450.37

Transcript

1 1 INHERIT T A X, §450.37 ANCE V alue computing the tax. 450.37 for the value been determined under chapter 450B , the tax shall be computed 1. Unless has of the upon based one following: of value the property in market ordinary course of trade determined under fair The a. the subsection 2 . value the alternate property , if the personal representative so elects, that has b. The of of federal tax purposes under section 2032 estate the Internal Revenue established been for election shall be exercised on the return by the personal representative or other Code. The the signing within the time prescribed by law for filing the return or before the person return, filing any time granted for of the return. of expiration extension air market value of real estate in the ordinary course of trade shall be established 2. F including values agreement to accept the agreement, as finally determined for federal by an purposes. the agreement shall be between tax department of revenue, the personal estate The in the who have an interest persons the property . representative, and If an agreement has not been reached on the a. market value of real property in the fair ordinary of trade, the director of revenue has sixty days after the return is filed to course an appraisal section 450.27 . If an appraisal request is not made within the request under value period, listed on the return is the agreed value of the real property . -day the sixty an agreement is not reached on b. fair market value of personal property in the If the course trade, the personal representative or of person interested in the personal ordinary any may appeal to the director of revenue for a revision of the department of revenue’s property determination of value and after the appeal hearing may seek judicial review of the the , ’s provisions of section 450.94, subsection 3 The relating to appeal of a director decision. of the department and review of the director ’s decision apply to an appeal determination review under and this subsection . made In and to the applicable period of limitation for examination 3. determination, addition the department make an examination to adjust the value of real property for Iowa shall inheritance tax purposes to the value accepted by the internal revenue service for federal estate tax The department shall make an examination and adjustment for purposes. value of real property at any time within six months from the date of receipt by the the the of from the personal representative for notice estate that all department the written tax matters between the estate and the internal revenue service have been federal estate o the T running of the six-month period, the notice shall be in writing in concluded. begin disposition sufficient inform the department of the final to of the federal estate tax a form with the internal revenue service and a copy of the federal obligation showing the document final and final federal adjustments of all real property values must be attached. disposition department shall an adjustment to the value of real property for inheritance tax The make purposes the accepted for federal estate tax value regardless of whether an purposes to clearance has been issued, an appraisal has inheritance obtained on the real property been indicating contrary value, whether there has been an acceptance of another value for a agreement real the department, or whether an by has been entered into by the property department and the personal representative for the estate and persons having an interest in the property regarding the value of the real property . Notwithstanding the period of real personal specified 450.94, subsection 3 , the section representative for the estate limitation in have six months from the day of final disposition of any real property valuation matter shall the for representative between the estate and the internal revenue service to claim personal the refund an overpayment a tax due to the change in of valuation of real property by the of internal revenue service. [S13, §1481-a8; C24, 27, 31, 35, 39, § 7342; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §450.37 ; Acts, ch 147, §6 ] 81 Acts, Acts, 177, §15, 38 ; 84 Acts, ch 83 §37 ; 88 ch ch 1028, §37 ; 89 Acts, ch 6, §6 ; 99 1305, Acts, ch 151, §47, 89 ; 99 Acts, ch 152, §34, 40 ; 2003 Acts, ch 145, §286 ; 2004 Acts, ch 1073, §31 450.45 Referred §450.27 , 450.44 , in , 450.47 , 450B.2 to 0) (11, 450.37 Section 2019, Iowa Code 2018 19:29:38 08 Dec Sat

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