80TH CONG., 2D SESS. -CH. 168-APR. 2,1948 "(4) DISCLAIMERS. - "(A) By Surviving Spouse.- If under this subsection an interest would, in the absence of a disclaimer by the surviv- ing spouse, be considered as passing from the decedent to such spouse, and if a disclaimer of such interest is made by such spouse, then such interest shall, for the purposes of this subsection, be considered as passing to the person or per- sons entitled to receive such interest as a result of the disclaimer. "(B) Disclaimer By Any Other Person.- If under this subsection an interest would, in the absence of a disclaimer by any person other than the surviving spouse, be considered as passing from the decedent to such person, and if a dis- claimer of such interest is made by such person and as a result of such disclaimer the surviving spouse is entitled to receive such interest, then such interest shall, for the purposes of this subsection, be considered as passing, not to the surviving spouse, but to the person who made the disclaimer, in the same manner as if the disclaimer had not been made." (b) The amendment made by subsection (a) of this section shall be applicable only with respect to estates of decedents dying after December 31, 1947. SEC. 362. PROPERTY PREVIOUSLY TAXED. (a) Section 812 (c) of the Internal Revenue Code (relating to the deduction for property previously taxed) is hereby amended by adding after the first paragraph two new paragraphs to read as follows: "The following property shall not, for the purposes of this subsec- tion, be considered as property with respect to which a deduction may be allowed: (A) property received from a prior decedent who died after December 31, 1947, and was at the time of such death the decedent's spouse, (B) property received by gift after the date of the enactment of the Revenue Act of 1948 from a donor who at the time of the gift was the decedent's spouse, and (C) property acquired in exchange for property described in clause (A) or (B). "Where, under the provisions of section 1000 (f), a gift received by the decedent was considered as made one-half by the donor and one- half by the donor's spouse, one-half of the gift shall be considered as received by the decedent from each such spouse." (b) Section 812 (c) is further amended by striking out "subsections (a) and (d)" and inserting in lieu thereof "subsections (a), (d), and (e)". SEC. 363 . CREDIT FOR GIFT TAX. (a) Section 813 (a) (2) (A) of the Internal Revenue Code (relat- ing to credit for gift tax) is hereby amended by inserting before the period at the end thereof the following: "reduced by the aggregate amount of the deductions allowed under subsections (d) and (e) of section 812". (b) Subparagraph (B) of section 813 (a) (2) of the Internal Reve- nue Code (relating to credit for gift tax) is hereby amended to read as follows: "(B) In applying, with respect to any gift, the ratio stated in subparagraph (A) the value at the time of the gift or at the time of the death, referred to in such ratio, shall be reduced- "(i) by such amount as will properly reflect the amount of such gift which was excluded in determining (for the Atce, p. 117. 53 Stat. 124. 26U.S.C.1812(). Po. p. 127. 53 Stat. 125 . 26 U. . C.. 813 (a) (2) (A). m3 Stat. 124. 26 U. s. .C.812 (d). Ante, p. 117; po, p. 1214. 53 Stat. 125. 26U.S.0. 813() (2) (B). 62 STAT.] 121
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