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FEDERAL REGISTER, Wednesday, August 7, 1940
the General Manager, and requests for authority to sell non-expendable prop erty or to sell or otherwise dispose of expendable property including waste paper shall be submitted to the Pur chase and Supply Section in the Home Office on Form 741, on which the ac countable Regional or State Manager shall indicate the justification for sale or other disposition.
Competitive bids shall be obtained by mailing Invitations to Bid, Form 629, to concerns and individuals, also by posting notice in a public place and by personal solicitation. Expendable property and waste paper shall be offered for sale on a lump sum basis when feasible. It shall be permissible for employees of this Cor poration to bid in open competition on any sales proposal.

after such date, the total amount of tax pay able under this chapter shall be 10 per centum greater than the amount of tax which would be payable if computed without regard to this section. For the purposes of this sec tion, the tax computed without regard to this section shall be such tax after the appli cation of the credits provided for in section 813 and section 936.

2. Section 80.1, Title 26, Code of Fed eral Regulations first paragraph of article 1 is amended to read as follows:
80.1 Estate taxc. Federal estate taxation under chapter 3 of the Internal Revenue Code, as amended, consists of, first, the basic estate tax, second, the additional estate tax, and third, if the decedent died after June 25, 1940, and before June 26, 1945, the defense tax.
The defense tax is 10 per cent of the total of the net basic estate tax and the net additional estate tax such total being the amount computed after the application of any credits authorized for gift, estate, inheritance, legacy, or suc cession taxes.

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approved June 25, 1940, such regulations are amended as follows:
1. Insert immediately preceding 85.5
of such Title 26 article 51:
S ec . 207. G ift
tax R evenue Act of 1940.
Section 1001 of the Internal Revenue Code is amended by adding at the end thereof the following new subsection:
d Defense tax for 1940-1945. Despite the provisions of subsection a
1 The tax for each of the calendar years 1941 to 1945, both inclusive, shaU be an amount equal to the excess of A 110 per centum of a tax, computed in accordance with the Rate Schedule here inbefore set forth, on the aggregate sum of the net gifts for such calendar year and for each of the preceding calendar years, over B 110 per centum of a tax, computed in accordance with the said Rate Schedule, on the aggregate sum of the net gifts for each of the preceding calendar years.
2 The tax for the calendar year 1940
shall be the sum of A the tax computed under subsection a, plus B an amount which bears the same ratio to 10 percentum of the tax so computed as the amount of gifts made after the date of the enactment of the Revenue Act of 1940 bears to the total amount of gifts made during the year. For the pur poses of this paragraph, the term gifts does not include gifts which, under section 1003
b 2, are not to be Included in computing the total amount of gifts made during the calendar year 1940, or gifts which, in the case of a citizen or résident, are allowed as a de duction by section 1004 a 2, or gifts which, in the case of a nonresident not a citizen of the United States, are allowed as a deduction by section 1004 b
Effective date August 15, 1940
Above p r o c e d u r e promulgated by General Manager and General Counsel pursuant to authority vested in them by the Federal Home Loan Bank Board act ing pursuant to Secs. 4 a, 4 k of 3. Insert the following paragraph im Home Owners Loan Act of 1933, 48 Stat. mediately after the first paragraph of 129, 132, as amended by Section 13 of 80.8, Title 26, Code of Federal Regula the Act of April 27, 1934, 48 Stat. 647: tions article 81:
12 UB.C. 1463 a , k.
The defense tax, applicable if the seal J. F rancis M oore, decedent died after June 25, 1940, and Secretary.
before June 26, 1945, is obtained by F. R. Doc. 40-3262; Piled, August 6, 1940; computing 10 per cent of the total net 10:47 a. m.
tax the total net tax being the sum of 2. Section 85.5 of such Title 26 article the net basic tax and the net additional 5 is amended by striking out the last tax.
sentence of the first paragraph and the whole of the second paragraph and sub This Treasury decision is issued under TITLE 26INTERNAL REVENUE
the authority contained in section 951 stituting in lieu thereof the following:
CHAPTER IBUREAU OF INTERNAL of the Internal Revenue Code, as added If the return is for a calendar year prior REVENUE
by section 206 of the Revenue Act of to 1940 or subsequent to 1945, the amount 1940 Public, No. 656, 76th Cong., 3d remaining after such subtraction is the T. D. 4995
Sess., approved June 25, 1940, and sec tax for such calendar year.
P art 80E state T ax U nder the R eve tion 3791 a 1 of the Internal Reve If the return is being prepared for the nue code 53 Stat., 467.
nue A cts of 1926 and 1932 as A mended calendar year 1941, 1942, 1943, 1944, or seal T imothy C. M ooney, 1945, the defense tax ijnposed by subsec DEFENSE TAX FOR FIVE YEARS
Acting Commissioner.
tion d of section 1001 of the Internal Revenue Code, as added by section 207
In order to conform Regulations 801 Approved, August 1, 1940.
of the Revenue Act of 1940, must be Part 80, Title 26, Code of Federal Regu J ohn L. S ullivan, lations, as made applicable to &le Inter Acting Secretary of the Treasury. ascertained by computing 10 per cent of the tax determined in the manner nal Revenue Code 53 Stat., Part 1 by Treasury Decision 4885, approved Feb P. R. Doc. 40-3248; PUed, August 5, 1940; set forth in the first paragraph of this 3:54
p.
m.
article. For any such calendar year the ruary 11,1939 Part 465, Subpart B, Title total amount of tax payable i s . the 26, Code of Federal Regulations, 1939
amount determined in the manner ex Sup. to the Revenue Act of 1940 Public plained in th at paragraph plus the de No. 656, 76th Cong., 3d Sess., approved T. D. 4996
June 25, 1940, such regulations are P art 85G if t T ax U nder the R evenue fense tax of 10 per cent thereof. In the case of a return for the calendar year amended as follows:
Act of 1932, as Amended 1940, the amount of the defense tax to 1. Insert immediately preceding 80.1
be added is that proportion of 10 per DEFENSE TAX FOR 1940-1945
of such Title 26 article 1:
cent of the tax computed in the m an In order to conform Regulations 79 ner indicated in the first paragraph of S ec . 206. E state T ax . R evenue Act of Part 85, Title 26, Code of Federal Regu this article which the total amount of 1940.
Chapter 3 of the Internal Revenue Code lations, as made applicable to the In the gifts made after June 25, 1940 de is amended by inserting at the end thereof ternal Revenue Code 53 Stat., P art 1 termined after the allowance of any the following new subchapter:
by Treasury Decision 4885,1 approved applicable exclusions authorized by sec S ubchapter CD efense T ax for F ive Years February 11, 1939 Part 465, Subpart B, tion 1003 b 2 of the Internal Reve S ec . 951. D efense tax for five years.
In the case of a decedent dying after the Title 26, Code of Federal Regulations, nue Code, or deductions for charitable, date of the enactment of the Revenue Act 1939 Sup., to the Revenue Act of 1940 etc., gifts authorized by sections 1004
of 1940 and before the expiration of five years Public, No. 656, 76th Cong., 3d Sess., a 2 and 1004 b of the Internal Revenue Code, but without the allow ance of the specific exemption or any 12 P.R. 2324.
4 F JR. 879.