PUBLIC LAWS-CEL 223-MAY 16, 1938 value thereof at the time of the death of the decedent creating such Futurte nterests, interest. The value of any future interest shall be determined by determination of value. deducting from the market value of such property at the time of the death of such decedent the value of the precedent life interest or term ested future inter- of years. Where the future interest is vested the donee thereof shall pay the tax within the time in which the tax upon the precedent life interest or term of years is required to be paid under the provisions eWherte tent nter- of sections 4 and 7 of this article, as the case may be. Where the future interest is contingent the personal representative of such decedent or the persons interested in such contingent future estate shall have the option of (1) paying, within the time herein provided for the payment of taxes due upon vested future interests, a tax equal to the mean between the highest possible tax and the lowest possible tax which could be imposed under any contingency or condition whereby such contingent future interest might be wholly or in part created, defeated, extended, or abridged; or (2) paying the tax upon such transfer at the time when such future interest shallbecome vested at rates and with exemptions in force at the time of the death of Bond.i such decedent: Provided, That the personal representative or trustee of the estate of the decedent or the persons interested in the future contingent interest shall deposit with the assessor a bond in the penal sum of an amount equal to twice the tax payable under option (1) hereof. Such bonds shall be payable to the District of Columbia and shall be conditioned for the payment of such tax when and as the Tax upontransferto same shall become due and payable. The tax upon the transfer of future interests or remainders shall be a lien upon the property or interest transferred from the date of the death of the decedent creat- ing the interests and shall remain in force and effect until ten years after the date when such remainder or future interest shall become transfyer of ncuont vested in the donee thereof. If the tax upon the transfer of a con- future nterest before tingent future interest is paid before the same shall become vested, ecomg vested such tax shall be paid by the personal representative out of the corpus of the estate of the decedent, otherwise by the person or persons entitled to receive the same." 50 stat. 686. (e) Section 13 of title V of such Act is amended to read as follows: Failure to file re- "SEC. 13. Any person required by this title to file a return who fails alty. to file such return within the time prescribed by this title, or within such additional time as may be granted under regulations promul- gated by the Commissioners of the District of Columbia, shall become liable in his own person and estate to the District of Columbia in an False, etc., returns. amount equal to 10 per centum of the tax found to be due. In case any person required by this title to file a return knowingly files a false or fraudulent return, he shall become liable in his own person and estate to the said District in an amount equal to 50 per centum of the tax found to be due. Such amounts shall be collected in the same manner as is herein provided for the collection of the taxes levied under this title." 50Stat. 687. f) Section 16 of title V of such Act is amended to read as follows: Transfers of dece- SEC. 16. No person holding, within the District of Columbia, tangi- than executor, etc.; ble or intangible assets of any resident or nonresident decedent shall notice to assessor. deliver or transfer the same or any part thereof to any person other than an executor, administrator, or collector of the estate of such decedent appointed by the District Court of the United States for the District of Columbia, unless notice of the date and place of such intended transfer be served upon the assessor of the District of Rtentionofportion Columbia at least ten days prior to such delivery or transfer, nor shall any person holding, within the District of Columbia, any assets of a resident or nonresident decedent deliver or transfer the same 362 [52 STAT.
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