Page:United States Statutes at Large Volume 65.djvu/600

 566 Ante, p. 564. 53 Stat. 140. 26 U.S.C. § 927.

PUBLIC LAW 183—OCT. 20, 1951

[65 STAT.

of credit or refund based thereon and nonpayment of interest on refund, see section 813(c)(5).'* (c) KEVERSIONARY OR REMAINDER INTEREST.—Section 927 (relating

to credit for State death taxes) is hereby amended to read as follows: "SEC. 927. CREDIT FOR DEATH TAXES. 53 Stat. 125. 2 6 U.S.C. § 813(b). Ante, p. 563. Ante, p. 565.

"Such part of any estate, inheritance, legacy, or succession taxes allowable as a credit under section 813(b) or (c) against the tax imposed by this subchapter, or under section 936(c) against the tax imposed by subchapter B, as is attributable to such reversionary or remainder interest may be allowed as a credit against the tax attributable to such interest, subject to the limitations on the amount of credit contained in such sections, 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." (d)

53 Stat. 135. 2 6 U.S.C. § 874(b).

53 Stat. 125. 2 6 U.S.C. § 813(b). Ante, pp. 563, 565.

53 Stat. 129. •26 U.S.C. §861.

53 Stat. 144. 26U. 8. 0. § 1000(b).

EXTENSION or PERIOD OF LIMITATIONS, ETC., I N CASE OF RECOV-

ERY OF TAXES CLAIMED AS CREDIT.—Section 874(b)

(relating to

exceptions to general rule as to period of limitation upon assessment and collection of estate tax) is hereby amended by inserting at the end thereof the following new paragraph: " (3) RECOVERY OF TAXES CLAIMED AS CREDIT.—If any tax claimed as a credit under section 813(b) or (c) or section 936(c) is recovered from any foreign country, any State, any Territory or possession of the United States, or the District of Columbia, the executor, or any other person or persons recovering such amount, shall give notice of such recovery to the Secretary at such time and in such manner as may be required by regulations prescribed by him, and the Secretary shall redetermine the amount of the tax under this chapter and the amount, if any, of the tax due upon such redetermination, shall be paid by the executor or such person or persons, as the case may be, upon notice and demand." (e) EFFECTIVE DATE.—The amendments made by this section shall be applicable with respect to estates of decedents dying after the date of the enactment of this Act. SEC. 604. ESTATE AND GIFT TAX TREATMENT OF UNITED STATES BONDS HELD BY CERTAIN NONRESIDENT ALIENS. (a) ESTATE TAX.—Effective with respect to estates of decedents

dying after February 10, 1939, section 861 (relating to the computation of the net estate of a decedent nonresident not a citizen of the United States) is hereby amended by adding at the end thereof the following new subsection: "(c) UNITED STATES BONDS.—For the purposes of subsection (a), the value of the gross estate (determined as provided in section 811) of a decedent who was not engaged in business in the United States at the time of his death— "(1) shall not include obligations issued by the United States prior to March 1, 1941; and "(2) shall include obligations issued by the United States on or after March 1, 1941, but only if the decedent died after the date of the enactment of the Revenue Act of 1951." (b) G I F T TAX.—Effective with respect to gifts made aiter the date of enactment of this Act, section 1000(b) (relating to application of gift tax) is hereby amended by adding at the end thereof the following: " I n the case of such a nonresident who is not engaged in business in the United States at the time of a transfer of obligations issued by the United States, the tax shall apply in respect of any such obligations only if issued on or after March 1, 1941."

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