COMPILED CODE - Iowa Legislature - State of Iowa

320
§§ 4721-4723. INHERITANCE TAX. Tit. XIV, Ch. 21.
3 dollars, shall bequeath or devise or otherwise transfer any real prop-
4 erty to or for the use of persons exempt from the tax imposed by this
5 chapter, during life or for a term of years, and the remainder to a
6 person or persons not thus exempt, said property upon the determina-
7 tion of such estate for life or years, shall be appraised at its then actual
8 market value from which shall be deducted the value of any improve-
9 ments thereon, or'betterments thereto, if any, made by the remainder-
10 man during the time of the prior estate, to be ascertained and deter-
11 mined by the appraisers and the tax on the remainder shall be paid by
12 such remainderman as provided in section forty-seven hundred twenty-
13 two of this supplement.
[S., '13, § 1481-alO; 39 G. A., ch. 38, § 8.]
SEC. 4721. Remainders.
[Repealed by 39 G. A., ch. 38, § 1.]
SEC. 4722. Life and term estates in realty to those not exempt—
appraisement—payment of tax—determination of prior estates—report—tax
to be paid by remainderman.
1 Whenever any real property of a decedent shall be subject to
2 such tax and there be an estate or interest for life or term of years
3 given to a party other than those especially exempt by this chapter,
4 the clerk shall cause such property to be appraised at the actual mar-
5 ket value thereof, as is provided in ordinary cases, and the party en-
6 titled to such estate or interest shall, within one year from the death
7 of decedent owner, pay such tax, and in default thereof the court shall
8 order such interest in said estate, or so much thereof as shall be nec-
9 essary to pay such tax and interest, to be sold. Upon the determínalo
tion of any prior estate or interest, when the remainder or deferred
11 estate or interest or any part thereof is subject to such tax and the
12 tax upon such remainder or deferred interest has not been paid, the
13 person or persons entitled to such remainder or deferred interest
14 shall immediately report to the clerk of the proper court the fact of
15 the determination of the prior estate, and upon receipt of such report,
16 or upon information from any source, of the determination of any
17 such prior estate when the remainder interest has not been appraised
18 for the purpose of assessing such tax, the clerk shall forthwith issue
19 a commission to the inheritance tax appraisers, who shall immediately
20 proceed to appraise the property as provided in like cases in section
21 forty-seven hundred twenty of this supplement, and the tax
22 upon such remainder interest shall be paid by the remainderman
23 within one year next after the determination of the prior estate. If
24 such tax is not paid within said time the court shall then order said
25 property, or so much thereof as may be necessary to pay such tax and
26 interest, to be sold.
[S., '13, § 1481-all, 39 G. A., ch. 38, § 9.]
SEC. 4723. Life estate.
[Repealed by 39 G. A., ch. 38, § 1.]