...final result is most gratifying. The Revenue Bill, adopted by the Senate and House, reads: Sec. 403. That for the purpose of the tax the value of the net...deducting from the value of the gross estate — (1) *** (2) *** (3) The amount of all bequests, legacies, devises, or gifts, to or for the use of the United...

...403 (a) (2) of the Revenue Act of 1918 (Сотр. St. § 6336 %d), which read as follows: "Sec. 403. That for the purpose of the tax the value of the net...of a resident, by deducting from the value of the gross estate — • •••••• "(2) An amount equal to the value at the time of the decedent's...

...gross estate shall be determined ; section 203, that the value of the net estate shall be determined in the case of a resident by deducting from the value of the gross estate "(1) [Certain allowances, as hereinafter particularly stated] ; (2) an exemption of $50,000." Section 207...

...time of the transfer or the creation of the trust, or at the tune of the decedent's death. Sac. 203. That for the purpose of the tax the value of the net...administration expenses, claims against the estate, unpaid mortgagees, losses incurred during the settlement of the estate arising from fires, storms. shipwreck,...

...day of March, 1901." 1918, in the Senate, proposes to nuike such exemption in the following language "That for the purpose of the tax the value of the net estate shall be determined («) in the case of a resident by deducting from the value of the gross estate * * * all bequests,...

...beneficiaries as insurance under policies taken out by the decedent upon his oirn life. Sec. JfOS. That for the purpose of the tax the value of the net...(a) In the case of a resident, by deducting from the vnlite of the gross estate — (J) Such amounts for funeral expenses, administration expenses, claims...

...not exceed $5,000,000; and Section 201. Sec case under section 203 below. THE NET ESTATE. SEC. 203. That for the purpose of the tax the value of the net estate shall be determined — (n) In the case of a resident, by deducting from the value of the gross estate — (1) Such amounts...

...beneficiaries as insurance under policies taken out by the decedent upon his own life. 298. SEC. 403. That for the purpose of the tax the value of the net estate shall be determined — 299. (a) In the case of a resident, by deducting from the value of the gross estate — 300. (1)...

...below, THE NET ESTATE. SEC. 203. That for the puirpose of tibe tax the vatee of -the set estate shafl be determined — (a) In the case of a resident, by deducting from the value of tbe gross estate — (1) Such amounts for funeral expenses, admiaistratkxa expenses, claims against...

...not exceed $5,000,000; and Section 201. Sec case under section 203 below. THE NET ESTATE. SEC. 203. That for the purpose of the tax the value of the net wrfate shall be determined— (a) In the case of a resident, by deducting from the value of the gross...