404
INTERNAL REVENUE CODE OF 1954 RATE SCHEDULE—Continued
If the taxable gifts are:—Continued Over $100,000 but not over $250,000
The tax shall be:—Continued $15,525, plus 22^2% of excess over $100,000. Over $250,000 but not over $500,000 $49,275, plus 24% of excess over $250,000. Over $500,000 but not over $750,000 $109,275, plus 26>^% of excess over $500,000. Over $750,000 but not over $1,000,000.- $174,900, plus 27%% of excess over $750,000. Over $1,000,000 but not over $1,250,000. $244,275, plus 29>^% of excess over $1,000,000. Over $1,250,000 but not over $1,500,000. $317,400, plus 31/2% of excess over $1,250,000. Over $1,500,000 but not over $2,000,000. $396,150, plus 33%% of excess over $1,500,000. Over $2,000,000 but not over $2,500,000. $564,900, plus 36%% of excess over $2,000,000. Over $2,500,000 but not over $3,000,000. $748,650, plus 39%%, of excess over $2,500,000. Over $3,000,000 but not over $3,600,000. $947,400, plus 42% of excess over $3,000,000. Over $3,500,000 but not over $4,000,000. $1,157,400, plus 44^4% of excess over $3,500,000. Over $4,000,000 but not over $5,000,000. $1,378,650, plus 4734% of excess over $4,000,000. Over $5,000,000 but not over $6,000,000. $1,851,150, plus 50%% of excess over $5,000,000. Over $6,000,000 but not over $7,000,000. $2,353,650, plus 52/2% of excess over $6,000,000. Over $7,000,000 but not over $8,000,000. $2,878,650, plus 54%% of excess over $7,000,000. Over $8,000,000 but not over $10,000,000. $3,426,150, plus 57 % of excess over $8,000,000. Over $10,000,000 . $4,566,150, plus 57%% of excess over $10,000,000.
(b) CALENDAR Y E A R. — The term "calendar year " includes only the calendar year 1932 and succeeding calendar years, and, in the case of the calendar year 1932, includes only the portion of such year after June 6, 1932. (c) PRECEDING CALENDAR Y E A R S. — The term "preceding calendar year s " means the calendar year 1932 and all calendar years intervening between the calendar year 1932 and the calendar year for which the tax is being computed. (d) T A X TO B E PAID BY D O N O R. — The tax imposed by section 2501 shall be paid by the donor. SEC. 2503. TAXABLE GIFTS. (a) GENERAL DEFINITION. — The term "taxable gifts" means the total amount of gifts made during the calendar year, less the deductions provided in subchapter C (sec. 2521 and following). (b) EXCLUSIONS FROM G I F T S. — I n the case of gifts (other than gifts of future interests in property) made to any person by the donor during the calendar year 1955 and subsequent calendar years, the first $3,000 of such gifts to such person shall not, for purposes of subsection (a), be included in the total amount of gifts made during such year. Where there has been a transfer to any person of a present interest in property, the possibility that such interest may be diminished by the exercise of a power shall be disregarded in applying § 2502(a)
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