896
Ante, p. 894.
53 Stat. 462.
26U. S. C. 3760.
53 Stat. 462 .
26U.S.C. §3761.
53 Stat. 144 .
26U.S.C.S1000-
1031; Supp. II, § 1000
et seq.
Ante, pp. 280 , 893.
53 Stat. 118 .
26U.S.C.1800-
938; Supp. II , 4 811
et seq.
Ante, pp. 280, 894.
53 Stat. 121 .
26U. S.C. 811(d);
Supp. II, § 811 (d).
Ante, p. 280.
46 Stat. 683.
19 U. S. C., Supp.
II, § 1201, par. 1798.
53 Stat. 141 .
26U.S.C.§935-
938; Supp. II, § 936.
53 Stat. 141.
26U.S.C.§935.
PUBLIC LAWS-CH. 720-OCT. 25 , 1949
[63 STAT.
(1) (B) of such code shall not, in the case of a decedent dying prior to
January 1, 1950, apply to-
(1) a transfer made prior to March 4, 1931; or
(2) a transfer made after March 3, 1931, and prior to June 7,
1932, unless the property transferred would have been includible
in the decedent's gross estate by reason of the amendatory lan-
guage of the joint resolution of March 3, 1931 (46 Stat. 1516).
No interest shall be allowed or paid on any overpayment resulting from
the application of subsection (a) with respect to any payment made
prior to the date of the enactment of this Act.
(c) If refund or credit of any overpayment resulting from the appli-
cation of subsections (a) and (b) is prevented on the date of the enact-
ment of this Act, or within one year from such date, by the operation
of any law or rule of law (other than section 3760 of the Internal
Revenue Code, relating to closing agreements, and other than section
3761 of such code, relating to compromises), refund or credit of such
overpayment may, nevertheless, be made or allowed if claim therefor is
filed within one year from the date of the enactment of this Act. This
subsection shall not apply with respect to a transfer of property in case
the decedent retained for his life or for any period not ascertainable
without reference to his death or for any period which did not in fact
end before his death (1) the possession or enjoyment of, or the right
to the income from, the property, or (2) the right, either alone or in
conjunction with any person, to designate the persons who should
possess or enjoy the property or the income therefrom.
SEC. 8. TAX FREE RELEASE OF CERTAIN LIFE ESTATES.
In the case of a transfer of property made prior to June 7, 1932,
under which the grantor retained (1) the possession or enjoyment of,
or the right to the income from, the property, or (2) the right, either
alone or in conjunction with any person, to designate the persons who
shall possess or enjoy the property or the income therefrom, then an
assignment by the grantor of such possession, enjoyment, or right to
income, or a relinquishment by him of such right of designation, shall,
if made in 1949 or 1950, not be deemed a transfer of property for the
purposes of chapter 4 of the Internal Revenue Code, and shall, if
made prior to 1951, not be deemed to have been made in contemplation
of death within the meaning of chapter 3 of such code. The foregoing
provisions sh1all not apply-
(A) if the transfer was made after March 3, 1931, and prior to
June 7, 1932, and if the property transferred would have been
includible in the grantor's gross estate upon his death by reason
of the amendatory language of the joint resolution of March 3,
1931 (45 Stat. 1516); or
(B) if the property transferred would have been includible in
the grantor's gross estate under section 811 (d) of the Internal
Revenue Code had he died on October 7, 1949.
SEC. 9. Paragraph 1798 of the Tariff Act of 1930. as amended, is
hereby amended by striking out the figure "$100" in the third proviso
and inserting in lieu thereof the figure "$200".
SEC.10 . EXEMPTION FROM THE ADDITIONAL ESTATE TAX FOR CER-
TAIN MEMBERS OF ARMED FORCES.
(a) Subchapter B of chapter 3 of the Internal Revenue Code (relat-
ing to additional estate tax) is amended by adding at the end thereof
the following new section:
"SEC. 939. CERTAIN MEMBERS OF ARMED FORCES.
"The tax imposed by section 935 shall not apply to the transfer of the
net estate of a citizen or resident of the United States dying on or after
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