General Assembly: 81 (2005 Regular GA) - Chapter 14 - Inheritance tax fraud and transfers to minors


Published: 2005-03-21

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51 LAWS OF THE EIGHTY-FIRST G.A., 2005 SESSION CH. 14

CH. 14CH. 14

CHAPTER 14

INHERITANCE TAX FRAUD AND TRANSFERS TO MINORS

H.F. 281

AN ACT relating to certain penalties for filing false affidavits and the time for examining and determining a correct return under the state inheritance tax and increasing the amount of property that may be transferred to minors under certain conditions and including a retroactive applicability date provision.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1. Section 450.22, subsection 4, Code 2005, is amended to read as follows: 4. If a return is not required to be filed pursuant to subsection 3, and if real estate is involved,

one of the individuals with an interest in, or succeeding to an interest in, the real estate shall file an affidavit in the county in which the real estate is located setting forth the legal descrip- tion of the real estate and the fact that an inheritance tax return is not required pursuant to subsection 3. If a false affidavit is filed, the affiant and the personal representative shall be jointly and severally liable for any tax, penalty, and interest that may have been due. Any otherwise applicable statute of limitations on the assessment and collection of the tax, penalty, and interest shall not apply. Anyonewithor succeeding toan interest in real estatewhowillful- ly fails to file such an affidavit, or who willfully files a false affidavit, is guilty of a fraudulent practice.

Sec. 2. Section 450.53, subsection 2, Code 2005, is amended to read as follows: 2. a. A person in possession of assets to be reported for purposes of taxation, including a

personal representative or trustee, who willfully makes a false or fraudulent return, or who willfully fails to pay the tax, or who willfully fails to supply the information, necessary to pre- pare the return or determine if a return is required, or who willfully fails to make, sign, or file the required return within the time required by law, is guilty of a fraudulent practice. This paragraph subsection does not apply to failure to make, sign, or file a return or failure to pay the tax if a return is not required to be filed pursuant to subsection 1, paragraph “b”. b. If a false affidavit is filed, the affiant and the personal representative shall be jointly and

severally liable for any tax, penalty, and interest thatmay have been due. Any otherwise appli- cable statute of limitations on the assessment and collection of the tax, penalty, and interest shall not apply.

Sec. 3. Section 450.58, subsection 2, Code 2005, is amended to read as follows: 2. If an inheritance tax return is not required to be filed pursuant to section 450.53, subsec-

tion 1, paragraph “b”, the personal representative’s final settlement of account need not con- tain an inheritance tax receipt from the department, but shall, instead, contain the personal representative’s statement, under oath, certification under section 633.35 that an inheritance tax return is not required to be filed pursuant to section 450.53, subsection 1, paragraph “b”. If a false affidavit is filed, the affiant and the personal representative shall be jointly and sever- ally liable for any tax, penalty, and interest that may have been due. Any otherwise applicable statute of limitations on the assessment and collection of the tax, penalty, and interest shall not apply.

Sec. 4. Section 450.94, subsection 5, Code 2005, is amended by adding the following new paragraph: NEW PARAGRAPH. c. The period for examination and determination of the correct

amount of tax to be reported and due under this chapter is unlimited in the case of failure to file a return or the filing of a false or fraudulent return or affidavit.

52LAWS OF THE EIGHTY-FIRST G.A., 2005 SESSIONCH. 14

Sec. 5. Section 565B.7, subsection 3, Code 2005, is amended to read as follows: 3. If no a custodian has not been nominated under section 565B.3, or all persons so nomi-

nated as custodian die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this sectionmay bemade to an adult member of the minor’s family or to a trust company unless the property exceeds ten twenty-five thousand dollars in value.

Sec. 6. RETROACTIVEAPPLICABILITYDATE. The sectionsof thisAct amending section 450.22, 450.53, and 450.58 apply retroactively to July 1, 2004, for estates of decedents dying on or after that date.

Approved March 21, 2005

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CH. 15CH. 15

CHAPTER 15

REGULATION OF AMPHETAMINE AND METHAMPHETAMINE PRECURSORS

S.F. 169

AN ACT relating to the regulation of substances which are precursors to amphetamine and methamphetamine and providing a penalty and effective dates.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1. Section 124.212, subsection 4, Code 2005, is amended by striking the subsection and inserting in lieu thereof the following: 4. PRECURSORS TO AMPHETAMINE AND METHAMPHETAMINE. Unless specifically

excepted in paragraph “d” or “e” or listed in another schedule, any material, compound, mix- ture, or preparation which contains any quantity of the following precursors to amphetamine or methamphetamine, including their salts, optical isomers, and salts of their optical isomers: a. Ephedrine. b. Phenylpropanolamine. c. Pseudoephedrine.1 A person shall not purchase more than seven thousand five hundred

milligrams of pseudoephedrine, either separately or collectively, within a thirty-day period from a pharmacy, unless the person has a prescription for a pseudoephedrine product in ex- cess of that quantity. d. Any product that contains three hundred sixtymilligrams or less of pseudoephedrine, its

salts, optical isomers, and salts of its optical isomers, which is in liquid, liquid capsule, or liquid-filled gel capsule form, is excepted from this schedule andmay be warehoused, distrib- uted, and sold over the counter pursuant to section 126.23A. e. A pseudoephedrine product warehoused by a distributor located in this state which is

warehoused for export to a retailer outside this state is excepted from this schedule. Adistribu- tor warehousing and exporting a pseudoephedrine product shall register with the board and comply with any rules adopted by the board and relating to the diversion of pseudoephedrine products from legitimate commerce.

Sec. 2. NEW SECTION. 124.213 PHARMACY PSEUDOEPHEDRINE SALE RESTRIC- TION — PENALTY. A person who purchases more than seven thousand five hundred milligrams of pseudo-

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1 See chapter 179, §56 herein