Page:United States Statutes at Large Volume 47 Part 1.djvu/304

 280 72d CONGRESS. SESS. I. CH. 209 . JUNE 6, 1932. ESTATE TAX AMENa before his death (A) the possession or enjoyment of, or the right 3tEYT8 to the income from, the property, or (B) the right, either alone or in conjunction with any person, to designate the persons who shall possess or enjoy the property or the income therefrom ; except in case of a bona fide sale for an adequate and full consideration in money or money's worth ; and " Vol . 44, p. 80, (c) The first sentence of section 315(b) of the Revenue Act of amended. 1926 is amended to read as follows Lien on transfers . "( b) If (1) except in the case of a bona fide sale for an adequate Bona fide sales ex- cepted . and full consideration in money or moneys worth, the decedent makes a transfer, by trust or otherwise, of any property in contem- plation of or intended to take effect in possession or enjoyment at Unascertainable pe• or af ter hi s deat h, or makes a tra nsfer, by tr ust or othe rwise, under riods added. which he has retained for his life or for any period not ascertainable without reference to his death or for any period which does not in fact end before his death (A) the possession or enjoyment of, or the right to the income from, the property, or (B) the right, either alone or in conjunction with any person, to designate the persons -who Life insurance. shall possess or enjoy the property or the income therefrom, or (2) if insurance passes under a contract executed by the decedent in favor of a specific beneficiary, and if in either case the tax in respect Persons liable. thereto is not paid when due, then the transferee, trustee, or bene- ficiary shall be personally liable for such tax, and such property, to the extent of the decedent's interest therein at the time of such transfer, or to the extent of such beneficiary's interest under such contract of insurance, shall be subject to a like lien equal to the amount of such tax ." Relinquishment of SEC. 804. RELINQUISHM ENT OF DOWER, ETC ., AS CONSIDERATION . dower, etc. Vol.44,p. 73, amend- Section 303(d) of the Revenue Act of 1926 is amended by adding ed. at the end thereof a new sentence to read as follows : Not held a consider or " ti on in money or For the purposes of this title, a relinquishment or promised relin- mo ne y's worth ." quish ment o f dowe r, cur tesy, or of a sta tutory estat e cre ated i n lieu of dower or curtesy, or of other marital rights in the decedent's property or estate, shall not be considered to any extent a considera- tion `in money or money's worth' ." Deductions from S grass income. EC. 805. DEDUCTIONS. Vol. 44, p. 72, amend- Section 303 (a) (1) of the Revenue Act of 1926, as amended, is ed. amended to read as follows "(1) Such amounts- Adm inl eape nse s . "(A) for funeral expenses, pensesdm inistratio n ex- "((B) for administration expenses, . Claims against estate. (C) for claims against the estate, Unp aid mortgages, " D) for unpaid mortgages upon, or any indebtedness et c. in respect to, property where the value of decedent's interest therein, undiminished by such mortgage or indebtedness, is included in the value of the gross estate, and Dependent's su ppo rt "(E) reasonably required and actually expended for the sup- during settlement . port during the settlement of the estate of those dependent upon the decedent, It ems not included. as are allowed by the laws of the jurisdiction, whether within or without the United States, under which the estate is being ad- ministered, but not including any income taxes upon income r eceiv ed a fter the death of the deced ent, or p rope rty taxes not accrued before his death, or any estate, succession, legacy, or Deductions limited i nh eri ta nc e tax es . The deduction herein allowed in the case of to bona fide contracts . claims against the estate, unpaid mortgages, or any indebtedness shall, when founded upon a promise or agreement, be limited to