450B.2 - ALTERNATE ELECTION OF VALUE FOR QUALIFIED USE.

        450B.2  ALTERNATE ELECTION OF VALUE FOR QUALIFIED      USE.         Notwithstanding section 450.37, the value of qualified real      property for the purpose of the tax imposed under chapter 450 may, at      the election of the taxpayer, be its value for the use under which it      qualifies as prescribed by section 2032A of the Internal Revenue      Code.  A taxpayer may make an election under this section only if all      of the following conditions are met:         1.  An election for federal estate tax purposes was made with      regard to the qualified real property under section 2032A of the      Internal Revenue Code.         2.  All persons who signed the agreement referred to in section      2032A(d)(2) of the Internal Revenue Code make the election under this      section and sign an agreement with the department of revenue      consenting to the application of section 450B.3 with respect to the      qualified real property.         3.  The total decrease in the value of the qualified real property      as a result of the election under this section does not exceed the      dollar limitation specified in section 2032A(a)(2) of the Internal      Revenue Code.         The election under this section shall be made by the taxpayer in      the manner as the director of revenue may prescribe by rule.  The      value for the qualified use under this section shall be the value as      determined and accepted for federal estate tax purposes.         The definitions and special rules specified in section 2032A(e) of      the Internal Revenue Code shall apply with respect to qualified real      property for which an election was made under this section except      that rules shall be prescribed by the director of revenue in lieu of      the regulations promulgated by the secretary of treasury.         The director shall prescribe regulations setting forth the      application of this chapter in the case of an interest in a      partnership, corporation, or trust which, with respect to the      decedent, is an interest in a closely held business within the      meaning of section 6166(b)(1) of the Internal Revenue Code.  Such      regulations shall conform as nearly as possible with the regulations      promulgated by the United States secretary of treasury in respect to      such interests.  
         Section History: Early Form
         [81 Acts, ch 147, § 13] 
         Section History: Recent Form
         88 Acts, ch 1028, §40; 2003 Acts, ch 145, §286         Referred to in § 450B.3, 450B.5, 450B.6