Page:United States Statutes at Large Volume 55 Part 1.djvu/729

 PUBLIC LAWS-OH. 412-SEPT. 20,1941 53 Stat. 171. 26U.S.C.§1203 (b) (2). 53 Stat. 111: 54 Stat. 521. 26 U.S. C. §600. 53 Stat. 141. 26 U. S. § .9C.35(b). (c) RETURNS FOR 1941.- Section 1203 (b) (2) of the Internal Revenue Code (relating to extensions of time for filing capital-stock tax returns) is amended by inserting at the end thereof the following: "With respect to the year ending June 30, 1941, the extension may be for not more than ninety days." . (d) EFrECTTVE DATE.-T h is section shall be effective only with respect to the year ending June 30, 1941, and succeeding years. SEC. 302. DECLARED VALUE EXCESS PROFITS TAX-DEFENSE TAX RATES INCORPORATED IN RATE SCHEDULE. (a) RATEs.- Section 600 of the Internal Revenue Code (relating to rate of declared value excess profits tax) is amended as follows: (1) By striking out the heading "(a) GENERAL RULE. - "; 2) By amending the rate schedule to read as follows: "6A per centum of such portion of its net income for such income-tax taxable year as is in excess of 10 per centum and not in excess of 15 per centum of the adjusted declared value; "13- per centum of such portion of its net income for such income-tax taxable year as is in excess of 15 per centum of the adjusted declared value."; and (3) By repealing subsection (b) (relating to defense tax for five years). (b) EFFECTIVE DATE. -This section shall be effective only with respect to income-tax taxable years ending after June 30, 1941. TITLE IV-ESTATE AND GIFT TAXES SEC. 401 . ESTATE TAX RATES. (a) RATEs.- Section 935 (b) of the Internal Revenue Code is amended to read as follows: "(b) The tentative tax referred to in subsection (a) (1) of this section shall be the tentative tax shown in the following table: "If the net estate is: Not over $5,000-. -- __. Over $5,(0)0 but not over $10,000- Over $10,000 but not over $20,000 .- Over $20,000 but not over $30,000- Over $30,000 but not over $40,000 _.. Over $40,000 but not over $50,000--- Over $50,000 but not over $60,000 -- Over $60,000 but not over $100,000-. . Over $100,000 but not over $250,000- __ Over $250,000 but not over $500,000___ Over $500,000 but not over $750,000-- _ Over $750,000 but not over $1,000,000O Over $1,000,000 $1,250,000. Over $1,250,000 $1,500,000. Over $1.500,000 $2,000,000. Over $2,000,000 $2,500,000. Over $2,500,000 $3,000,000. Over $3,000,000 $3,500,000. Over $3,500,000 $4,000,000. but not over but not over but not over but not over but not over but not over but not over The tentative tax shall be: 3% of the net estate. $150, plus 7% of excess over $5,000. $500, plus 11% of excess over $10,000. $1,600, plus 14% of excess over $20,000. $3,000, plus 18% of excess over $30,000. $4,800, plus 22% of excess over $40,000. $7,000, plus 25% of excess over $50,000. $9,500, plus 28% of excess over $60,000. $20,700, plus 30% of excess over $100,000. $65,700, plus 32% of excess over $250,000. $145,700, plus 35% of excess over $500,000. $233,200, plus 37% of excess over $750,000. $325,700, plus 39% of excess over $1,000,000. $423,200, plus 42% of excess over $1,250,000. $528,200, plus 45% of excess over $1,500,00. $753,200, plus 49% of excess over $2,000,000. $998,200, plus 53% of excess over $2,50.000 . $1,263,200, plus 56% of excess over $3,000,000. $1,543,200, plus 59% of excess over $3,500,000. 704 [55 STAT.

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