Additional credit for gift tax revised to a smaller fractional credit with a statutory cap on the allowable adjustment. The Instruction clarifies that under the amended section 18 the assessee is entitled to an additional credit equal to a fractional portion of the gift-tax paid, subject to a statutory ceiling that the additional credit in no case exceed a specified fraction of the tax due on the gift; earlier references to the prior rate apply only to the pre-amendment position.
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Provisions expressly mentioned in the judgment/order text.
Additional credit for gift tax revised to a smaller fractional credit with a statutory cap on the allowable adjustment.
The Instruction clarifies that under the amended section 18 the assessee is entitled to an additional credit equal to a fractional portion of the gift-tax paid, subject to a statutory ceiling that the additional credit in no case exceed a specified fraction of the tax due on the gift; earlier references to the prior rate apply only to the pre-amendment position.
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