Sinclair v. Iowa Department of Revenue

REYNOLDSON, Justice.

This appeal presents the single question whether deductions for the purpose of computing inheritance tax on a domestic estate are limited to those specifically enumerated in § 450.12(1), The Code.

This decedent, who died in 1934, left a will creating a life estate in real property. Upon termination of the life estate, the property was to be sold and the proceeds distributed to certain beneficiaries described as “remaindermen.” In the estate proceedings, tax on the “remainder” interest was deferred. Section 450.46, The Code.

When the life tenant died, on March 25, 1970, the…