Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1920-04-14
provements the result in whole or in
part of the application Of labor to

provements the result in whole or in
part Of the application of labor to
land.
SECTION 2. That all persons, firms,
associations, and corporations owning
land in value in excess of $4,000,
whether in possession or leased to
others, shall be subject to an excise
tax upon the privilege Of the use and
enjoyment of such excess at the rate
OF one per centum Where land is
leased and the value Of the lease is In
exsess Of $4,000, such value shall be
deducted from consideration in deter
mining the tax to be assessed against
the owner and shall be charged against
the leasee. Where the title to land
Is held in common or in entirities or
in join tenacities or subject to estate
of dover or life title and entire owner
ship has value in excess of 100000,
then the several owners shall pay an
excise tax based upon their proper
tionate share in the ownership, and for
the purpose of estimating the value
of the proportionate share Of those
owning estates less than an unquali-
fled fee simple, the Commissioner Of
Internal Revenue shall establish rules
based upon average life expectancy or
otherwise as the case may be.
SECTION 8. That 1t shall be the duty
of every owner of any interests in land
including those holding an active trus-
teeship, held either in fee or in lease,
the value of the fee or lease of which
is in excess of $4,000 to report his
interests therein before March LIST Of
each year to the Commissioner of In
ternal Revenue on blanks to be pre-
pared by him. Such blanks shall con-
tain, among other things, provisions
for the following information:
Tracts in which an interest is held
and nature and extent of interest,
price paid by taxpayer or. II he receiv-
ed the same as q gift or Inheritance the
amount paid by the predecessor In in
terest for the entire tract with its i'm
provements, If any; valuation placed
upon entire land Tor lease or inter-
est herein) by taxpayer; offers re-
ceived by taxpayer for any parcel Of
such land or interest therein within
the two previous years; price at which
taxpayer within such period has Of
fered land or any part thereof for
sale; value Of improvements upon land
and price at which improvements have
been reckoned in any offer of sale;
amount spent by taxpayer or, SO far
as he knows, any other person in maxi
ing improveme net price at which
owner would be willing to sell land
with and without improvements; as
sessed value of the land for all pur-
poses with separate value OF improve
ments If given separately on tax
books. Such return shall not be con-
elusive of the value of the land, but
the Commissioner Of Internal Revenue
shall determine therefrom, and from
such data as he may obtain, the true
value of the land holdings of any tax
payer. The returns shall be as Of
the date of the preceding December
81. But in any proceeding or con-
demnation or otherwise evidence of
facts therein stated as of the date Of
the return.
It shall be the duty of the taxpayer.
in the event of the sale Of all or any
part of the land of which he has re-
ported himself to be the owner. or any
assignment of lease thereof within
the calendar year in which this re-
port is made, to report to the Commits
siOner Of Internal Revenue the price
at which said sale or assignment may
have taken place
SECTIONS 4. That 1t shall be the duty
of the Commissioner Of Internal Rev
enue on or before the first day of
June in each year to mail to the taxpay-
er a statement showing the amount
Of taxes due and payable by him, hut
a failure on his part to mail the same
or on the part Of the taxpayer to re-
ceive 1t, shall not invalidate the asses