CH. 11
ESTATE TAX
375
If the taxable estate is: The maximum tax credit shall be: Over $1,540,000 but not over $2,040,000.- $70,800 plus 7.2% of the excess over $1,540,000. Over$2,040,000but not over $2,540,000-- $106,800 plus 8% of the excess over $2,040,000. Over $2,540,000 but not over $3,040,000-- $146,800 plus 8.8% of the excess over $2,540,000. Over $3,040,000 but not over $3,540,000-- $190,800 plus 9.6% of the excess over $3,040,000. Over $3,540,000 but not over $4,040,000-_ $238,800 plus 10.4% of the excess over $3,540,000. Over $4,040,000 but not over $5,040,000- _ $290,800 plus 11.2% of the excess over $4,040,000. Over $5,040,000 but not over $6,040,000-- $402,800 plus 12% of the excess over $5,040,000. Over $6,040,000 but not over $7,040,000- - $522,800 plus 12.8% of the excess over $6,040,000. Over $7,040,000 but not over $8,040,000- - $650,800 plus 13.6% of the excess over $7,040,000. Over $8,040,000 but not over $9,040,000. - $786,800 plus 14.4% of the excess over $8,040,000, Over $9,040,000 but not over $10,040,000. $930,800 plus 15.2% of the excess over $9,040,000. Over $10,040,000 $1,082,800 plus 16% of the excess over $10,040,000. (c) P E R I O D OF LIMITATIONS ON C R E D I T. — The credit allowed by
this section shall include only such taxes as were actually paid and credit therefor claimed within 4 years after the filing of the return required by section 6018, except that— (1) If a petition for redetermination of a deficiency has been filed with the Tax Court within the time prescribed in section 6213(a), then within such 4-year period or before the expiration of 60 days after the decision of the Tax Court becomes final. (2) If, under section 6161, an extension of time has been granted for payment of the tax shown on the return, or of a deficiency, then within such 4-year period or before the date of the expiration of the period of the extension. Refund based on the credit may (despite the provisions of sections 6511 and 6512) be made if claim therefor is filed within the period above provided. Any such refund shall be made without interest. (d) BASIC ESTATE T A X. — The basic estate tax and the estate tax imposed by the Revenue Act of 1926 shall be 125 percent of the amount determined to be the maximum credit provided by subsection (b). The additional estate tax shall be the difference between the tax imposed by section 2001 or 2101 and the basic estate tax. SEC. 2012. CREDIT FOR GIFT TAX. (a) IN GENERAL.—If a tax on a gift has been paid under chapter 12 (sec. 2501 and following), or under corresponding provisions of prior laws, and thereafter on the death of the donor any amount in respect of such gift is required to be included in the value of the gross estate of the decedent for purposes of this chapter, then there shall be credited against the tax imposed by section 2001 the amount of the tax paid on a gift under chapter 12, or under corresponding provisions of prior laws, with respect to so much of the property which constituted the gift as is included in the gross estate, except that the amount of such credit shall not exceed an amount which bears the same ratio to the tax imposed by section 2001 (after deducting from such tax the credit § 2012(a)
�
