Page:United States Statutes at Large Volume 48 Part 1.djvu/779

 73d C ONGRESS. SESS. II. CH. 277. MAY 10, 1934 . 753 "(Z) For the purposes of this subdivision the power to alter, amend, or revoke shall be considered to exist on the date of the decedent's death even though the exercise of the power is subject to a precedent giving of notice or even though the alteration, amend- ment, or revocation takes effect only on the expiration of a stated perio d afte r the exerci se of the po wer, wh ether or not on or befor e the date of the decedent's death notice has been given or the power has been exercised . In such cases proper adjustment shall be made repre sentin g the intere sts wh ich wo uld hav e been exclu ded fr ont th e power if the decedent had lived, and for such purpose if the notice has not been given or the power has not been exercised on or before the date of his death, such notice shall be considered to have been given, or the power exercised, on the date of his death . "( 3) The relinquishment of any such power, not admitted or shown to have been in contemplation of the decedent's death, made within two years prior to his death without such a consideration and af fectin g the intere st or intere sts (wh ether arisin g from one o r more transfers or the creation of one or more trusts) of any one beneficiary of a value or aggregate value, at the time of such death, in excess of $5,000, then, to the extent of such excess, such relinquish- ment or relinquishments shall, unless shown to the contrary, be deemed to have been made in contemplation of death within the meaning of this title ;" SEC. 402. PRIOR TAXED PROPERTY . S6037•-34	-48 ESTA TE TAX AMENDMENTS . Powers to revoke, amend, etc. Adju stmen ts al - lowed . Relinquishment of power without con- sideration . Prior taxed p ropert y . Paragraph (2) of subdivision (a) and paragraph (2) of subdi- granted tax deduction vision (b) of section 303 of the Revenue Act of 1926, as amended, prior taxed property are am ended by ins erting befor e the period at the end o f the second restrict ed . sentence of each such paragraph a comma and the following : 4C and edvnt. 44, p . 72, amend- only if in determining the value of the net estate of the prior decede nt no deduct ion wa s allo wable under t his pa ragrap h in r espect of the property or property given in exchange therefor". SEC. 403. CIT IZENSH IP AND RESID ENCE OF DECE DENTS. Citizenship and resi- dence of decedents. (a) Section 303(a) of the Revenue Act of 1926, as amended, is ed Provisions . of, extend- amended by striking out " In the case of a resident" and inserting Vol, 44, p.72. in lieu thereof "In the case of a citizen or resident of the United States ". (b) Section 303(b) of such Act, as amended, is amended by Nonresident notU-9- striking out "In the case of a nonresident" and inserting in lieu citizen. thereof "In the case of a nonresident not a citizen of the United Vol . 44,p.73 . States ". (c) Section 303(c) of such Act, as amended, is amended by strik- Vol. 44, p.73. ing out " in the case of a nonresident " and inserting in lieu thereof " in the case of a nonresident not a citizen of the United States ". (d) Section 303(d) and (e? of such Act, as amended, are amended by striking out the phrase ` nonresident decedent " wherever such phrase appears in such subdivisions and inserting in lieu thereof in each case " nonresident not a citizen of the United States " . (e) Section 304 (a) and (b) of such Act, as amended, are amended Vol. 44,p . 74. by striking out " nonres ident " wherever such word appears and inserting in lieu thereof in each case " nonresident not a citizen of the United States " . (f) Section 403 of the Revenue Act of 1932 is amended by striking Substitution of "citi- zen or resident of the out "resident decedent" and inserting in lieu thereof " citizen or United States", in 1932 resident of the United States " . Ac t. l.47,p.245.