1. Unless the value has been determined under chapter 450B, the tax shall be computed based upon one of the following:
a. The fair market value of the property in the ordinary course of trade determined under subsection 2.
b. The alternate value of the property, if the personal representative so elects, that has been established for federal estate tax purposes under section 2032 of the Internal Revenue Code. The election shall be exercised on the return by the personal representative or other person signing the return, within the time prescribed by law for filing the return or before the expiration of any extension of time granted for filing the return.
2. Fair market value in the ordinary course of trade shall be established by agreement, including an agreement to accept the values as finally determined for federal estate tax purposes. The agreement shall be between the department of revenue and finance, the personal representative, and the persons who have an interest in the property.
a. If an agreement has not been reached on the fair market value of real property in the ordinary course of trade, the director of revenue and finance has thirty days after the return is filed to request an appraisal under section 450.27. If an appraisal request is not made within the thirty-day period, the value listed on the return is the agreed value of the real property.
b. If an agreement is not reached on the fair market value of personal property in the ordinary course of trade, the personal representative or any person interested in the personal property may appeal to the director of revenue and finance for a revision of the department of revenue and finance's determination of the value and after the appeal hearing may seek judicial review of the director's decision. The provisions of section 450.94, subsection 3, relating to appeal of a determination of the department and review of the director's decision apply to an appeal and review made under this subsection.
[S13, § 1481-a8; C24, 27, 31, 35, 39, § 7342; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 450.37; 81 Acts, ch 147, § 6]
83 Acts, ch 177, § 15, 38; 84 Acts, ch 1305, § 37; 88 Acts, ch 1028, § 37; 89 Acts, ch 6, §6
Referred to in § 450.27, 450.44, 450.45, 450.47, 450B.2
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