SIXTY-EIGHTH CONGRESS. Sess. I. Ch. 234. 1924. 305 less than a fair consideration in money or money’s worth, there shall ESTATE MX be excepted only such part of the value of such property as is proportionate to the consideration furnished by such other person: ` Provided further, That where any property has been acquired by ug “°““i‘°d by “‘“· gift, bequest, devise, or inheritance, as a tenancy by the entirety by the decedent and spouse, then to the extent of one—half of the value thereof, or, where so acquired by the decedent and any other person as joint tenants and their interests are not otherwise specified or fixed by law, then to the extent of the value of a fractional part to be determined by dividing the value of the property by the number · of (gin'; teplantsg P o the extent of an ropert assing under a eneral ower mm? “"d°' °$°”‘ of appointment exercised bjy Ithe deciirdgnt (1) by will, di (2) bji) deed irizidiowu of appom executed in contemplation of, or intended to take edect in possession or enjoyment at or after, his death, except in case of a bona fide sale for a fair consideration in money or money’s worth; and R _ ed _ (g) To the extent of the amount receivable by the executor as me°°$iiey0;°Zf,c,dmZ`§{j insurance under policies taken out by the decedent upon his own life; and to the extent of the excess over $40,000 of the amount receivable by all other beneficiaries as insurance under policies taken out by the decedent upon his own life. A H bk ,0 . (h) Subdivisions (b), (c), (d), (e), (f), and (g) of this section mlgeg, pmr shall apply to the transfers, trusts, estates, interests, rights, powers, and relinquishment of wers, as severally enumerated and described therein, whether madlci? created, arising, existi , exercised, or . relinquished before or after the enactment of thisngct. Sec. 303. For the purpose of the tax the value of the net estate ”'“° dm" shall be determined- Dad (3) In the case of a resident, by deducting from the value of ,,Sm.,`I,$tlZS"§§§§F'°SS the oss estate- Fun A _ (lg: Such amounts for funeral expenses, administration expenses, smug, ,,*f,'i,?,s§§”€§Z claims against the estate, unpaid mortgages upon, or any in ebted— °·"·°‘°- ness in respect to, property (except, ID the case of a resident decedent, where such roperty is not situated in the United States), to the extent that such claims, mortgages, or indebtedness were incurred or contracted bona fide and for a fair consideration in money 0r_m0ney’s worth, losses incurred during the settlement of the estate ,,,§,•$*’,,§{,},‘{S°* durarising from fires, storms, shipwreck, or other casualty, or from theft, when such losses are not com ensated for by insurance or otherwise, and such amounts reasonably required and actually expended for the support during the settlement of the estate of those ependent upon the decedent, as are allowed by the laws of the jurisdiction, whether within or without the United States, under T _ which the estate is being administered, but not including any income mc§$g°$°°8}I€§$m§;§§`§ taxes upon income received after the death of the decedent, or any “°‘“’°‘“‘*°‘*- estate, succession, legacy, or inheritance taxes; P t _ Bd (2) An amount equal to the value of any property (A) forming e.,,§°§rl§ryd§,§§§§{ a part of the oss estate situated in the United States of any person who died wiiiin live years rior to the death of the decedent, or (B) transferred to the decedient by gift within five years prior to his death, where such property can be identified as having been received by the decedent from such donor by gift or from such prior decedent by gift, bequest, devise, or inheritance, or which can be identified as having been ac uir-ed in exchange for propterty so Restricted to received. This deduction shall be allowed onlv where a gi tax or erty tm which g;¥°¤$ an estate tax under this or any prior act of Congress was paid by °“‘“‘°"“"“‘L or on behalf of the donor or the estate of such prior decedent as the case may be, and only in the amount of the value placed by the Commissioner on such property in determining the value of the gift or unit the gross estate of such prior decedent, and only to the extent that
