trator, or trustee, or issue a new certificate for any such share of its stock at the instance of any executor, administrator, or trustee, or transfer any registered bond or other registered evidence of indebtedness at the instance of any executor, administrator or trustee, until a permit authorizing such transfer has been issued by the board of tax commissioners, and filed with the said corporation, association, company or trust. Any such corporation, association, company or trust making such a transfer before a permit authorizing such transfer as aforesaid has been issued shall be liable for the amount of any tax which may be assessed on account of the bequest or gift of such stock, bond or other evidence of indebtedness, together with the interest thereon, to be collected in an action to be brought in the name of the general treasurer. The board of tax commissioners shall not issue such a permit until all taxes imposed on account of such bequest or gift has been paid, or the payment thereof secured by bond or deposit as hereinbefore provided. SEC. 28. The amount due upon the claim of any creditor against the estate of a decedent arising under a contract made after the passage of this act, if payable by the terms of such contract at or after the death of the deceased, shall be subject to the same tax imposed by Section 5 of this act upon a legacy of like amount. The value of net estates of decedents or the value of legacies or distributive shares in the estates of decedents, for the purposes of taxation under the provisions of Section 1 and Section 5 of this act, shall not be diminished by reason of any claim against the estate based upon such a contract, except in so far as it may be shown affirmatively by competent evidence that such claim was legally due and payable in the life time of the decedent. SEC. 29. The final account of an executor, administrator, or trustee shall not be allowed by the court having jurisdiction thereof unless such account shows, and the judge of the court finds, that all taxes imposed under the provisions of this act upon any property or interest therein belonging to the estate to be settled by said account and then payable have been paid or that the payment of said taxes has been secured by bond or deposit as hereinbefore provided, or that said property nor any interest therein is not liable for any tax imposed under this act. The certificate of the board of tax commissioners of the amount of said tax, and the receipt of the general treasurer for the amount of tax so certified, shall be conclusive as to the payment of the tax to the extent of said certification, and the certificate of said board that an estate, property or interest is not liable for any tax imposed by this act shall be conclusive of that fact. SEC. 30. Except as otherwise provided in this act, every net estate, inheritance, devise, bequest, legacy or gift upon which a tax is imposed under this act shall be appraised at its full and fair cash value as of the date of the death of the decedent. SEC. 31. If upon the decease of a person leaving an estate liable to a tax under the provisions of this act, a will disposing of such estate is not offered for probate or an application for administration is not made within three months after such decease, the board of tax commissioners may in its discretion, with the approval of the attorney-general, agree with the persons interested in said estate as to the value of said estate and the amount of the tax to be imposed thereon, or said board may apply to the probate court for the appointment of an administrator of such estate, and the probate court upon such application by said board shall appoint an administrator thereof. SEC. 32. The word "person" wherever used in this act shall be construed to extend to and include corporations, associations, joint stock companies and business trusts. SEC. 33. Sections 20 to 32, inclusive, of this act shall apply to the taxes imposed under the provisions of Section 1 and Section 5 of this act. SEC. 34. This act shall take effect upon its passage, and may be cited as the " Inheritance Tax Act of 1916." Additions of gains made in reducing certain intangible personalty Administration, expenses of, allowed as deduction. Tax Commissioners may apply for appointment of, when.... Agreement for settlement of tax, Board of Tax Commissioners authorized to make.... Allowance made by probate court for support of widow and family, allowed as deduction... Allowance of claims subsequent to payment of tax, refund when, and how.. of final account of executor, etc.. American Experience Table to be basis for figuring value of life Attendance of witnesses, In re appraisal of estates, may compel.... 24 Attorney General, to approve of agreements for settlement of taxes. B. Banks within State not to transfer stocks, bonds, etc., for any execu- tor, etc., without permit. . . . Before passage of Inheritance Tax Act, certain deeds, grants, etc., Beneficial interest, classification and rates of taxation on. contingencies to abridge or defeat enjoyment of, no allow- Beneficially entitled, etc., tax imposed when.. { Beneficiaries, names and addresses of, to be included in inventory.... 22 18 to charitable, religious, etc., organization, exempt, how and of executor, date of basis for computing interest, and allow- Bonds and stocks in corporations, values of, how made. . transfer of, permit to be granted before. Brother, tax on beneficial interest of.. C. Cash value, tax to be assessed on basis of full and fair cash value. .3, 10 4, 11 Certification of amount of tax. of deposit to cover tax... City or town for public purposes, exemption in case of transfer of property to... 9 10 |