Page:United States Statutes at Large Volume 44 Part 1.djvu/2022

 §]QQ5’ TITLE;?6.—-——·INTE£ 1695. Net estate; haw determined.-—·For the purposeof the tax the relue at the net estate shall be cletermined-—¥—` ‘ a (a) Rcsidevéru deductions; earemption.-—In the case ot ‘a resident, by'deducti11g,f1·0m t11e_value,0f the gr0se·cstate—— _ H (1) Such ·am0imtS for funeral expchses, adminlstratiorr ex-, ‘ peinses, claims against the estate, .u11paid_m0rtgages· )1p0h,,01; _ any indebtedness in respect to, property (ezrcept, `in the case ei a resident decedent, where such property? is·11ct~;situated ip l _ the United States), to the extent that such claims, mortgages, cr imlebteilness were incurred- or. contracted bona jide and for can adequate and full `CO11Sid€Y8,'ti0I1,iD money or m0ney~'s worth, losses incurred during the settlement of the estate arisi11g‘_fr0m' - Bucs, stormsgshlpwreck, or 0thej1;_cas1ialty,, or from theft, when suchi losses arejnot compensated fer by insurance or otherwise, 4 and such amounts reasonably required·and,actuu1ly expended fer the support during the lsettlenieut of the estatefof __ those _ dependent upon the decedent, as are allowed by the larve of the jurisdiction, iwlxéther within or, without the United Ste-tes, under which the estate is `being administered, but ’u0t illcllldf ing any income taxes uipcn income] received after fthe death pf ‘ the decedent, er any estate, succession, legacy, or inhcritauce—: taxes; `_  · . —· _. . _ . (2) An amount équaltq the valuevof any .pr6perty (A) fprming a part of;the {gross estate situated ll1U’ul€_ Uniteq States bf any person who dicdn within fare years prior `t0‘_the death of the decedent, or°(B) transferred tc‘,the·¢lecedeht_by· gift within fiveyears iarior to his gleath, where such property can be identified as having been. received ·by the decedent from each donor by_gift or from such prior 'decedentflgy gift, bequest, devise, or lnheritauee, or which can be identified as `having been a<=q`uired in: exchange for property s0_ received.· This deduction shall be allowed amy where a‘ gift tax. fimposedfunder the- Revenue Act of 1924, or an estate tax imposed under this or any;$rlb1·';Act ct»Cougrss was paid by qr ,0Il behalf of the donor or the estate ofsuch prior decedent as the case may be, `andlcnly in the amount  the value placed {by the c0mmiesi0aer_ wm sud1,preperty‘ ln determining the·`”value»0f the gift or the gross estate of such prior decedent, and-pnly to the extent that the valae ct éuch prapertyf iq included ln the deccdeat’s gross estate and hot deducted under paragraph (1) or _ (3) of this subdivision; l t ·' ` »—~·e -‘ t _ _ ' · Q3), The amount of all bequeets, legacies, devises, or trans- ‘ ters, ta er for thepee of the United States, any State,. 'Ier~rlt0ry." any, political subdivision thereof, or the .l)letrict of Columbia, tor egcltnsively public- purposes, or t0·01' for the ueeot any corporation erguizad » and operated exfdueiyely for religious, charitable, scieutihc, literary, or éeducatloaal purpem, including; the encouragement ’,6f BlZ(? nad  prevention lot cruelty eq chllqreu cr’anlm,als, ao part ct the not earnin@` et whlchlinurea tc the behest ot my private ateclthblder ar lhdlvidual,`cr to a trustee or trustees, or n fraternal eaclety, order, or aeeociatlch operating under the ledge system, but euly it meh _,ccmtLrlbutlo¤s ·or~gitw are te be   by each tnwtee=or’ ttmetm, or by such fraternal @c§ety,r erder; ag amaclatleh; exclusively for reliyeus, charitable, scieatléc, literary, ur edueational. purpurea, or for the preveatlah et cruelq to ehlldrm ar, animals. vw amount ·af the deduction undef thm paragraph for nay transfer shall not crew! the value of the transferred property, reqhlred" th, be includea in, thegm estate; and  » ‘ I I _ (4) Au, exemptlea at $190,000,, ’ V (bl Nq:sree4de••¢e.;——Ia the cing of a aeareddent, `by deducting {rch: the value of that part of his_m‘eee wtate which at the time ot his deatlrla eltuded in-the United Btatee-1 ‘ (1) That preportlea ct the dwuctlena www in wragreph (1) otsuhdivlsieu (a) ct this section which the value otlmch part bearé to the value of his entire grae; estate, wherever sit- _uated.· but in no gse shall the amount eo deducted exceed 10

BNAL REVEN UE 2008 " per centum of the value of that part ot his gross estate which at the time of his death is situated in the UnitedStates. _ ing apart of the gross estate situated in the UnitedStates of any person who died within live Years prior to tbedenth of the decedent, or (B) 'trnnsferred to the decedent py sift within five years prior to his death, where sinch property can bejdentiiied as having been receieed by qthe decedent from {dutch donor. by gift or from such prior decedent by gift, bequest, devise, or inheritance, O1" which can be identlnedédas having been acquired .in exchange fo1·.property‘so received. This; deduction Ashall be allowed only where at gift tax imposed under the Revenue ·Aet~ pf 1924, or an estate? under this or  prior Act , of Congress was paid by or on belialt of the donor orltheatete of such prior decedent as ethe case  be; end only in the amount of the vnlue placed by the Commissioner on such prop· 'erty in determining, the Yalue-of the gift or the gross estate of snclr prior decedent, and only to the extent tl1nt.the.vnlne ot such property is included in "thet parte! thei¢1ecedent’s gross _ restate which at the time of his dearth is situated in the United ‘ States nndlnot deducted under  (1) er' (3) act this subdlvleloni end-.· " `.` "   ‘ _ ‘ 1 . S ‘ (3) The amount of all bequests, legacies, deviewi or ufense fers, to or for the use ot tlie·United States, any Stnte,‘Territery.  any political subdivision thereof, be they District. of Columbia. __  for exclusively public purposes, or to or for the we of any `  domestic*»`eorporntion` organized `and. operated exclwively for g religious'; charitable, scientiiic,eliterar$·, or education]   including the encouragement of nrt and   prevention, or i cruelty to ’c·hil<]ren ,or antmalg, no pen, of the net earnings of  which inures to the benedt of any` private Qocklxeldexior. in- Y divldual, or to a trustee or trustees, ee A fraternal ·snclet3.·. . E order; or association operating undeettbe lodge systm, me only { 1 it such contrilmtiousior gifts nre_to»he need within the United States b& such trustee or. trustees, or by such fraternal eociétw`. order, or association, excltisivelyfor religious, charltableéséiep-. i tiiic, Mliterary, or educational purposes, or for the prevention nf e crueltysto children or animals; The amount et the dednetien lunder this paragraph for any transfer shall not exceed the t value ot tbei transferred properfly required to be "inelnded in the gross estate.· _ —·  > l J   » . —  te) No deduction sl1all_'bJ$llowed in the ease of n» mmresident nnless the executor Li lndes in the returnreqnlred to be med, nnderfsection 304 the lue at the time og his death ef that part of the gross estate of e nonresident not sitnntm in the United States. ‘  , _ ‘ .· , ., e (d) For the}`purpoee tot this title, sock in at domestic cer-  poration owned and ,11eld byéley nenrm ent decedent shall be S deemed rpreperty within the United, S tes, and any _}}1'0§€l‘t)`r_ E ot which the deeedent h88`B18dB’ e trnnxer, by trust `or other-‘ E wise, withlntbe meaning ot subdivision (c) or (d) nt section  shall be deemed to be situated in the United States, it so { situated neither at the time of the uensfer, or at the tme ore ·· the decédenfs death,   { I _ . _ U (el The amount receivable as insurance neon the lite of Q nonresident decedent, end any meneye deposited with   new son carrying on the — benklng bnsinms, by or for e nonresident decedent who was not engaged in  in the United States ” et the time of bla d&tb·, sbnll net, ter. the PBIDQN oi tbjs title. be deemed, propertiwitbin the United States. f ·‘ —, ·‘ T  ' (e) Iliselomriea. dying- fe foreign e¤·vtoe.—@-—_(£) Missionaries l duly emmieeonea. and perving nnder  ot forelsn mi§- Esions of the verlens religions denexninatlens in the United U States, dylng while in the Ioreln missionary serylee of such U boards. sbell not, by- reason merely ot their intention to perl manently `reninln ln encb foreign service, be deemed nonre8i·- L dents of the United States, but eball be presumed t·o»be `resk O
 * _(2) An amount equal to the vnlneof any property (A) tom,- »