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59 chapters · 1,000 sections in this title.
Iowa Code § 450B.1 Definitions.
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As used in this chapter , unless the context otherwise requires: 1. “Internal Revenue Code” means the same as defined in section 422.3 . 2. “Qualified real property” , “qualified use” , “cessation of qualified use” , and “qualified heir” mean the same as defined in section 2032A …
Iowa Code § 450B.2 Alternate election of value for qualified use.
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1. Notwithstanding section 450.37 , the value of qualified real property for the purpose of the tax imposed under chapter 450 may, at the election of the taxpayer, be its value for the use under which it qualifies as prescribed by section 2032A of the Internal Revenue Code. A tax…
Iowa Code § 450B.3 Additional inheritance tax applicable.
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There is imposed upon the qualified heir an additional inheritance tax if, within ten years after the decedent’s death and before the death of the qualified heir, the qualified heir disposes of, other than to a member of the family, any interest in qualified real property for whi…
Iowa Code § 450B.5 Ratio of applicable tax.
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The amount of the additional inheritance tax imposed by section 450B.3 is the excess of what the tax imposed by chapter 450 would have been had the election to use the qualified use valuation under section 450B.2 not been made over the tax paid on the real estate based on qualifi…