Page:United States Statutes at Large Volume 45 Part 1.djvu/930

 SEVENTIETH CONGRESS. SEss. I. CH. 852 . 1928 . 879 (5) The ter m " fi duc ia ry " me ans a gu ardian, trustee, executo r, RE Fa~T OF 1929 administrator, receiver, conservator, or any person acting in any fiduciary capacity for any person. (6) The term " withholding agent " means any person required agent ."ithho1ding to deduct and withhold any tax under the provisions of section 144 or 145. (7) The term " stock " includes the share in an association, joint- "Stock ." stock company, or insurance company. (8) Th e t er m " shareholder" includes a mem ber in an associa- "Shareholder ." tion, joint-stock company, or insurance company . (9) The term " United States " when used in a geographical "United States ." sense includes only the States, the Territories of Alaska and Hawa ii, and the Dist rict of Colu mbia . (10) The term "Secretary " mean s the Secret ary o f the "Secretary." Treasury . (11) The term "Commissioner" means the Commissioner of Internal Revenue . (12) The term "collector" means collector of internal revenue. (13 The term " taxpayer " means any person subject to a tax imposed by this Act . (14) The term "military or naval forces of the United States" includes the Marine Corps, the Coast Guard, the Army Nurse Corps, Female, and the Navy Nurse Corps, Female . (b) The terms " includes " and " including " when used in a defi- nition contained in this Act shall not be deemed to exclude other things otherwise within the meaning of the term defined. SEC. 702 . BASIS OF PROPERTY UPON SALE BY ESTATE-RETRO- ACTIVE. (a) If in the r eturn of any dec edent's estate f or any t axable y ear preceding the taxable year 1928, the basis, upon which gain or loss realized upon the sale or other disposition of property acquired by the estate from the decedent was computed, was the value of the property at the time of the death of the decedent or was in accord- ance with the regulations in force at the time such return was filed, then the computation of suc h gain or loss shall be made upon such basis, unless claim for refund or credit in respect of such basis, or a written election not to come within the provisions of this subsection, has been filed by the estate before the expiration of the period of limitation for filing claims. (b) In every other case the computation of the gain or loss real- ized by an estate in any taxable year preceding the taxable year 1928 from the sale or other disposition by it of property acquired by the estate from the decedent, shall be made on such basis as is in accordance with the law properly applicable thereto, without regard to any provision of this Act. SEC. 703. DEDUCTION OF ESTATE AND INHERITANCE TAXES- RETROACTIVE. (a) In determining the net income of an heir, devisee, legatee, dis tribu tee, or b enef iciar y (h erein afte r in this sec tion refe rred to a s " beneficiary ") or of an estate for any taxable year, under the Revenue Act of 1926 or any prior revenue Act, the amount of estate, inherit ance, le gacy, or success ion taxe s paid o r accrue d within such taxable year shall be allowed as a deduction as follows : (1) If the deduction has been claimed by the estate, but not by the beneficiary, it shall be allowed to the estate (2) If the d eduction has bee n claime d by the benefici ary, but not by the estate, it shall be allowed to the beneficiary ; "Commissioner ." "C oll ec tor ." "Ta xpaye r ." "Military or naval forces of the United States ." "Includes" and "in- cluding ." Ret roact ive provi- sion. Computation for pre- ceding years of value of sale of prop erty ac- quired b y decedent. By prece ding years. Estate and inheri- tance tax es. Ded uctio ns a llow ed net income of heir, etc. Under Re venue Act of 1926, etc. To the estate. To the ben eficiary.

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