Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22

| it shall be lawful for the - tax
commission or public administrator,
anime said securities or assets at any
| time before such delivery or transfer.
Failure to serve such notice or to al
low such examination or to retain a
sufficient portion or amount to pay
such tax as herein provided, shall
| render said safe deposit company, trust
company, bank, or other institution,
person or persons, or such Foreign or
ment Of the tax due upon said securt--
ties or assets in = pursuance OF
the provisions Of the Inheritance tax
laws. The tax commission may issue
Of any such stock, securities or assets
whenever it appears to the satisfaction
Of the commission that no tax is due
thereon.
statutes is repealed
Section 8. Subsection 3 of section
10S7-12 and subsection l of section
1878 of the statutes are amended
to read: (Section 1087-12) 3. The
county court and the judge thereof at
the seat of government shall have jur-
isdiction to hear and determine
all questions relating to the deter
ance taxes in the estates Of nonresi-
dent decedents in which a tax appears
to be due, and in which it does not
otherwise appear necessary for regular
administration TO U0 ndd Cn6T6lu. AUu
in such estates the public administra-
tor may be appointed as special ad-
ministrator for the purposes of such
adjustment. The county treasurer shall
retain for the use of the county out of
all such taxes paid and accounted for,
only one per cent, and the balance, less
the statutory expenses OF collection
and adjustment as fixed by the court,
shall be paid into the state treasury;
provided. however, that the minimum
fee to which the county shall be en-
titled shall be y = y three dollars in
each case and that in no case shall the
dred dollars; and the judge shall be
paid two dollars for each such case.
(Section 1087-13) y The county
court, upon the application Of any in
terested party, including the *tax
commission and public administrator
or upon it's own motion, shall as often
as and whenever occasion may require,
appoint a competent person as special
appraiser to fix the fair market value
at the time of the transfer thereof of
the property of persons whose estate
shall be subject to the payment of any
tax imposed by sections 1851 to
1087-24, inclusive.
Section 8. Subsections 2, 8, 4, and
6 of section 10S7--13 Of the statutes
are repealed.
Section 10. Section 1os7--15 and 1887
lie of the statutes are amended to
read: (section 1OS7-15) /. y The
report of the special appraiser shall
be made in duplicate and not less than
twenty days before the hearing there
on one of said duplicates shall be filed
in the office Of the county court and
the other shall be mailed to the tax
commission. At the time and place of
hearing the administration account the
county court shall examine such re-
port, and from the report and other
proofs relating to any such estate shall
Forthwith determine the cash value of
such estate and the amount Of tax to
which the same is liable; or, the
county court without appointing such
appraiser may at the time so fixed hear
evidence and determine the cash value
of such estate and the amount Of tax
to which the same is liable.
2. Notice of such hearing to
determine the inheritance tax shall be
given in the same manner and may
be included in the notice of hearing
the administration account as provided
in section 1891, except where it is
clearly evident that no tax is due; and
the hearing to determine such tax shall
be held at the same time and place as
the hearing provided in said section
1891 or at such other time as the court
may order. But notice in writing Of
such hearing shall be mailed to the
public administrator and to the tax
commission not less than twenty days
before such hearing upon such blanks
and containing such information as the
tax commission may provide.
8. If the county court without APP
pointing such special appraiser decide to
hear evidence as to the cash value of
the estate for inheritance tax purposes,
the court may, at the time of the APP
pQintment of the regular appraisers of
the estate, or at any time thereafter, on
it's own motion, or on motion of the
public administrator, designate an ad
ditional third appraiser to represent
the county and state, and such addi-
tional appraiser shall report the in
ventory and appraisal Of said property
| t5oa fcnr In,
of failure to agree, in separate re-
port, and be entitled to compensation
of three dollars per day for each day
necessarily employed in such appraisal
paid on the certificate Of the county
judve by the county treasurer out of
any of the states Inheritance tax funds
he may have in his possession.
a. The commissioner Of insurance
shall, on application Of any county
court or of the tax commission, deter
mine the value of any such future or
contingent estates, income, or interests
therein, limited, contingent, dependent,
or determinable upon the life or lives
Of the person or persons in being upon
the facts contained in such special ap-
praiser's report or upon the facts con-
determination and certify the same to
the county court, and his certificate
shall be presumptive evidence that the
method Of computation adopted therein
is correct
5. Whenever a transfer Of pro-
perty is made upon which there is, or
in any contingency there may be, a
tax imposed, such property shall be ap
praised at its clear market value i'm
mediately upon the transfer or as soon
thereafter as practicable. The value
Of every future or limited estate, in
come, interest, or annuity dependent
upon any life or lives in being, shall be
determined by the rule method and
standard Of mortality and value en-
ployed by the commissioner of insur-
ance in ascertaining the value Of poll
cies of life insurance and annuities for
the determination Of liabilities of life
insurance companies, except that the
rate of interest for making such COM
putation shall be five per cent per an
mum.
6. u In estima ting the value Of
any estate or interest in property to
the beneficial enjoyment or possession
whereof there are persons or corpora
lions presently entitled thereto, no al
lowance shall be made in respect Of
any contingent incumbrance thereon
nor in respect of any contingency upon
the happening of which the estate or
property or some part thereof, or in
terest therein, might be abridged, de-
feated or diminished; provided, how
bof in, ba Of iYc,