Union Bank & Trust Co. v. Iowa State Tax Commission

The question presented is whether an inheritance tax was properly assessed by the State Tax Commission upon the right of succession to remainder interests in testator’s estate, on termination of the life estate, at 10% of the then net *1284value of the property rather than at approximately 75% of such value. From decree approving and fixing the tax at 10% of the then net value, the trustee and remaindermen have appealed.

Frank B. Millard died March 13, 1951. His will left his property in trust to Union Bank and Trust Company of Ottumwa as trustee, with directions to pay the income during her life…