Iowa Administrative Code › Agency 701 - Revenue Department › Title VIII - Fiduciary Income Tax › Chapter 700 - Fiduciary Income Tax › Rule 701-700.2 - Confidentiality

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Confidential information.
The state and federal returns and
				accompanying schedules, and the taxpayer's books, records, documents and
				accounts of any person, firm or corporation are held confidential, except the
				information which is deemed a public record by state and federal law. See
				26 U.S.C. Section
				6103 of the Internal Revenue Code pertaining
				to the confidentiality and disclosure of federal tax returns and federal tax
				return information. See rules
				701-6.3 (17A) and
				701-38.6 (422) regarding the
				confidentiality of a decedent's individual income tax returns.
(2)
Information not
				confidential.
Copies of wills, probate inventories, trust instruments,
				deeds and other documents which are filed for public record are not
				confidential. The fact alone that a return has or has not been filed with the
				department is not confidential information. 1976 Op. Att'y. Gen. 679.
(3)
Documents to be filed.
a.
Estates of Iowa
				decedents.
A copy of the inheritance tax return and probate inventory
				required by Iowa Code section
				633.361 and 701-subrule 86.2(2)
				(relating to inheritance tax) and a copy of the decedent's will in testate
				estates shall be filed with the first fiduciary return of income, unless
				previously filed with the department for inheritance tax purposes.
b.
Nonresident decedents-ancillary
				administration.
If ancillary administration has been opened for the
				estate of a nonresident decedent, a copy of the inheritance tax return and
				probate inventory and a copy of the decedent's will in testate estates shall be
				filed with the department, subject to the same conditions and requirements in
				estates of resident decedents. If ancillary administration has not been opened
				for a nonresident decedent with Iowa taxable income, a copy of the inventory
				filed in the primary estate, or the portion of the inventory listing the
				property generating the Iowa income and the decedent's will in testate estates,
				must be filed with the department with the first fiduciary return of
				income.
c.
Inter vivos
				trusts.
Inter vivos trusts with a situs in Iowa and inter vivos trusts
				with a situs outside Iowa with Iowa taxable income shall submit to the
				department with the first fiduciary return the following:
(1) a copy of the trust instrument;
(2) a list of the trust assets (those
				generating Iowa taxable income in case of trusts with a situs outside Iowa);
				and
(3) an estimate of the fair
				market value of each asset. If the trust instrument is amended or additional
				assets are added to the trust corpus (additional assets which generate Iowa
				taxable income in case of trusts with a situs outside Iowa), a copy of the
				amended items must be submitted to the department with the first fiduciary
				return of income following the change.
d.
Testamentary trusts.
If
				the estate was not reported for inheritance tax purposes, a copy of the
				decedent's will and a list of assets in the trust corpus in testamentary trusts
				with a situs both within and without Iowa must be submitted to the department
				with the first fiduciary return of income.
e.
Safe deposit box.
Effective July 1, 1998, there is no longer a requirement for safe deposit boxes
				to be inventoried and reported to the department prior to the delivery of the
				assets to the personal representative, transferee, joint owner or
				beneficiary.