Page:United States Statutes at Large Volume 68A.djvu/443

 CH. 12—GIFT TAX

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CHAPTER 12—GIFT TAX •!•'/-f, f

SUBCHAPTER A. Determination of tax liability. SUBCHAPTER B. Transfers.

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SUBCHAPTER C. Deductions. • 1 - ,

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Subchapter A—Determination of Tax Liability

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Sec. Sec. Sec. Sec.

2501. 2502. 2503. 2504.

Imposition of tax. Rate of tax. Taxable gifts. Taxable gifts for preceding years.

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SEC. 2501. IMPOSITION OF TAX. (a) GENERAL RULE. — For the calendar year 1955 and each calendar

year thereafter a tax, computed as provided in section 2502, is hereby imposed on the transfer of property by gift during such calendar year by any individual, resident or nonresident, except transfers of intangible property by a nonresident who is not a citizen of the United States and who was not engaged in business in the United States during such calendar year. (b) CROSS R E F E R E N C E. —

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For exclusion of transfers of property outside the United States by a nonresident who is not a citizen of the United States, see section 2511

SEC. 2502. RATE OF TAX. (a) COMPUTATION OP T A X. — The tax imposed by section 2501 for

each calendar year shall be an amount equal to the excess of— (1) a tax, computed in accordance with the rate schedule set forth in this subsection, on the aggregate sum of the taxable gifts for such calendar year and for each of the preceding calendar years, over (2) a tax, computed in accordance with such rate schedule, on the aggregate sum of the taxable gifts for each of the preceding calendar years. •

RATE SCHEDULE

If the taxable gifts are: Not over $5,000 Over $5,000 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

The tax shall be: 2>1% of the taxable gifts. $112.50, plus 5%% of excess over $5,000. $375, plus 8)4% of excess over $10,000. $1,200, plus 1 0 ^ % of excess over $20,000. $2,250, plus 13i^% of excess over $30,000. $3,600, plus 16)4% of excess over $40,000. $5,250, plus 18%% of excess over $50,000. $7,125, plus 2 1 % of excess over $60,000. § 2502(a)

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