282
72d CONGRESS . SESS. I. CH. 209. JUNE 6, 1932. EST ATE TAX Aat E,n-
prior decedent, and only to the extent that the value of such ' 1ENTS
property is included in that part of the decedent's gross estate which at the time of his death is situated in the United States . Where ded uctio n it as Where a deduction was allowed of an snort(rage or other lien in alla.i ed prior decedent .
y determining the gift tax, or the estate tax of the prior decedent, which was paid in whole or in part prior to the decedent's death, then the deduction allowable under this paragraph shall be Computation of re- reduced by the amount so paid . The deduction allowable under duction. this paragraph shall be reduced by an amount-which bears the sauce ratio to the amounts allowed as deductions under paragraphs (1) and ( 3) of this s ubdivi sion a s the amount otherw ise de duct- ible under this paragraph bears to the value of that part of the decedent's gross estate which at the time of his death is situated Property eitem of two or more items. in the United States . Where the property referred to in this paragraph consists of two or more items the aggregate value of such items shall be used for the purpose of computing the deduction ." Deduction of be- SEC . 807 . DEDUCTION OF BEQUESTS, ETC ., TO CHARITY . quests, etc ., to charity . ed Vol. 44, p . 72, amend-
Sections 303(a) (3) and 303(b) (3) of the Revenue Act of 1926 . are amended by inserting after the first sentence of each a new sentence to read as follows Deduction limited to " If the tax imposed by section 301, or any estate, succession, legacy, actual amount devised . Vol . 45, p . Ss, re- or inheritance taxes, are, either by the terms of the will, by the law pea led . 6 of the ju risdictio n under w hich the estate is administ ered, or by the law of th e jurisdi ction imp osing the particul ar tax, p ayable in whole or in part out of the bequests, legacies, or devises otherwise deducti ble un der th is par agraph , then the am ount d educti ble un der this pa ragrap h shal l be t he amo unt of such b equest s, leg acies, or devises reduced by the amount of such taxes ." Extension of time for SEC. 808 . EXTENSION OF TIME FOR PAYMENT . payment . Vol . 44, p. 74, amend-
(a) Section 305 (b) of the Revenue Act of 1926 is amended to read ed . as follows Eight years from due "(b) Where the Commissioner finds that the payment on the date. due date of any part of the amount determined by the executor as the tax would impose undue hardship upon the estate, the Commis- sioner may extend the time for payment of any such part not to Running of statute exceed eight years from the due date . In such case the amount in suspended . p.77, wa ived . respect of which the extension is granted shall be paid on or before the date of the expiration of the period of the extension, and the running of the statute of limitations for assessment and collection, as prov ided i n sect ions 3 10(a) and 31 1(b), s hall b e susp ended for the period of any such extension . If an extension is granted, the Bond requir ed . Commissioner may require the executor to furnish a bond in such amount, not exceeding double the amount in respect of which the extension is granted, and with such .sureties as the Commissioner deems nece ssary , co nditi oned upon the payme nt of the amou nt in respect of which the extension is granted in accordance with the terms of the extension ." ed Vo l . 4 4,p.76,am end-
(b) Section 308(1) of the Revenue Act of 1926 is amended to . read as follo ws Extension for four "(i) Where it is shown to the satisfaction of the Commissioner years to avoid hardship in deficiency payment . that the payment of a deficiency upon the date prescribed for the payment thereof will result in undue hardship to the estate, the negligence . Commi ssion er, w ith the a pprov al o f the Secr etary (ex cept where the deficiency is clue to negligence, to intentional disregard of rules and regulations, or to fraud with intent to evade tax), may grant an
