Page:United States Statutes at Large Volume 44 Part 2.djvu/126

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"8 per centum of the amount by which the net estate exceeds $750,000 and does not exceed $1,000,000;

"10 per cent of the amount by which the net estate exceeds $1,000,000 und does not exceed $1,500,000;

"12 per cent of the amount by which the net estate exceeds $1,500,000 and does not exceed $2,000,000;

"14 per centum of the amount 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;

"22 per centum of the amount by which the net estate exceeds $8,000,000 and does not exceed $10,000,000; and

"25 per centum of the amount by which the net estate exceeds $10,000,000,"

(b) Subdivision (a) of this section shall take effect as of June 2, 1924.

Sec. 323. (a) So much of paragraph (8) of subdivision (a) and of paragraph (3) of subdivision (b) of section 803 of the Revenue Act of 1924 as reads as follows: "If the tax imposed by section 301, or any estate, succession, legacy, or inheritance taxes, are, either by the terms of the will, by the law of the jurisdiction under which the estate is administered, or by the law of the jurisdiction imposing the particular tax, payable in whole or in part out of the bequests, legacies, or devises otherwise deductible under this paragraph, then the amount deductible under this paragraph shall be the amount of such bequests, legacies, or devises reduced by the amount of such taxes is repealed.

(b) Subdivision (a) of this section shall take effect as of June 2, 1924.

Sec. 324. (a) Section 819 of the Revenue Act of 1924 is amended to read as follows:

"Sec. 319. For the calendar year 1924 and the calendar year 1925,

a tax equal to the sum of the following is hereby imposed upon the transfer by a resident by gift during such calendar year of any property wherever situated, whether made directly or indirectly, and upon the transfer by a nonresident by gift during such calendar year of any property situated within the United States, whether made directly or indirectly:

"1 per centum of the amount of the taxable gifts not in excess of $50,000;

"2 per centum of the amount by which the taxable gifts exceed $50,000 and do not exceed $150,000;

"3 per centum of the amount by which the taxable gifts exceed $150,000 and do not exceed $250,000;

"4 per centum of the amount by which the taxable gifts exceed $250,000 and do not exceed $450,000;

"6 per centum of the amount by which the taxable gifts exceed $450,000 and do not exceed $750,000;

"8 per centum of the amount by which the taxable gifts exceed $750,000 and do not exceed $1,000,000;

"10 per centum of the amount by which the taxable gifts exceed $1,000,000 and do not exceed $1,500,000;

"12 per centum of the amount by which the taxable gifts exceed $1,500,000 and do not exceed $2,000,000;

"14 per centum of the amount by which the taxable gifts exceed $2,000,000 and do not exceed $3,000,000;