Evening star., 1932-03-15

gain, In falling market II would lose
and In constant market there would
De little difference. After pointing out
that the result might be grossly in
equitable under the Mapes plan, the
bureau continues:
Under the rule specified in the bill
a sale OF securities rejecting the fair
market value might be made shortly
after the death of the transferor, yet
that value would be rejected in favor
OF theoretical value. Again. stocks
may have dropped steadily for the three
months preceding the decedent's death
ana at the end Of two months there
after. the time the estate tax Is due,
might show no probability of improving
In the near future, yet the value would
be buoyed up by the average of the first
three months. The ranging Of values
Tor other Intangible property over a
period of six months is equally objec-
tlonable. 1t could not be applied prac-
tlcally to such intangible assets as good
VIII, patents, trade marks, etc. In
valuing assets of this nature conditions
1or three to five years prior to the date
OF appraisal are usually considered"
Definite Assessment Date.
The eighth change refers to definite
assessment date" and recommends re-
writing the section under which the
Mapes bill would have the assessment
made within 80 days after the COM
pletion of the inventory of the estate
by the Probate Court, unless satisfac-
tory reason shall be presented why such
assessment cannot be made within said
period, IN which case said commission
ers shall have power to extend the
period"
The bureau points out that under
certain circumstances, such as where
the administrator or executor Is residu-
ary legatee, an inventory need not be
filed with the Probate Court. They
found from the register of wills that
only about half the cases in his office
have inventories and they state that
because of this fact, the reference to
completion of the inventory would be
1nappicable In many cases" The bu-
reau therefore suggests that this sec
ton make it the duty of the commits
sioners to assess the tax within 80
days after the due date Of the sworn
inventory" thus leaving out reference
in the Mapes bill to the Probate Court.
The ninth change relates to "specifi-
cation of appeal procedure"
The bureau points out that the
Mapes bill contains only very gen.
eral provision as to the manner of tax
ing appeals from assessments Of the
commissioners" The bureau says that
in estate tax matters definite rules of
procedure greatly facilitate administra-
ton of the law. After pointing out that
many States allow the right Of appeal
to the court handling probate matters,
the bureau recommends adding the fol-
lowing paragraph:
1.-THE Supreme Court Of the District
Of Columbia, holding term as Probate
Court, shall have Jurisdiction to hear
and determine controversies arising in
connection with taxes imposed under
this act" The proposed amendment
would allow the exc Itor, administrator
or other interested parties, If not salts
fed with the der ion of the commits
sioners, to file petition in the Probate
Court within so days after notice Of the
assessment, asking for determination
of the facts, provided the grounds Of
appeal must be stated in the petition.
The Probate Court would be empow-
cred to ascertain the correct tax,
whether greater or less than the as
sessment of the commissioners. Any