Publisher's Synopsis
Excerpt from The Revenue Bill of 1935: Report (to Accompany H. R. 8974)
Inheritance-tax returns are required to be filed by the executor and the tax paid within 18 months after the death of the decedent. How ever, the Commissioner is given authority to extend the time for pay ment of the tax, not to exceed 10 years from the due date. Interest is collected at the rate of 3 percent per annum for the first 3 years from the expiration of 6 months after the due date of the tax, and then at the rate of 6 percent per annum to the date of the expiration of the period of the extension. Thereafter, interest is collected at the rate of 12 percent per annum. The period for assessment of the tax is 10 years after the return was filed, and the period for collection is 6 years after the date of assessment. Special rules apply in the case of false or no returns and contingent interests. The tax is collected by the executor from each beneficiary or de ducted and withheld from any property in the executor's possession or control which is transferred to such beneficiary. To avoid the hardship of a forced sale, each beneficiary may at his option pay the tax outright instead of having it deducted from the property trans ferred to him. If the will or other instrument of transfer provides for the payment of the tax out of specific property, the executor may so pay it without affecting the rights of the United States. The bill provides for a lien upon the property for a period of 14 years from the date of the death of the decedent. An exception is made in the case of property which is used for the payment of charges against the estate and expenses of its administration allowed by any court having jurisdiction thereof. If the Commissioner is satisfied that the tax liability has been fully discharged or provided for, he is authorized under regulations approved by the Secretary to issue a certificate releasing the lien. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
