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ficiary, either in abridging, defeating, or diminishing the property, or interest therein, or income therefrom as aforesaid, a return shall be made to the person properly entitled thereto of a proportionate amount of the tax theretofore paid upon said property, in respect of the amount or value of the contingency when taking effect, or so much as will reduce the same to the amount which would have been assessed in respect of the actual duration or extent of the interest enjoyed. Such refund shall be made by the general treasurer, upon notification by the board of tax commissioners of the correct, amount thereof, without any further act or resolution making appropriation therefor. The foregoing provisions shall not apply to an estate for life or for years which can be abridged, defeated, or diminished by the act or omission of the legatee or devisee; such estates shall be taxed as if there were no possibility of such abridging, defeating, or diminishing

SEC. 15. When property is transferred or limited, in trust or otherwise, and the rights, interests, or estate of the transferees or beneficiaries are dependent upon contingencies or conditions whereby they may be wholly or in part created, defeated, extended or abridged, a tax shall be imposed upon such transfer at the lowest rate which on the happening of any said contingencies or conditions would be possible under the provisions of this act, and such tax so imposed shall be due and payable forthwith by the executors or trustees out of the property transferred: Provided, however, that on the happening of any contingency or condition whereby said property or any part thereof is transferred to a person who under the provisions of this act, is required to pay a tax at a higher rate than the tax imposed, then such transferee shall pay the difference between the tax imposed and the tax at the higher rate, and the amount of such increased tax shall be enforced and collected as provided in this act.

Sec. 16. Estates in expectancy which are contingent or defeasible and in which proceedings for determination of the tax have not been taken or where the taxation thereof has been held in abeyance shall be appraised at their full and fair cash value when the persons entitled thereto shall come into beneficial enjoyment or possession thereof, without diminution for or on account of any valuation heretofore made of the particular estate for the purpose of taxation upon which said estate in expectancy 'may be limited.

Sec. 17. (As amended by Pub. Laws, 1946, May 5, 1920.) Whenever a decedent appoints one or more executors or trustees and in lieu of their allowances or commissions makes a bequest or devise of property to them which would otherwise be liable to a tax under this act, or appoints them his residuary legatees, and said bequests, devises or residuary legacies exceed what would be a reasonable compensation for their services, as determined by the board of tax commissioners, such excess shall be taxable as a transfer under the provisions of Section 5 of this act.

SEC. 18. Unless the will or other instrument under which any gift or transfer is made shall direct the taxes imposed by Section 5 of this act to be paid from the residue or as an expense of administration, and the residue is sufficient to pay such taxes, the following provisions shall apply: Any executor, administrator, or trustee having in charge or in trust any legacy or property for distribution subject to the tax imposed by Section 5 of this act shall deduct such tax therefrom. If such legacy or property be not in money, he shall collect the tax thereon upon the value thereof as determined by the

board of tax commissioners from the person entitled thereto. He shall not deliver or be compelled to deliver any specific legacy or property subject to tax under Section 5 of this act to any person until he shall have collected the tax thereon. If any such legacy shall be charged upon or payable out of real property the heir or devisee shall deduct such tax therefrom and pay the same to the executor, administrator or trustee and the tax shall remain a lien or charge on such real estate until said tax is paid, and the payment thereof shall be enforced by the executor, administrator or trustee in the same manner that payment of the legacy might be enforced. If any such legacy shall be given in money to any person for a limited period the executor, administrator or trustee shall retain the tax upon the whole amount; but if not in money, he shall make application to the board of tax commissioners to make an apportionment, if the case require it, of the sum to be paid into his hand by such legatees, and for such further order relative thereto as the case may require. Legatees, distributees, or other donees shall be personally liable for the taxes imposed by Section 5 of this act until the same are paid over by them to the executor, administrator, or trustee: Provided, however, that if the will or other instrument directs the payment of such taxes from the residue or as an expense of administration, the said liabilities shall continue until the said taxes are received by the general treasurer or bond is filed as provided in Section 11 of this act.

SEC. 19. (As amended by Pub. Laws, 1946, May 5, 1920). The board of tax commissioners, with the approval of the attorney-general, may effect such settlement of the amount of any taxes imposed by this act as they shall deem to be for the best interests of the state, and the payment of the amount so agreed upon shall be a full satisfaction of such tax. The agreement of the executor, administrator 'or trustee to such settlements shall be binding upon all persons taking property subject to said taxes, except for fraud, or the manifest error of such executor, administrator or trustee: Provided, however, that settlement as to any tax upon gifts or transfers of real estate where no conveyance is made by such executor, administrator or trustee, shall be effected with the person or persons receiving the real estate, or interest therein, which is subject to said tax. Whenever a clerical or palpable error or mistake shall have been made in any inventory or supplemental statement heretofore or hereafter filed with the board of tax commissioners under the provisions of this act concerning any matter of information, or in entering amounts or figures, in such inventory or supplemental statement, the board of tax commissioners may correct the same, reassess the tax and recertify the amount thereof to the general treasurer who shall receive and collect the tax as recertified if said tax has not been paid into the state treasury; if said tax has been paid into the state treasury the general treasurer shall receive and collect any additional amount due or shall refund any overpayment to the executor, administrator or trustee or to the person by whom the tax is paid without any further act or resolution making appropriation therefor, after obtaining the approval of the attorneygeneral for such refund; and provided, that not more than two years shall have elapsed from the payment of said tax.

SEC. 20. Whenever it shall be necessary in the settlement of any estate to retain property or funds for the purpose of paying the claim of any creditor, the amount or validity of which is contested and is not determined, the payment of the whole or a proportionate part of the tax may be suspended, by and with the approval of the board of tax commissioners, to await the disposition of such claim.

SEC. 21. Every executor, administrator or trustee shall have full power to sell, upon application to the probate court, so much of the property of the decedent as will enable him to pay any tax imposed by this act in the same manner as he might be entitled by law to do for the payment of the debts of the testator or intestate.

SEC. 22. (As amended by Pub. Laws, 1946, May 5, 1920.) Every executor and administrator appointed by any probate court of this state, shall within thirty days after his appointment, file with the board of tax commissioners an inventory under oath showing the full and fair cash value of the estate both real and personal of the decedent whom such executor or administrator represents, also the names and addresses of all persons known to be interested in such estate as beneficiaries thereof, and shall within one year thereafter file with said board of tax commissioners a further statement under oath showing the gain or loss in the value of such estate during the settlement thereof, the amounts paid out from such estate for claims, expenses, charges, fees and allowances enumerated in Section 2 of this act, and such statement shall also set forth the names and addresses of all persons entitled to take any share or interest of said estate as legatees or distributees thereof, and the fair cash value of each such share and interest. Whenever any person during his life shall appoint a trustee, naming himself or others as beneficiaries, and providing for the administration of said trust after his death, or providing for a termination of said trust and a distribution of the trust estate or any part thereof at his death, all persons acting as such trustee or trustees shall within thirty days after the death of the creator of such trust, file with the board

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