Page:United States Statutes at Large Volume 47 Part 1.djvu/308

 284 72d CONGRESS. SESS. I. CH. 209. J UNE 6, 1932 . ESTATE TAX AMEND- MENTS ( d) Sec tion 319(b) of the Revenue Act of 1926, as amend ed by MENTa this Act, and section 3181/.L of the Revenue Act of 1924, as added by hereto . filed prior this Act, shall not bar from all owance a claim f or refund filed p rior Vol.44, p .84, amend. to the enactment of this Act which but for such enactment would ed. have been allowable. Future interests. SEC. 811. FUTURE INTERESTS-EXTENSION OF TI ME FOR PA Y- M ENT OF TA X. Vol.44,p. 74, amend. (a) Section 305 of the Revenue Act of 1926 is amended by adding ed. at the end there of a new subdivi sion to read as follows Postponement of "(e) Where there is included in the value of the gross estate the pa y_ of ent wreversionary hen value interest value of a reversionary or remainder interest in hr0py er t~ the pay- inc lud ed ing ross esta te . ment of the part of the tax imposed by this title attributable to such interest ma y, at the electi on of the execut or, be postponed until six months after the termination of the precedent interest or inter- ests in the property, and the amount the payment of which is so interest. postpone d shall then be payable, togethe r with in terest t hereon a t the rate of 4 per centum per annum from eighteen months after Regulations govern. the date of the decedent's death until such amount is paid . The ing . postponement of payment of such amount shall be under such regulati ons as t he Commi ssioner with the approval of the Secretar y may prescribe, and shall be upon condition that the executor, or Bond required. any other person liable for the tax, shall furnish a bond in such an amount, and with such su reties, as the Commissioner deems necessary, conditioned upon the payment within six months after the termination of such precedent interest or interests of the amount the payment of which is so postponed, together with interest thereon, Credit agai nst tax, as above provided. Such part of any estate, inheritance, legacy, or subject to percentag e limi tatio n, a owed. succession taxes allowable as a credit against the tax imposed by this title as is attributable to such reversionary or remainder interest may be allowed as a credit against the tax attributable to such Anle, p. zre. interest, subject to the percentage limitation contained in section 301 ( c), if such part is pai d, and credit th erefor claimed, at any time prior to the expiration of 60 days after the termination of the precedent interest or interests in the property ." Provisions n ot retro- (b) The amendment to se cti on 305 of the Revenue Act of 192 6 active . made by subsection (a) of this section, shall not apply, in the case of estates of decedents dying prior to the date of the enactment of this Act, to that part of any payment of Federal estate taxes made prior to such date which is attributable to a reversionary or remainder interest in property . Tax on tr ansfers to TITLE VII-TAX ON TRANSFERS TO AVOI D avoid income tax. INCOME TAX Imposition of tax . SEC. 901. IMPOSITION OF TAX . Pr ovi sio ns fo r, ex- There shall be imposed upon the transfer of stock or securities by tended. a citizen or resident of the United States, or by a domestic corpora- tion or partnership, or by a trust which is not a foreign trust, to a foreign corporation as paid-in surplus or as a contribution to capital, or to a foreign trust, or to a foreign partnership, an excise tax equal to 25 per centum of the excess of (1) the value of the stock or securities so transferred over (2) its adjusted basis in the hands of the transferor as determined under section 113 of this Act. Nont axab le tr ansf ers. SEC. 902. NONTAXABLE TRANSFERS. Th e tax im posed by section 901 sha ll not a pply- Exe mpt organiza- (a) if the tran sferee i s an org anizatio n exempt from in come tax ti Ante, p. 193. under section 103 of this Act ; or