Iowa Code 450.57 – Tax deducted from legacy or collected
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 450.57
- Legacy: A gift of property made by will.
- Legatee: A beneficiary of a decedent
- Person: means any individual, firm, association, partnership, joint stock company, joint adventure, corporation, trustee, agency, or receiver, or any legal representative of any of the foregoing. See Iowa Code 453A.42
- property: includes personal and real property. See Iowa Code 4.1
Every personal representative or referee having in charge or trust any property of an estate subject to tax which is made payable by the personal representative or referee, shall deduct the tax from the property or shall collect the tax from the legatee or person entitled to the property and pay the tax to the department of revenue, and the personal representative or referee shall not deliver any specific legacy or property subject to tax to any person until the personal representative or referee has collected the tax.