Page:United States Statutes at Large Volume 47 Part 1.djvu/303

72d CONGRESS . SESS . I. CH. 209 . J UNE 6, 1932 . person other than the decedent) . The credit allowed by this subdi- vision shall not exceed 80 per c entum of the tax impo sed by sub- division (a) (after deducting from such tax the credits provided by subdivision (b) ), and shall include only such taxes as were actually paid and credit therefor claimed within four years after the filing of the return required by section 304 1 except that- "(1) If a petition for redetermination of a deficiency has been filed with the Board of Tax Appeals within the time prescribed in section 308, the n within such fo ur-year period o r before the expiration of 60 days after the decision of the Board becomes final . "(2) If, under subd ivision (b) of s ection 305 or su bdivision (i) of section 308, an extension of time has been ranted for payment of the tax shown on the ret urn, or of a deR iciency 2 then within such four-year period or before the date of the expiration of the period of the extensio n . Refund based on the credit may (despite the provisions of section 31 9) be made if claim therefor is filed within the period above provided . Any such refund shall be made without interest, except th at where the overpayment was made prior to the enactment of the Revenue Act of 193 2, then interest shall be allowed and paid on the a mount refun ded a t the rate of6 per c entum per a nnum from the dat e of the overpay ment to the date of such enactme nt ." (b) If any return required by section 304 of the Revenue Act of 1926 was filed more t han three years before the enactm ent of this Act (except i n cases where a petition for re determination of a deficiency has been filed with the Board of Tax Appeals within the time prescribed in section 308) the credit for estate, inheritance, legacy, or succession taxes shall be determined as if this section had not been enacted . SEC. 803 . FUTURE INTERESTS . (a) Section 302(c) of the Revenue Act of 1926, as amended by the Joint R esolution of Mar ch 3, 1931, is a mended to read a s follows "(c) To the extent of any interest therein of which the decedent has at any time made a transfer, by trust or otherwise, in contem- plation of or intended to take effect in possession or enjoyment at or after his death, or of which he has at any time made a transfer, by trust or otherwise, under which he has retained for his life or for any period not ascertainable without reference to his death or for any period which does not in fact end before his death (1) the possession or enjoyment of, or the right to the income from, the property, or (2) the right, either alone or in conjunction with any person, to designate the persons who shall possess or enjoy the property or the income therefrom ; except in case of a bona fide sale for an adequate and full consideration in money or money's worth . Any transfer of a material pa rt of his property in the nature of a final disposition or distribution thereof, made by the decedent within two years prior to his death without such considera- tion, shall, unless shown to the contrary, be deemed to have been made in contempl ation of death w ithin th e meanin g of thi s title . " (b) Section 302(f) of the Revenue Act of 1926 is amended to read as follows "(f) To the extent of any property passing under a general power of appointment exercised by the decedent (1) by will, or (2) by deed execut ed in contemplat ion of or intend ed to take effec t in possession or enjoymen t at or after hi s death, or (3) by deed under wh ich he has retaine d for hi s life o r any pe riod not ascerta inable w ithout reference to his death or for any period which does not in fact end 279 ESTATE TAX AMEND- MENTS Maximum allow . ance . Credit claimed with. In four years . Additional time if pe- tition for red etermina- tion of de ficie ncy filed . Vol.44,p.75. Or granted to avoid undue har dship to es- tate. Vol. 44, pp . 74, 75. Refund based on credit may be made it claim filed within per riod provided . Vol.44,p. 84, waived. Interest. Returns filed over three years ago. Determination of cred its . Vol. 44, pp. 74, 75 . Future interests. Vol.44,p.70; Vol.46, p . 1516, amended . Gross estate of dece- dent . Determining value of. Transfer in contem- plation of death. If income for life re- served . If reta ins power of disposition. Exception. Disposition made within two years of death. Vol . 44, p.71, am en ded . Property passing unn ; .r a general power of appointment . Unascertainable p8, riods . added .