to`have`been_·-made in t·ontcguplati‘on of or intended to take edect in possession or enjoyment at or after his death; and the €alue or aggregate value, at the time. of· such death, ot the property or interest no transferred to any one f DQfS0l1»`l§ in excess of $5,000, then, to the extent 0£‘s`ucl1,excésn, such etranster or transfers shall` be deemed. and held to have been made, in contemplation oft death- within the meaning of this title. Any transfer of a material part ofhis property in' the nature ot_a nnal disposition #og*“_dl.str‘tbntion·- thereof, made by the decedent within two yearn prior tag his dwth but priorto the enactmentlot this Act, without siich `conalderation, shall, l ilillesé nhown tojthe contrary} be deemed to ba_ve‘_beenFxhad€ ill contemplation ofdegth within the meaning of this title;. __ (6) To{the—ext:ent of any internal; therein of which the docedent has at may tlnzé made a transfer, by trust’or"ot.1ner§vLse, where the. enjoyment-tlnereot was suhjectat the date ot his . death to nny change through the`exc·rctse“ oth power, either bi the decedent alone or` in conjunction with any person} to alter;
 * 20 per centum_ot the amount by which the net estate. exceeds

Z1f.\’.~1L Jczsmxzw. §1094 " amehd, or revoke, or wherethe decedent relinquished any such power in contemplation of his death, except in caseiof a bona _ Me sale for an_ adequate and ·full. consideration in money or . thoi1ey‘s worth. The relinquishment of any such power. 1mt*  admitted or shown to have been in contemplation- of the de-, l cedentfs death, made within two years prior to his death but, after the enactment of this Act without stitch a consideration and affecting the `interest or interests (whether. arising from O{l@`0§' n1ore_transfei·s or, the oreation of one or more trusts) of any one beueiieiary of avalue or aggregate valtxepat the time ot such death,. /in‘excess of $5900, then, to the ékteut of such ' excess, such reliuquishmeixt or rclinquishments shall be deemed tzmd held tohave been mztde in contemplation of death 'withiu the meaning_of this title; . · · (e) To the extent of the interest therein held asjoint tenants lby the tleeederit and any other person, or as teuautswby Thea Qentiret-y by the decedent and spouse, or deposited, with ahy _ person. carrying on the banking business, in their joint names , and payable to either or the survivor, except such part thereof tas may be shown to have originally (belonged to suph other per· . sou and neverto have boéu received or acquired by thelatter _ ‘ front the decedent for less than an adequate and full consideration in money or moneyls worth :_, Provided, That- where such i>l‘0perty_ otiallny part thereof, or part of the consideration séith ,-whictll such property was acquired, is shown to- have been at any time acquired py such other person fromthe decedent for ’ less than `an adequate and fall _ consideration in moziey or t m011ey`s worth, there··shall be éxcepted only stick part of the value of such property as is proportionate to’the consideration Iurnislned by such other person: Prpvidétl flH‘U£(’1’,`Th{l{ where any puopérty has been acquired by_ gift,—— bequest, devise; or inheritance, as a tenancy by the entirety by th eeedent-and. spouse, then to the extent of 0nc~half_ of the va ue ereof, or, where so acquired by the decedent and any other per l1_&$ joint tenants aud__ their interests are not otlaexqeise `speei ed °m· tixed · by law, then to the gxte1it,0£ thevalue of ai fraetit nal pail; fo be aleterminetl  dividing the value of the pro. rty l»y_ the " nxhnnher iof joint teuantsi -  ~ l _ . ` ·‘ jj) To the extent of any property passiugi·um1et· a general power of appointme11t.Iexércised_·by_the decetle11t_(1)' hy. will, 01*- (2) By deed executcduin contemplation of, or intended to take`eEeet in possession or enjoyment af,m·&aften·, his death, extzept in ease of a bonu Qde sale: for an atlequvte and full t;ou— ‘Sid€1'!i[,i0ll`ill money or II10l'lé,Y`S`€V01‘('.}l§ and _‘ · ‘ _· x ‘ _(g) T0 the extent of the athouut receivable by the executor as ins,uruuce‘ under policies takenyout by` the decedent upen his t owh `life; 8.llll`_fo the extent of the excess `over $40,000 of the amount receivable hy all other tsaaeaeiaeies as insurance umler policies taken out by the decedent. upon his own lite. _ _ . `(lx) Eicept as otherwise s®lflc·ally provided therein subatlivisions (b), (le), (d), (e),’(£),`aud (g) of tllis'Section'Sl1all, apply to the transfers, trusts, estates. interests, i·ights,—p0wers, and rellnxqtnlshmeut. ot powers, e: sex<erall5·`é1;t1met;ated and deseribed therein, whether made, created, arising, existing. egercieed, or relinqixlshed before or after the enactment of this Act; l (i) If aniy one of the transfers, trusts, interests, rights, or powers,`e·1luera~ted» and tlescribed in subdlvisions (c)_, (di, »aud‘ (f) of this section is made, 'creutetl, exerciseq, or relln- · qulshet1.for a catislderation in money or unoheyls worth, but is . uot·,a bonu ildehsale for {ur adequate and full cotislderation in Z money or m0ne`y’s worth, there shall lie iaieluded in the gross ` estate only the excess o(·the·i'air market value at the time of death of thqproperty_otherwls}e to »h$-included on uecouxxt of sueh transaction,. over the.v¤lue_0f the e_onside1jation—reeei\·ed therefor by the wlecedentf (Feb. ,-26, 1t126, e. 27, §. 320, -14 '· Stat. fl’0.)‘ '_  g t.   ‘ ` . See note at beginning of Part I of this ehapter. _ A , .." This title}? hereln referred te, constjtutes c. 20 eg this supple- ‘ mental title. ’ t ‘ · ‘ ‘ ‘