Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1916-09-29
EXECUTORS MUST
REPORT ESTATES
NEW FEDERAL REVENUE LAW
DEMANDS GOVERNMENTS
SHARE FOR TAX
ESTATES OF $4,000
WILL BE ASSE SSED
New Law Requires Executors or Ad-
n,inistrators to Report to Revenue
Collector Estates over 100000 Of Per.
sons Who Die After Sept. s-Heirs
Also Assessed.

All good sized estates and heirs tc
! estates or parts of estates of over {
stipulated value will nave to contribute
| their share to the federal government
The new internal revenue law. passed
| in the last days of congress, that levies
tax upon estates and requests, be-
| came effective Sept. s. Notice TO thai
| effect, and a warning to executors. ad.
ministrators. and heirs OF the provis-
ions of the law, have been received by
Clerk of Courts s. H. Reilly from Louis
Murphy. collector of internal revenues
| at Dubuque.
The law levieS a tax on estates OF
a gross value exceeding 100000 or of a
net value of over $4,000. Heirs of es-
tates of a gross value of $4,000, or net
value of $4,000 where there is no eX-
ecutor or administrator, are likewise
subject to the tax.
Must Notify Collector.
The law requires that executors and
administrato tors of estates OF the value
mentioned and heirs OF such estates
| that have no executor or administra-
tor must notify the federal revenue
| collector at Dubuque and learn the de-
tailed requirements of the law. En-
eCutors and administrators of estates
| of a gross value of over $4,000, or OF
! a net value exceeding $500 are re-
| quired to notify the collector OF inter
nal revenue within thirty days of the
| issuance OF letters of administration, or
within thirty days from the date OF
coming into possession of the property
of a Giecedent who has died after Sept
Is.
r Rega riding where there is no eXecu-
| tor or administrator the notice reads:
Where there is no executor or admin :
istrator any person coming into pos
session OF any property OF a decedent
whose total property exceeds gross
value Of $50. 600, or a net value OF $780,
900. is required to file similar notice
within thirty days of possession
includes All Property.
The gross estate for tax purposes
under this law includes property pass
ing by deed Of trust, decedent's inter-
est in joint bank accounts. material
gifts made within two years prior TO
death. and any other property which
may come into the charge of the adj
mlnisrrator or executor, Who, never
| theless is required to make return and
! pay taxes thereon.
| The notice gives this warning: Il,
| is important. therefore, that every ex-
| eeutor and administrator having rea-
son TO believe that the total propert!
passing by rea son Of the death of G
! decedent viii exceed the gross value OF
! $50, 900. or the net value OF $4,000. anc
all executors. administrators or hene-
! ficiaries OF a. deceased non resident
should file the required notice and as
certain from the collector OF interna
revenue the full requirements OF the
| law. This notice is required 2 in the
! case of all property. regardless OF
amount. owned in America by a non
| resident. The tax is due one year from
date OF. death. \ discount is allowed
| for payment in advance. Interest i:
added 10 overdue taxes"
The law viii levy tax on quite Z
.ood many estates in this county. az
estates of a net value Of $4,000 OF
more are becoming quite common.