72d CONGRESS. SESS. I . CH. 209 . JUNE 6,19 32 .
247 $417,125 upon net gifts of $3,000,000 ; and upon net gifts in excess beads con of $3,000,000 and not in excess of $3,500,000, 20 per centum in addi-Rate . tion of such excess . $517,125 upon net gifts of $3,500 000 ; and upon net gifts in excess of $3,500,000 and not in excess of $4 ,000 ,000 , 21 1/2 per centum in addition of such excess . $624,625 upon net gifts of $4,000,000 ; and upon net gifts in excess of $4,000,000 and not in excess of $4,500,000, 23 per centum in addition of such excess . $739,625 upon net gifts of $4,500,000 ; and upon net gifts in excess of $4,500,000 and not in excess of $5,000,000, 241/ 2 per centum in addition of such excess. $862,125 upon net gifts of $5,000,000 ; and upon net gifts in excess of $5,000,000 and not in excess of $6,000,000, 26 per centum in addition of such excess . $1,122,125 upon net gifts of $6,000,000 ; and upon net gifts in excess of $6,000,000 and not in excess of $7,000,000, 271/2 per centum in addition of such excess . $1,397,125 upon net gifts of $7,000,000 ; and upon net gifts in excess of $7,000,000 and not in excess of $8,000,000, 29 per centum in addition of such excess . $1,687,125 upon net gifts of $8,000,000 ; and upon net gifts in excess of $8,000,000 and not in excess of $9,000,000, 301/ 2 per centum in addition of such excess . $1,992,125 upon net gifts of $9,000,000 ; and upon net gifts in excess of $9,000,000 and not in excess of $10,000,000, 32 per centum in addi tion of such exc ess . $2,312,125 upon net gifts of $10,000,000 ; and upon net gifts in excess of $10,000,000, 331/2 per centum in addition of such excess . SEC. 503. T RANS FER FOR LESS THA N AD EQUA TE AND F ULL CON- Tran sfer forl ess than SIDERATION.
adequate .' etc., consui- Where property is transferred for less than an adequate and full deE xcess iirn value consideration in money or money's worth, then the amount by which the value of the property exceeded the value of the consideration shall, for the purpose of the tax imposed by this title be dee med a gift, and shall be included in computing the amount o f gifts made Computation of. during the calendar year . SEC. 504. NET GIFTS .
Net gifts . (a) GENERAL DEFTNrrION .-The term " net gifts " means the total • Definition . amount of gifts made during the calendar year, less the deductions provided in section 505 . (b) GIFTS LEss THAN $5,000 .-In the case• of gif ts ( othe r th an o f Gifts less than MOW. future interests in property) made to any person by the donor during Future interests . the calendar year, the first $5,000 of such gifts to such person shall not, for the purposes of subsection ( a), be included in the total amount of gifts made during such year . SEC. 505. DEDUCTIONS .
Dedu ctio ns . In computing net gifts for any calendar year there shall be allowed as deductions :
Cit izen or resi dent . (a) REsmENTs .-In the case of a citizen or resident-
Citiz Allo wanc e fo rpre eed- (1) SPEC IFIC EXE MPTI GN .- An exemption of $50,000, less the ingealMlaryears . aggregate of the amounts claimed and allowed as specific exemp- tion for preceding calendar years .
Charitable, etc . . gift s . (2) CHARITABLE, ETC ., oir rs .-Th e am ount of all gift s ma de during such year to or for the use of- (A) the United States, any State, Territory, or any political For public purposes subdivision thereof, or the District of Columbia, for exclusively public purposes ;
