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Regulations 37 Relating to Estate Tax Under the Revenue Act of 1918

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Regulations 37 Relating to Estate Tax Under the Revenue Act of 1918

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    Available in PDF Format | Regulations 37 Relating to Estate Tax Under the Revenue Act of 1918.pdf | Unknown
    United States Internal Revenue Service
Excerpt from book: 20 per centum of the amount by which the net estate exceeds $5,000,- 000 and does not exceed $8,000,000: 22 per centum of the amount by which the net estate exceeds $8,000,- 000 and does not exceed $10,000,000: and 25 per centum of the amount by which the net estate exceeds $10,- 000,000. The taxes imposed by this title or by Title II of the Revenue Act of 1916 (as amended by the Act entitled "An Act to provide increased revenue to defray the expenses of the increased appropriations for the Army and Navy and the extensions of fortifications, and for other pur- . poses," approved March 3, 1917) or by Title IX of the Revenue Act of 1917, shall not apply to the transfer of the net estate of any decedent who has died or may die while serving in the military or naval forces of the United States in the present war or from injuries received or disease contracted while in such service, and any such tax collected upon such transfer shall be refunded to the executor. Article 1. Neither a property nor a legacy tax.—The Federal estate tax is imposed upon the transfer of the net estate, determined in the manner prescribed, of every person dying after September 8, 1916. The tax is not laid upon the property, but upon its transfer from the decedent to others. The subject of tax is the transfer of the entire net estate, not any particular legacy, devise, or distributive share. It is not an individual inheritance tax. The value of the separate interests and the realtionship of the beneficiary to the decedent have no bearing upon the question of liability or the extent thereof. The transfer of property is taxable, although it escheats to the State for lack of heirs. Art. 2. Nature of transfer.—The statute embraces transfers by will or under the interstate laws, and also transfers ma...   show more
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