Page:United States Statutes at Large Volume 49 Part 1.djvu/1070

 74 TH CONGRESS. SESS. I. CH. 829. AUGUST 30, 1935. 1025 "$1861950 upon net gifts of $6,000,000 ; and upon net gifts in Gift-tax schedule-- exces s of $6,000 ,000 and n ot in exces s of $7,000 ,000, 441/4 per centum Continued . in addition of such excess . "$2,304,450 upon net gifts of $7,000,000 ; and upon net gifts in exces s of $7,000 ,000 and n ot in exces s of $8,000,000, 453/.1 per centum in addition of such excess. "$2,761,950 upon net gifts of $8,000,000 ; and upon net gifts in excess of $8,000,000 and not in excess of $9,000 .000, 47 1/ 4 per centum in addition of such excess . "$3,234,450 upon net gifts of $9,000,000 ; and upon net gifts in exces s of $9,000 ,000 and n ot in exces s of $10,00 0,000, 483 4 per centu m in addition of such excess. "$3,721,950 upon net gifts of $10,000,000 ; and upon net gifts in excess of $10,000,000 and not in excess of $20,000,000, 501/4 per cen- tum in addition of such excess . "$8,746,950 upon net gifts of $20,000,000 ; and upon net gifts in excess of $20,000,000 and not in excess of $50,000,000, 513/4 per cen- tum in addition of such excess. " $24,271,950 upon net gifts of $50,000,000 ; and upon net gifts in exces s of $50,00 0,000, 521 /2 per centum in addition of such excess ." (b) Section 505 (a) (1) of the Revenue Act of 1932 (relating to Vol . 47, p. 247 ; the specific exemption for gift-tax purposes) is amended by striking u . S.C.,p.1083. out "$50,000" and inserting in lieu thereof "$40,000 ". (c) The amendments made by subsections (a) and (b) of thi s Application of amend- section shall be applied in computing the tax for the calendar year 1936 and ea ch calendar year thereafter (but not the tax for the calendar year 1935 or a previous calendar year), and such amend- ments shall be applied in all computations in respect of the calendar ye ar 1935 and previ ous calendar year s for the purpose of computing the tax for the calendar year 1936 or any calendar year thereafter. Title IV-Miscella- neo us provisions. SEC. 401. AMENDMENTS TO TITLE IV OF REVENUE ACT OF 1932 Revenue Act of 1932, amendments. (a) Section 620 (3) of the Revenue Act of 1932, as amended, is Vol'47,p.267;Vol. 48, amended to read as follows : p'u' 5 s.C.,p.1187. "( 3) for the exclusive use of the United States, any State, Terri- Tax-free sales . tog of the United States, or any political subdivision of the fore- going, or the District of Columbia ." (b) Section 621 (a) (3) of the Revenue Act of 1932, as amended Vol. 47, p. 267; Vol. is amended to read as follows : 48u _ S2.51 ., p . 1187. "(3) to a ma nufacturer, produ cer, or importer, in the amount o f, Credits and refunds . tax paid by him under th is title with respect to the sale of any article to any vendee, if the manufacturer, producer, or importer has in his p osse ssion suc h ev iden ce as the reg ulati ons may pres cribe tha t on or after the first day of the second month following the date of the enactment of the Revenue Act of 1935- "(A such article was, by any person- Articles on which " (1) resold for the exclusive use of the United States, any allowed . State, Territory of the United States, or any political s ubdivision of the foregoing, or the District of Columbia ; " (ii) used or resold for use as fuel supplies, ship's stores, sea stores, or legitimate equipment on vessels of war of the United States or of any foreign nation, vessels employed in the fish- eries or in the whaling business, or actually engaged in foreign trade or trade between the Atlantic and Pacific ports of the United States or between the United States and any of its p osses sions ; TITLE IV-MISCELLANEOUS PROVISIONS 104019'-36-65