JOINT AND SURVIVOR ANNUITIES.

SEC. 303. JOINT AND SURVIVOR ANNUITIES. (a) Amendment of Section 22 (b) (2).—Section 22 (b) (2) is amended by adding at the end thereof the following new subparagraph: “(C) Joint and Survivor Annuities.—For purposes of subparagraphs (A) and (B) of this paragraph, where amounts are received by a surviving annuitant under a joint and survivor’s annuity contract and the basis of Such survivor annuitant’s interest is determined under section 113 (a) (5) the consideration paid for such survivor’s annuity shall be considered to be an amount equal to such basis.” (b) Amendment of Section 113 (a) (5).—Section 113 (a) (5) is amended by adding at the end thereof the following: “For the purposes of this paragraph, the survivor’s interest in a joint and survivor’s annuity shall be considered to be property ‘acquired by bequest, devise, or inheritance’ from the decedent if the death of the decedent was after December 31, 1950, and if the value of any part of such interest was required to be included in determining the value of the decedent’s gross estate under section 811.” (c) Effective Dates.—The amendments made by this section shall be applicable to taxable years ending after December 31, 1950.