Aggregation of gifts: taxable gifts from prior years are combined with current-year gifts and taxed on the aggregate. Where an assessee made taxable gifts in a previous year and in one or more of the four immediately preceding previous years, the value of those prior-year taxable gifts shall be aggregated with the value of taxable gifts made in that previous year and gift-tax calculated on the aggregate at the assessment-year rates; from that tax there shall be deducted the tax that would have been payable had the prior-years' gifts alone been aggregated and taxed at those rates, the balance being the gift-tax payable for the assessment year.
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Provisions expressly mentioned in the judgment/order text.
Aggregation of gifts: taxable gifts from prior years are combined with current-year gifts and taxed on the aggregate.
Where an assessee made taxable gifts in a previous year and in one or more of the four immediately preceding previous years, the value of those prior-year taxable gifts shall be aggregated with the value of taxable gifts made in that previous year and gift-tax calculated on the aggregate at the assessment-year rates; from that tax there shall be deducted the tax that would have been payable had the prior-years' gifts alone been aggregated and taxed at those rates, the balance being the gift-tax payable for the assessment year.
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