Opinion ID: 1743575
Heading Depth: 1
Heading Rank: 2

Heading: The Probate Court's Ruling.

Text: In fixing the maximum attorney fee allowable under sections 633.197 and 633.198, the associate probate judge concluded that, in determining the maximum fee for an executor or attorney, that fee is limited by a percentage of the value of those assets taxable for Iowa inheritance tax. The statutory provision that the court applied to reduce the fee previously approved was the following: The tax imposed by this chapter shall not be collected: . . . . 5. On the value of that portion of installment payments which will be includable as net income as defined in section 422.7 as received by a beneficiary under an annuity which was purchased under an employee[']s pension or retirement plan. Iowa Code § 450.4(5). This was the statute relied on by IDRF in exempting retirement annuities valued at $537,500 from inheritance tax.