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Federal estate tax was part of the Revenue Act of 1916, ch. 463,
39 Stat. 756; the act's main purpose was to raise revenue. Since
its origin in 1916, the provision including joint tenancy in the
gross estate, now incorporated in section 2040(a), has remained
substantially unchanged.12
11(...continued)
than an adequate and full consideration in money or money's
worth, there shall be excepted only such part of the value
of such property as is proportionate to the consideration
furnished by such other person: Provided further, That where
any property has been acquired by gift, bequest, devise, or
inheritance, as a tenancy by the entirety by the decedent
and spouse, then to the extent of one-half of the value
thereof, or, where so acquired by the decedent and any other
person as joint tenants with right of survivorship and their
interests are not otherwise specified or fixed by law, then
to the extent of the value of a fractional part to be
determined by dividing the value of the property by the
number of joints tenants with right of survivorship.
12 In 1919, sec. 202(c) was renumbered sec. 402(d), and the
second paragraph dealing with stock in a domestic corporation was
deleted. In the Revenue Act of 1921, ch. 134, sec. 402(d), 42
Stat. 227, 278, sec. 402(d) read as follows:
SEC. 402(d). To the extent of the interest therein held
jointly or as tenants in the entirety by the decedent and
any other person, or deposited in banks or other
institutions in their joint names and payable to either or
the survivor, except such part thereof as may be shown to
have originally belonged to such other person and never to
have been received or acquired by the latter from the
decedent for less than a fair consideration in money or
money's worth: Provided, That where such property or any
part thereof, or part of the consideration with which such
property was acquired, is shown to have been at any time
acquired by such other person from the decedent for less
than a fair consideration in money or money's worth, there
shall be excepted only such part of the value of such
property as is proportionate to the consideration furnished
by such other person: Provided, further, That where any
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