fer shall not exceed the value of the transferred property required to be included in the gross estate. (b) CONDITION OF ALLOWANCE OF DEDUCTIONS.- NO deduction shall be allowed in the case of a nonresident not a citizen of the United States unless the executor includes in the return required to be filed under section 864 the value at the time of his death of that part of the gross estate of such nonresident not situated in the United States. SEC. 862. PROPERTY WITHIN THE UNITED STATES. For the purpose of this subchapter- (a) STOCK IN DOMESTIC CORPORATION. -Stock in a domestic cor- poration owned and held by a nonresident not a citizen of the United States shall be deemed property within the United States; and (b) REVOCABLE TRANSFERS AND TRANSFERS IN CONTEMPLATION OF DEATH. - Any property of which the decedent has made a transfer, by trust or otherwise, within the meaning of section 811 (c) or (d), shall be deemed to be situated in the United States, if so situated either at the time of the transfer, or at the time of the decedent's death. SEC. 863. PROPERTY WITHOUT THE UNITED STATES. The following items shall not, for the purpose of this subchapter, be deemed property within the United States: (a) PROCEEDS OF LIFE INSURANCE.- The amount receivable as in- surance upon the life of a nonresident not a citizen of the United States; and (b) BANK DEPOSITS.-Any moneys deposited with any person carrying on the banking business, by or for a nonresident not a citizen of the United States who was not engaged in business in the United States at the time of his death. SEC. 864. RETURNS. (a) REQUIREMENT.- (1) RETURNS BY EXECUTOR.-In the case of the estate of every nonresident not a citizen of the United States any part of whose gross estate is situated in the United States, the executor shall make a return under oath in duplicate, setting forth (1) the value of that part of the gross estate of the decedent situated in the United States at the time of his death; (2) the deductions al- lowed under section 861; (3) the value of the net estate of the decedent as defined in section 861; (4) the tax paid or payable thereon; or such part of such information as may at the time be ascertainable and such supplemental data as may be necessary to establish the correct tax. (2) RETURNS BY BENEFICIARIES. - If the executor is unable to make a complete return as to any part of the gross estate of the decedent, he shall include in his return a description of such part and the name of every person holding a legal or beneficial interest therein, and upon notice from the collector such person shall in like manner make a return as to such part of the gross estate. (b) TIME FOR FILIN. -T he return required of the executor under subsection (a) shall be filed at such times and in such manner as may be required by regulations made pursuant to law. (c) PLACE FOR FILING.-The return required of the executor under subsection (a) shall be filed with the collector of the district in which is situated the part of the gross estate of the decedent in the United States, or if such part of the gross estate is situated in more than one district, then the collector of such district as may be designated by the Commissioner. SEC. 865. CROSS REFERENCE. For missionaries in foreign service, see section 860. ESTATE TAX 131
�
