COMPILED CODE - Iowa Legislature - State of Iowa

313
Tit. XIV, Ch. 21. INHERITANCE TAX. § 4704-al.
5 estate or property is, at the death of the decedent owner within this
6 state, or is subject to the jurisdiction of the courts of this state, or
7 thereafter is brought within this state and becomes subject to the
8 jurisdiction of the courts of this state ; or the property of any decedent,
9 domiciled within this state at the time of the death of such decedent,
10 even though the property of such decedent so domiciled was situated
11 outside of the state, except real estate located outside of the state, pass-
12 ing in fee from the decedent owner, which shall pass in any manner
13 herein described shall be subject to tax as herein provided.
14 The tax hereby imposed shall be collected upon the net market
15 value and shall go into the general fund of the state to be determined
16 as herein provided, of any property passing:
17 1. By will or under the statutes of inheritance of this or any
18 other state or country.
19 2. By deed, grant, sale, gift, or transfer made in contemplation of
20 the death of the grantor or donor, or any such deed, grant, sale, gift,
21 or transfer made or intended to take effect in possession or enjoyment
22 after the death of the grantor or donor.
23 3. Under power of appointment hereafter exercised whether the
24 power was created before or after the taking effect of this chapter.
25 4. Property which is held jointly or as tenants in the entirety by
26 the decedent and any other person or persons or any deposit in banks,
27 or other institution in their joint names and payable to either or to
28 the survivor, except such part as may be proven to have belonged to
29 the survivor; or any interest of a decedent in property owned by a
30 joint stock or other corporate body whereby the survivor or survivors
31 become beneficially entitled to the decedent's interest upon the death
32 of a share holder. The tax imposed upon the passing of property under
33 the provisions of this paragraph shall apply to property held under
34 all such contracts or agreements whether made before or after the
35 taking effect of this chapter.
36 5. When the decedent shall have disposed of his estate in any
37 manner to take effect at his death with a request secret or otherwise
38 that the beneficiary give, pay to, or share the property or any interest
39 therein received from the decedent, with other person or persons, or
40 to so dispose of beneficial interests conferred by the decedent upon the
41 beneficiaries as that the property so passing would be taxable under the
42 provisions of this chapter if passing directly by will or deed from the
43 decedent owner to those to receive the gift from the beneficiary, com-
44 pliance with such request shall constitute a transfer taxable under the
45 provisions of this chapter, at the highest rate possible in like cases of
46 transfers by will or deed.
[C, '97, § 1467 ; S., '13, § 1481-a ; 39 G. A., ch. 38, § 2.]
SEC. 4704-al. Estates, transfers, bequests and devises not taxable.
1 The tax imposed by this chapter shall not be collected :
2 1. When the net value of the estate of decedent passing to the
3 beneficiaries named in class two of section forty-seven hundred four-a
4 six of this supplement, after deducting the debts as defined herein, does
5 not exceed the sum of one thousand dollars, provided, however, that
6 where such net value of such estate exceeds one thousand dollars then
7 the whole of said net estate shall be subject to said tax.