Report of the Tax Commissioner for Biennial Period to His Excellency, the Governor

Report of the Tax Commissioner for Biennial Period to His Excellency, the Governor

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1918 edition. Excerpt: ...shows the increase in inheritance taxes for the past thirty years: $2,000,000 1,900,000 1,800.000 1,700,000 1,600,000 1,500,000 1.400,000 1,300,000 1,200,000 I.IOO.OOO 1,000,000 900,000 800,000 700,000 600,000 500,000-400,000 300,000 200,000 100,000 ADMINISTRATION DURING PERIOD OF ONE YEAR AND NINE MONTHS Appraisals One of the primary duties of this department is that of verifying appraisals. The statutes provide for a sixty-day period within which any person interested may object to the inventory and appraisal of any estate as filed with the court of probate. As soon as the inventory and appraisal is received, it is carefully examined for mathematical errors. How important this detail is was instanced by one discovery of 800 shares of stock appraised at $300 per share and extended at $24,000 instead of $240,000--a gain to the State of over $11,000 in the amount of the tax. The total gains through discovery of errors and omissions during the period covered by this report amounted to $247,418.02. The appraisal of each estate is independently checked by this department. Stocks and bonds which are active and regularly quoted give little occasion for differences of opinion, as actual sales on or about the date of death best establish the values. Appraisals of real estate and inactive securities, give rise to frequent differences of opinion. When any difference of opinion arises as to values the administrator is advised of the State's appraisal and opportunity is given him to furnish evidence to substantiate the appraisers' original valuation. Usually valuations are arrived at without taking the matter before the court of probate, but, occasionally, administrators prefer a judicial determination before agreeing to change an appraisal. From...show more

Product details

  • Paperback
  • 189 x 246 x 8mm | 263g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236567463
  • 9781236567468