...decedent dying after the passage of this act. whether a resident or nonresident of the United States." " SEC. 403. That for the purpose of the tax the value...of a resident, by deducting from the value of the gross estate — ***** "(3) The amount of all bequests, legacies, devises, or gifts, to or for the...

...the amount receivable by the executor as insurance under policies taken out by the decedent upon his own life; and to the extent of the excess over $40,000...policies taken out by the decedent upon ' his own life." Plaintiffs' chief contention is that the statute fixing the measure of the tax, in so far as it includes...

...estate from which the net income is computed, there shall be included the amount, over an exemption, " receivable by all other beneficiaries as insurance...policies taken out by the decedent upon his own life." After the effective date of this act a Mr. Brown procured three insurance policies on his life, in...

...of the act. Section 402 prescribes the method for determining the gross estate. Section 403 provides that for the purpose of the tax the value of the net estate shall be determined by deducting from the value of the gross estate the amounts of certain expenses and other items stated...

...Зесиод 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 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...

...the amount receivable by the executor as insuranee under policies taken ont by the decedent upon bis own life ; and to the extent of the excess over $40,000...the amount receivable by all other beneficiaries as Insn ranee under policies taken out by the decedent upon his own life" (section 6336%c, new section...

...title and uny State transfer or inheritance taxes trhich may be imposed upon the decedent's estate; and to the extent of the excess over $40,000 of the...amount [receivable by all other beneficiaries as] of preminms paid by the decedent for insurance [under policiesl taken out [by the decedent] upon his...

...title and any State transfer or inheritance taxes which may be imposed vpon the decedent's estate; and to the extent of the excess over $40,000 of the amount [receivable by all other beneficiaries asl of preminms paid by the decedent for insurance [under policiesl taken out [by the decedentl upon...

...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,...

...the amount receivable by the executor as insurance under policies taken out by the decedent upon his own life ; and to the extent of the excess over $40,000...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 —...