80 SIXTY-NINTH CONGRESS. Sass. I. Cn. 27. 1926. ”’*“ ’*‘· ticlbkend unlew directed {by the will of the decedent ,,°§‘§,’f,‘_ “‘° ‘"“"“°' the tax shallbe paid out; estate before its distribution, If sniper!. of the grqsscestate eonsiste.o£—.proceede of giclee of
and “‘£“ °“"r”f§ i°iiI’.“°`“°°°f;°“‘.§2‘i“§.?°.‘§.é?zl.3 t. “°""
c ,_—. .¤¤¢X9¢l£ 1*,. , execu s r; ° » recover
bs¤e6cxary of the paid as the
pmceedsim excoeenof ._,=·of— such. mw bear to the net estate. f there is more than one such ’ _ lciary the executor wbeentitledtorecoveriromsuohbeneliciariesinthesame or y . . 1 2 c V ll. 4 . U"°°"*°" ‘“°” °” Sno. 315. (a) Unless the tax is sooner id in it shall be a lien x-mm M um for upon thegroee estate oi). the dwent, except that rmexcepoa. such estate asgis furthe gagérnentarg against e an expenses o 1 i ion, ow any court having jurisdictionrtheroof, shall ‘be divested of suis R"“’°°“ ""”°"*‘ lien. If the Commissioner is satisfied that the tax liability of _ ‘· estate hasbeen fully diecherged or tgrovided for, he ma , under regulations prescribed by him with ye approval of the Szcretary, issue tig: releasing any or all property of such estate from . en erem imposed., ,,’;f§§,§’{,,‘§i“£§'§‘“ L'} (b) If (1) the decedent makes a transfer, by or otherwise, dum- of any property in contemplation of or inten ed to take effect in possession or enjoyment at or after hisideath (except the case of Lmmmm_ a bonaiide salefor an adequate and full consideration in money or moneys worth) or (2) it xmurance pames under a contract executed by the decedent in. favor of a specific beneficiary, and 1f in either case the tax in respect thereto is notipaid when ‘ ue, then the trans-
- ’°"‘°“’ ““*’*°· feree, trustee, or beneficiary shall be personally liable for such tax,
and such-property, to the extenttof the decedent’s interest therein at the time of such transfer, or to the extent of such beneficiary’s in- terest under such contract of insurance, shall be subject to a like lien equal to the amount of such tax. Any part of such property ,.,}"€,1‘i,°§’°,,‘?§§"§‘.’,$,$ sold by such transferee or trustee to a bona fide purchaser for an Wm- adequate and full consideration in money or mono ’s worth shall be divested of the lien and a like lien shall then attach to all the prog- erty of such transferee or trustee, except any part sold to a bona fi e purrcizhihaser for an adequate and full consideration in money or money’s wo · L’“"§§‘°”L§°g,,*’° °°§ Sno. 316. (a. The amounts-of the follo ' liabilities shall, ex- iiecglcv- in OM cept·as~hereinsifter in this section provided assessed, collected, and paid in the same manner and su ject to the same provisions and limitationsvasin the case of a deficiency ina tax imposed by this title (including the provisionsin use of delinquency in payment after notice demand, the provisions authorizing distraint_ and proceedings 1l1,00llI‘t» for collection, and the provisions prohibiting claims an mute for refunds): _ m<>f¢¤¤¤·~• ¤*v¤>¤· (lg The liability, at law or in eguity, of a transferee of property y` of a eeedent or donor, in respect o the tax (including interest, addi- tional amounts, and additionsto the tax provided by law) imposed by this title_or_by prior estate tax Act or by any tax Act., NQ; &*:g¤¥ M °¤ (2) The liabib a Hduciary under section 3467 o the Revised ' Statutesin of theepayment of any such tax from the estate of the decedent or donor.`¤· _w A N•*°*° °’”*"“**Y· Any such liability may be either as to the amount of tax shown on the return or as to any deficiency in tax. = P°’*°‘ °’“°°“““”"· (b) Theiperiod of imitation for asseminent of any such liability of a transferee or Educiag shall be as follows: °¤°’°“°‘°°’“’“°’ (1) Within one year er the expiration of the period of limi- axecutor. . tation for assessment against the executor or donor; or
