3].4 SIXTY-EIGHTH CONGRESS. Sess. I. C11. 234. 1924. °”'"`¤• 6 per centum of the amount by which the taxable gifts exceed $250,000 and do not exceed $450,000; _ 9 per centum of the amount by which the taxable gifts exceed $450,000 and do not exceed $750,000; 12 per centum of the amount by which the taxable gifts exceed $750,000 and do not exceed $1,000,000; 15 per centum of the amonmt by which the taxable gifts exceed . $1,000,000 and do not exceed $1,500,000; 18 per ceutum of the amount by which the taxable gifts exceed $1,500,000 and do not exceed $2,000,000; · 21 per centum of the amount b which the taxable ifts exceed Y g $2,000,000 and do not exceed $3,000,000; 24 per centum of the amount by which the taxable gifts exceed $3,000,000 and do not exceed $4,000,000 ;_ _
cengum of the amorént by wh1ch the taxable gifts exceed
an do not exceed 5 000 000 · $5;.30 pggocentiuréi of the ainpiént by which the taxable gifts exceed 000 an onotexcee 8000000- $8i’;§)0}i§(zi0cent1ugn of the amognt by which the taxable gifts exceed an 0 not exceed 10,000000· $1;4;(:)0p)e50gentum of the amount by iwhibh the taxable gifts exceed gizigim °i www Sino. ,320: If the gift is made in property, the fair market value Som etc for lm thereof at the date of the_ gift sha1 be considered the amount of q,,,,,;,;;, .,,,;;,1,;.,,,,m,, the gift. Where property is sold or exchanged for less than a fair d°°m°‘““""‘° ¤“· clgnsideration in money or money’s worth, then the amount by which $..$a$Zh` s’E2ii‘°¥0Z”€fi§ iii fim ""¥”€§°’t°‘°’°”°d S`? °°”SZ‘i°’“§’f§‘ _ r ose o e ax impose _ y sec 1on bg dgmed 3 gift, and shall be included m computing the amount Deductions in dam? o gi -s ma e during the calendar year. _ _ mmm; mama. Sec. 321,11; computing the amount of the gifts sub]ect to the i tax impose y section 319, there shall be allowed as d d f :
(ag In the case of a resident-- c uc Ions
m_pub,,c_·,6,,g,9t,;s5 (1 An exemption of $50,000; e • . · g&•;igl11’DOS€S|¤U¤| (2) The amount of all gifts or contributions made within the ` calendar year to or for the use of the United States, any State, Territory, any political subdivision thereof, or the District of Columbia, for exclusively public purposes, or to or for the use of any corporation organized and operated exclusively for religious, charitab e. scientific, hterary, or educational purposes, including the encouragement of art and theprevention of cruelty to children or animals, no part of the net earnings of which mures to the benefit gf, ;1;;yQtpIt:]v:ile stpcgtholdeg or ind1v1dual,_or to a trustee or trustees, _ · a soc e y, or er, or_assoc1a ion operating under the °°”d‘"°“s Lodge slysgemi but only if such gifts or contiiibutions are to be used y suct_ rus eel or tI£US?€S or_ y such fraternal society, order, or associa ion, exc usive y or religious, charitable, scientific, literary, or edtgigtipnal piurgloses, or fir tlge Iigeveigion of cruelty to children or an as an e amoun o a gi s or contrib t' ed within the balendar year by such corporation, trustee, lbiiofljatienriiial gociety, order, or association for a religious, charitable, scientific, ,\_mt,0¤3lrQbabHita_ titergiiyl, or educatiopal purpose, or for the prevention of cruelty ,,0,,,,,% o gi 1 reg or amma s, and the amount of all gifts or contributions \_0Lm,p·m· <,;i§‘tHg;1the‘l1gsld§nda(g ygar to the special igmdhfor vocational . a _ _. _ . rize y sec ion 7 o the Vocational - H 1. 0 _ Rehabilitation Act· JSE; pam. ° Sm dog)D£r1;;;§e$;{§6gregate amount of which tc any one person S
