Page:United States Statutes at Large Volume 50 Part 1.djvu/712

 7 5Ta CONGRESS, 1sT SESSION-CH. 690-AUGUST 17, 1937 687 S EC. 16 . No person holding, with in the Distri ct of Columb ia, tangi- ble or int angible asse ts of any res ident or nonr esident deced ent shall deliver or transfer the same or any part thereof to any person other than an executor, administrator, or collector of the estate of such decedent appointed by the District Court of the United States for the District of Columbia, unless notice of the date and place of such intended transfer be served upon the assessor of the District of Columbi a at least ten days p rior to su ch delivery or transf er, nor shall any person holding, within the District of Columbia, any assets of a re sident or n onresident decedent deliver or transfer t he same or any part thereo f to any p erson othe r than an e xecutor, a dminis- trator, or collector of the estate of such decedent appointed by said Distri ct Court without r etaining a suffic ient port ion or a mount thereof to pay any tax which may be assessed on account of the trans- fer of such assets under the provisions of this article and article II wi tho ut an or der fr om the assessor of the District of Co lum bia authorizing such transfer. It shall be lawful for the assessor of the District of Columbia personally or by his representatives, to examine said assets at any time before such delivery or transfer. Failure t o serve such notice or to allow such e xamination or to retain as here in required a suffici ent portio n or amount to pay th e taxes imposed by this title shall render such person liable to the payment of such taxes. The assessor of the District may issue a certificate authori zing the tr ansfer of any such a ssets whene ver it app ears to the satis faction of sa id assessor t hat no tax i s due thereon. SEC. 17 . The wor d "person" when used in this ti tle shall include individuals, partnerships, associations, and corporations. ARTICLE II-ESTATE T AXES SEC. 18 . In addition to the taxes imposed by article I, there is hereby imposed upon the transfer of the estate of every decedent who, after this title becomes effective, shall die a resident of the District of Columbia, a tax equal to 80 per centum of the Federal estate tax imposed by subdivision (a) of section 301, title III, of the Revenue Act of 1926, as amended, or as hereafter amended or reenacted. SEC. 19 . There shall be credited against and applied in reduction of the tax imposed by section 18 of this title the amount of any estate, inheritance, legacy, or succession tax lawfully imposed by any State or Territory of the United States, in respect of any property included in the gross estate for Federal estate-tax purposes as prescribed in tit1lle III of the Revenue Act of 1926, as amended, or as hereafter amended or reenac ted : Provided, however, That only such taxes as are actually paid and credit therefor claimed and allowed against the Federal estate tax may be applied as a credit against and in reduction of the tax imposed by section 18. SEC. 20 . In no event shall the tax imposed by section 18 of this title ex ceed the d ifference between the maximum c redit whic h might be allowed against the Federal estate tax imposed by title III of the Revenue Act of 1926, as amended, or as hereafter amended or reen- acted, and the aggregate amount of the taxes described in section 19 of this ti tle (but not including th e tax imposed by section 1 8) allow- able as a credit against the Federal estate tax. SEC. 21 . The purpose of section 18 of this title is to secure for the District of Columbia the benefit of the credit allowed under the pro- visions of section 301 (c) of title III of the R evenue Act of 1926, as amended, or as hereafter amended or reenacted, to the extent that the Dist rict of Co lumbia may be entitle d by the p rovisions of said Revenue Act, by imposing additional taxes, and the same shall be Transfers of deced- ent's assets to other than executor, etc. ; not ice to assessor. Retention of por- tion to pay tax. Examination of as- sets by assessor. Issuance of certifi- cate. "Person", con- strued. Estate ta xes. Levy on transfers of estate, additional. Amount. 44 Stat. 69 . 20U.S.C.§§410, 460 . Cred its all owed. Pronaso. Restriction. Not to exceed dif- ference between max- imum credit and levy by states, etc. Desi gnat ed bene fits to District.