SIXTY-SEVENTH CONGRESS. Sess. I. C11. 136. 1921. 279 ipeeifipd or fixed by law, then to the extent of one—half of the value ”‘”*° m· ereo ; (e) To the extent of an ro ert assmg` nmder a eneral ower Pmm “°d°' ° of appointment exercised lliypthedededlent (1) by will, gr (2) by? deed iirigglwpzwsr of ap. executed in contemplation of, or intended to take effect in possession or en]oyment at or after, his death, except in case of a bona fide sale for a fair consideration in money or money’s worth; and _ (f) To the extent df the amount receivable by the executor as R¤¤¤iY·¤! ¤¤ i¤S¤r- msurance under policies taken out by the decedent upon his own life; °°°° P°h°`°°' and to the extent of the excess over $40,000 of the amount receivable ,,,§§°°°"*" °‘ ”°"°“"" bly all other beneficiaries as insurance under policies taken out by ` t e decedent upon his own life. Sec. 403. That for the purpose of the tax the value of the net NM v¤1¤¤ ¤¤*=¤r- est(a1Se§.hal%1be detegminedg b dad m`°°d` a n the case o a resident, ucf from the value of the 0* ¤¤*d¢¤*~ gross estate——~ y mg D°°“°°°°°‘ (_1) Such amounts for funeral expenses, administration ex enses, ,,,§,‘f‘,§‘§§f"';,,,,,“’f,‘*,,f,‘,,'§¥‘“` claims against the estate, un aid mortgagles upon, or any indlebtedness in respect to, property l)except, in the case of a resident decedent, where such property is not situated in the United States), losses incurred during the settlement of the estate arising from fires, storms, shipwreck, or other casualty, or from theft, when such losses are not compensated for by insurance or otherwise, and such amoimts reasonably required and actually expended for the support during the settlement of the estate of those dependent upon the decedent, as are allowed by the laws of the jurisdiction, whether within or without the United States, under which the estate is Tuuexmpm being administered, but not including any income taxes upon income received after the death of the decedent, or any estate, succession, legacy, or inheritance taxes; (2) An amount eq_ual to the value of any property forming a part ,,§,,‘°§§,f,t§'(,,,c‘f,d°‘?,°,{‘{f"’ of the gross estate situated in the United States of anyogerson who died within five years prior to the death of the de ent where such property can be identified as having been received by the decedent from such prior decedent by %{t, becgiest, devise, or inheritance, or which can be identified as avini een acquired in prom. exchange for property so received: Provided, That this deduction {.§§.“‘§},“,$‘§‘,,c,§°6,l‘§§g shall be allowed only where an estate tax under this or any! prior i:>=1>¤¤¤- Act of Congress was paid by or on behalf of the estate of suc rior decedent, and only in the amount of the value placed by the gem- Lummissioner on such property in determininghthe value of the gross estate of such prior decedent, and only to e extent that the value of such roperty is included in the decedent's gross estate and not deducted) under aragraphs (1) or (3) of subdivision (a) of this d:°l;Pu§':;"{:1:;’b‘::**l{,’ section. This deduction shall be made in case of the estates of all ms. ’ decedents who have died since September 8, 1916; mmm em tc (3) The amount of all bequests, legacies, devises, or transfers, pp\>1i¢.relIél¤¤s,<=lnriexceplt bona fide sales for a fair consideration in money or money’s °'°’°°°"“"" wort , in contemplation of or intended to take effect m pfssession or en`oyment at or after the decedent’s death, to or for the use of the llnited States, any State, Territory, any political subdivision thereof, or the District of Columbia, for exclusively public purposes or to or for the use of any corporation organizes and operated exclusively for religious, charitable, scientific, hterax, or educational purposes, including the encouragement of art and e prevention of cruelty to children or ammals, no part of the net earnnags of which inures to the benefit of any rivate stockholder or indivi ual, or to a trustee or trustees exclusivelly for such relfious, charitab1e, scientific, Applicable to cans literary, or educational purposes. This eductaon shall be made in {Q2?} ”°°“'“’°’ “‘·
