Publisher's Synopsis
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1910 edition. Excerpt: ...payable by the acquirer--only in so far as the value of the right of usufruct in accordance with the foregoing schedule is less than the value of the object. If, for instance, a testator left to his nephew a capital of $23,800 under the condition that the annual revenue therefrom should be paid to the devisee's sister during her lifetime, and provided she is at the time of the death of the testator 50 years old, the amount of tax is calculated as follows: The annual revenue amounts to 4 per cent, equal to $952; consequently the estimated value (according to schedule) is fourteen times $952, or $13,328. The devisee would then have to pay tax on the difference; that is, $10,472, and his sister, on $13,328, or on the annual installments of $952. Upon her death no further tax is collected from the devisee. Any person inheriting property must notify the departlment of taxes thereof within two months (six months, if abroad) after obtaining knowledge. Such notification is not necessary when the property was inherited under a will published by a Hamburg court. Besides being required upon demand to submit to the department of taxes a specified list of the articles and values inherited, an heir is also required to be at the disposal of the department for any further information in the matter which it may deem fit to ask for, and one may be compelled to affirm to the truth of the statements so made. Executors and administrators are also subject to this requirement. CALCULATION OF BASIS OF TAX. The value which assets have at the time the estate falls to the heirs forms the basis for the calculation of the inheritance tax. Real estate, unless the value is otherwise satisfactorily ascertainable, is appraised by two experts, one appointed by the...
