§ 450.88 — Corporations to report transfers

Iowa § 450.88

• Jurisdiction: Iowa
• Title X: FINANCIAL RESOURCES
• Ch. 450: INHERITANCE TAX

Text

1. Every Iowa corporation organized for pecuniary profit shall, on July 1 of each year, by
its proper officers under oath, make a full and correct report to the director of revenue of
all transfers of its stocks made during the preceding year by any person who appears on the
books of the corporation as the owner of the stock, when the transfer is made to take effect at
or after the death of the owner or transferor, and all transfers which are made by a personal
representative, referee, or any person other than the owner or person in whose name the
stocks appeared of record on the books of the corporation, prior to the transfer. This report
shall show the name of the owner of the stocks and the owner’s place of residence, the name
of the person at whose request the stock was transferred, the person’s place of residence and
the authority by virtue of which the person acted in making the transfer, the name of the
person to whom the transfer was made, and the residence of the person, together with other
information the officers reporting have relating to estates of persons deceased who may have
been owners of stock in the corporation. If it appears that any stock transferred is subject to

tax under this chapter, and the tax has not been paid, the director of revenue shall notify the
corporation in writing of its liability for the payment of the tax, and shall bring suit against
the corporation as in other cases unless payment of the tax is made within sixty days from
the date of notice.
2. This section does not apply if the lien has been released under section 450.7 or the
director has issued a consent to transfer.

Legislative History

[S13, §1481-a38; C24, 27, 31, 35, 39, §7391; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §450.88]