Page:United States Statutes at Large Volume 53 Part 1.djvu/152

 CODIFICATION OF INTERNAL REVENUE LAWS the same manner and subject to the same provisions of law, includ- ing penalties, as the taxes collected by and paid to a collector in the United States. SUPPLEMENT F-EXTENSION OF PAYMENT IN CASE OF FUTURE INTERESTS SEC. 925. PERIOD OF EXTENSION. Where there is included in the value of the gross estate the value of a reversionary or remainder interest in property, the payment of the part of the tax imposed by this subchapter attributable to such interest may, at the election of the executor, be postponed until six months after the termination of the precedent interest or interests in the property, and the amount the payment of which is so postponed shall then be payable, together with interest thereon at the rate of 4 per centum per annum from eighteen months after the date of the decedent's death until such amount is paid. SEC. 926. REQUIREMENTS FOR EXTENSION. The postponement of payment of such amount shall be under such regulations as the Commissioner with the approval of the Secretary may prescribe, and shall be upon condition that the executor, or any other person liable for the tax, shall furnish a bond in such an amount, and with such sureties, as the Commissioner deems neces- sary, conditioned upon the payment within six months after the ter- mination of such precedent interest or interests of the amount the payment of which is so postponed, together with interest thereon, as provided in section 925. SEC. 927. CREDIT FOR STATE DEATH TAXES. Such part of any estate, inheritance, legacy, or succession taxes allowable as a credit against the tax imposed by this subchapter as is attributable to such reversionary or remainder interest may be allowed as a credit against the tax attributable to such interest, sub- ject to the percentage limitation contained in section 813 (b), if such part is paid, and credit therefor claimed, at any time prior to the expiration of 60 days after the termination of the precedent interest or interests in the property. SUPPLEMENT G-DEFINIToNs SEC. 930. "EXECUTOR," "NET ESTATE," "MONTH," "COLLECTOR." When used in this subchapter- (a) The term "executor" means the executor or administrator of the decedent, or, if there is no executor or administrator appointed, qualified, and acting within the United States, then any person in actual or constructive possession of any property of the decedent; (b) The term "net estate" means the net estate as determined under the provisions of section 812 or 861; (c) The term "month" means calendar month; and d) The term "collector" means the collector of internal revenue of the district in which was the domicile of the decedent at the time of his death, or, if there was no such domicile in the United States, then the collector of the district in which is situated the part of the gross estate of the decedent in the United States, or, if such part of the gross estate is situated in more than one district, then the collector of internal revenue of such district as may be designated by the Commissioner. SEC. 931. CROSS REFERENCES. (a) "TRANSFERsEE"- For definition of "transferee," see section 900 (e). (b) "RESIDENT." - For "resident" as including citizen with estate in China, see section 851. 140

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