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72d CONGRESS . SESS. I. CH. 209. JUNE 6, 1932 . MISCELLANEOUS TAXES scribe, that he has repaid the amount of such tax to the person from whom he collected it, or obtained the consent of such person to the allowance of such credit or refund . Refund credited to (b) Any person entitled to refund of tax under Part I, IV, V, or mon th ly ret urn . VI of this title paid, or collected and paid, to the United States by him may take credit therefor against taxes due upon any monthly ret urn . (c) Any person making a refund of any payment on which tax under Part I or V has been collected, may repay therewith the amount of tax collected on such payment, and the amoun t of tax so repaid may be credi ted a gainst the tax u nder any su bsequ ent return . Regulations .
SEC. 773. REGULATIONS . The Commissioner, with the approval of the Secretary, shall e prescribe and publish all needful rules and regulations for the nforcement of Parts I, IV, V, and VI of this title. Applicability of ad- SEC. 774 . APPLICABILITY OF ADMINISTRATIVE PROVISIONS . mini 8trative provi- sions .
All provisions of law (including penalties) applicable in respect Vol . 44, p.91 . of the taxes imposed by section 500 of the Revenue Act of 1926, shall, in so far as, applicable and not inconsistent with this Act, be applicable in respect of the taxes imposed by Parts I, IV, V, and VI of this title . Title VI-)s tate tax
TIT LE VI-ESTATE TAX AME NDME NTS amendments. Credit of gift tax on estate tax .
SEC. 801 . CREDIT OF GIFT TAX ON ESTATE TAX . Vol.44,p.69.
Section 301 of the Revenue Act of 1926 is amended by inserting after subdivisio n (a) a new subd ivision to read as follows : Credit all owed for " ( b) (1) If a tax has been paid under Title III of the Revenue gift taxes where gin Act o 1932 on a gift, and thereafter upon the death of the donor property included i deceased donor's gro ss an amount in respect of such gift is required to be included in the estate . value of the gross estate of the decedent for the purposes of this title, then there shall be credited against the tax imposed by sub- division (a) of this section the amount of the tax paid under such Title III with respect to so much of the property which constituted Limit on a mount of the gift as is included in the gross estate, except that the amount credit, of such credit shall not exceed an amount which bears the s ame ratio to the tax imposed by subdivision (a) of this section as the value (at the ti me of the gift o r at the time of the death, which ever is lower) of so much of the property which constituted the gift as is included in the gross estate, bears to the value of the entire gross esta te . Amount of g ift taxes " (2) For the purposes of paragraph (1), the amount of tax for which credit is aid for any yea r under Title II I of the Revenue Act of 1932 wit h allowable .
p`
y y respect to any property shall be an amount which bears the same ratio to the total tax paid for such year as the value of such prop- er ty bears to the total amount of net gifts (computed without deduction of the specific exemption) for such year ." so per centum credit . SEC. 802 . 80 PER CENTUM CREDIT . Vol.44,p.70.
(a)
Se ct ion
301(b)
of
the
Re ven ue
Act
of
19 26
is
am en ded
to
read as fol lows :
Credit allowed
for
"
( c) The tax imposed by subdivision (a) of this section shall be
estate taxes of states,
credited with the amount of any estate, inheritance, legacy, or suc-
Ante, p. 24 5
.
cession taxies actually paid to any State or Territory or the District of Columbia, in respect of any property included in the gross estate (not including any such taxes paid with respect to the estate of a
