Valuation rule for gift tax changed to value determined under Schedule II, altering the statutory basis for taxable transfers. Amendment replaces the phrase referring to 'market value of the property at the date of the transfer' with a requirement that the value of the property on the date of transfer be determined in the manner laid down in Schedule II, thereby changing the statutory valuation basis for gift-tax assessment.
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Provisions expressly mentioned in the judgment/order text.
Valuation rule for gift tax changed to value determined under Schedule II, altering the statutory basis for taxable transfers.
Amendment replaces the phrase referring to "market value of the property at the date of the transfer" with a requirement that the value of the property on the date of transfer be determined in the manner laid down in Schedule II, thereby changing the statutory valuation basis for gift-tax assessment.
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