In computing the tax on the net estate passing to the surviving spouse, heirs or beneficiaries of the deceased the following exemptions shall be allowed:
1. Surviving spouse, the entire amount of property, interest in property, and income.
2. Each son and daughter, including legally adopted sons and daughters, or biological sons and daughters entitled to inherit under the law of this state, fifty thousand dollars.
3. Father or mother, fifteen thousand dollars.
4. Any other lineal descendant of the deceased, fifteen thousand dollars.
[C31, 35, § 7312-d1; C39, § 7312.1; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 450.9; 81 Acts, ch 147, § 3, 19]
91 Acts, ch 159, §23, 24; 94 Acts, ch 1046, §10
1991 amendment to subsection 1 and striking of unnumbered paragraph 2 retroactive to January 1, 1988, for estates of decedents dying on or after that date; 91 Acts, ch 159, §35
Iowa General Assembly
Search: Iowa Code 1995
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