Page:United States Statutes at Large Volume 47 Part 1.djvu/269

 72d CONGRESS. SESS. I. CH. 209. JUNE 6, 1932. 245 SEC. 402. C RED ITS AGAINST TAX. ESTATE TAX (a) The credit provided in section 301(c) of the Revenue Act of State Cr edit s s i st ta x. 1926, as amended (80 per centum credit), shall not be allowed in cluded. respect of such additional tax. Post, p.278. (b) (1) If a tax has been paid under Title III of this Act on a gi ft Deductio oed ertain gift, and thereafter upon the death of the donor any amount in respect of such gift is required to be included in the value of the gross estate of the decedent for the purposes of this title, then there shall be credited against the tax imposed by section 401 of this Act the amount of the tax paid under such Title III with respect to so much of the property which constituted the gift as is included in Limitation. the gross estate, except that the amount of such credit (A) shall not exceed an amount which bears the same ratio to the tax imposed by section 401 of this Act as the value (at the time of the gift or at the time of the de ath, whichever is lower) of so much of the property which constituted the gift as is included in the gross estate, bears to the value of the entire gross estate, and (B) shall Ma ximu m credit. not exceed the amount by which the gift tax paid under Title III of this Act with respect to, so much of the property as constituted the gift as is included in the gross estate, exceeds the amount of the credit under section 301 (b) of the Revenue Act of 1926,. as amended by this Act. (2) For the purposes of paragraph ( 1 ), the amount of tax paid val Computation of for any year un der Title III of this Act with re spect to any pro perty shall be an amount which bears the same ratio to the total tax paid for such year as the value of such prop erty bears to the total amount of net gifts (computed without deduction of the specific exemption) for such year. SEC. 403. ASS ESSM ENT, COLL ECTI ON, AND PAYME NT OF TAX. Assessment, collec. tio n and p aym ent . Except as provided in section 402, the tax imposed by section same as estate tax. 401 of this Act shall be assessed, collected, and paid, in the same manner, and shall be subject to the same provisions of law (includ- ing penalties), as the tax imposed by section 301 (a of the Revenue vol . 44, p . 69 . Act of 1926, except that in the case of a resident decedent a return shall be required if the value of the gross estate at the time of the decedent's death exceeds $50,000 . T ITLE 111- GIFT TAX GIFT TAX SEC. 501. IMPOSITION OF TAX . Impos ition of. (a) For the calendar year 1932 and each calendar year thereafter Transfers for cal end ar a tax, computed as provi ded in s ection 5 02, shal l be imp osed upo n the Tier. 19 32 and ther e- transfer during such calendar year by any individual, resident or nonresident, of property by gift . (b) The tax shall apply whether the transfer is in trust or other- Ap plic atio noft ax . wise, whether the gift is direct or indirect, and whether the property Nonresidentss is real or personal, tangible or intangible ; but, in the case of a non- resident not a citizen of the United States, shall apply to a transfer Not retroactive. only if the property is situated within the United States. The tax shall not apply toa transfer made on or before the date of the enactment of this Act. Not applicable to (c) The tax shall not apply to a transfer of property in trust transfers in trust. where the power to revest in the donor title to such property is vested in the donor, either alone or in conjunction with any person not having a substantial adverse interest in the disposition of such Relinquishment con . property or the income therefrom, but the relinquishment or termina- sid ered a transfer. ti on of such power (other th an by the donor's death) shall be considered to be a transfer by the donor by gift of the property subj ect to such pow er, and any paym ent of the income therefrom