allow such examination, or to defer the delivery of such securities or assets for the time stated in the second of said notices, shall render said safe deposit company, trust company, corporation, bank, or other institution, person or persons, liable to the payment of the tax due on said securities or assets, pursuant to the provisions of this act.

§ 13. Any person or corporation beneficially interested in any property chargeable with a tax under this act, and executors, administrators, and trustees, thereof, may elect, within six (6) months from the death of the decedent, not to pay such tax until the person or persons beneficially interested therein shall come into actual possession or enjoyment thereof. If it be personal property, the person or persons so electing shall give a bond to the state in the penal sum of three times the amount of such tax, with such sureties as the superior judge of the proper county may approve, conditioned upon the payment of such tax and interest thereon, at such time and period as the person or persons beneficially interested therein may come into actual possession or enjoyment of such property, which bond shall be executed and filed, and a full return of such property upon oath made to the superior court within six (6) months from the date of transfer thereof, as herein provided, and such bond must be renewed every five years.

14. Provides that where there is a bequest to executors in lieu of commissions the amount in excess of a reasonable commission is taxable.

§ 15. Gives to the superior court having jurisdiction to grant letters testamentary or of administration jurisdiction over all questions arising under the statute.

§ 16. Requires the judge to notify the state treasurer of an application for letters and to assess the tax. The state treasurer may apply for letters as a creditor.

17. Requires the executor or administrator within one month of his appointment to make an inventory and appraisal and file it with the clerk of the court.

$ 18. Upon application the court may extend the time to three months. $ 19. Every executor or administrator, or trustee of any estate subject to the tax herein provided, shall, at least ten days prior to the first appraisement thereof, as provided by law, notify the state treasurer in writing of the time and place of such appraisement, and shall file due proof of such notice with a copy thereof with the clerk of the court having jurisdiction of such estate or trust. Every executor, administrator, or trustee, within ten days after such appraisement, or appraisement of any beneficial interest or reappraisement thereof, and before payment and distribution to the legatees or any parties entitled to beneficiary interest therein, shall make and render to the said state treasurer a copy of the said inventory and appraisement, duly certified as such by the clerk of the court having jurisdiction of said estate, and shall also make and file with the said state treasurer a schedule, list, or statement, in duplicate, of the amount of such legacy or distributive share, together with the amount of tax which has accrued or will accrue thereon, verified by his oath or affirmation, to be administered and certified thereon by some magistrate or officer having lawful power to administer such oaths, in such form and manner as may be prescribed by the state treasurer, which schedule, list, or statement, shall contain the name of each and every person entitled to any beneficiary interest therein, together with the clear value of such interest therein, as found and determined by the court having jurisdiction of said estate. One of said schedules shall be kept and retained by the state treasurer, and the other delivered by him to the secretary of state.

§ 20. Provides that the court may accept the above appraisement or order as a reappraisal, wholly or in part.

§ 21, Provides for the appointment of an appraiser in such case.

§ 22. Every inheritance, devise, bequest, legacy, or gift, upon which a tax is imposed under this act, shall be appraised at its full and true value immediately upon the death of the decedent, or as soon thereafter as may be practicable; provided, however, that when such devise, bequest, legacy, or gift, shall be of such a nature that its full and true value cannot be ascertained at

such time, it shall be appraised in like manner at the time when such value first becomes ascertainable. The value of every future or contingent or limited estate, income, interest, or annuity dependent upon any life or lives in being, shall be determined by the rules or standard of mortality, and of value commonly used by actuaries' combined experience tables, except that the rates of interest cu computing the present value of all future and contingent interest or estate shall be four per centum (4%) per annum.

23. Provides for proceedings before the appraiser and notice to the parties interested.

§ 24. Requires the court to fix the tax on the appraiser's report or that it may value the property and fix the tax without an appraiser.

825. Requires the court to give notice by mail to all parties interested of the valuation and assessment.

§ 26. Provide for filing objections to the assessment, rehearing, affirmance or reappraisal and appeal by any party in interest to the supreme court. § 27. Provides for the collection of delinquent taxes by the county attorney

on motion of the state treasurer.

§ 28. Provides that the secretary of state shall furnish books and forms and for the compilation of data regarding decedent's estate by the court clerks.

§ 29. Provides for quarterly reports by the judges of the superior court and the county recorders.

8 30. Requires the state treasurer to furnish copies of transfer tax receipts on payment of a fee of twenty-five cents.

§ 31. Makes a similar provision in regard to county recorder's receipts. § 32. Whenever an estate charged, or sought to be charged, with the inheritance tax, is of such a nature or is so disposed that the liability of the estate is doubtful, or the value thereof cannot with reasonable certainty be ascertained under the provisions of law, the state treasurer may, with the written approval of the attorney-general, which approval shall set forth the reasons therefor, compromise with the beneficiaries or representatives of such estates, and compound the tax thereon; but said settlement must be approved by the superior court having jurisdiction of the estate, and after such approval the payment of the amount of the taxes so agreed upon shall discharge the lien against the property of the estate.

§ 33. Requires executors, administrators and trustees to send certified copies of their reports to the state treasurer.

34. Provides for appeals in transfer tax proceedings in the same manner that other appeals are taken from the superior court.

35. Imposes a fine of $500 for willfully secreting a last will of a decedent. 36. Provides a similar fine for administering the estate of decedent without proving the will or taking out letters of administration within six months. $37. Requires administrators or executors to notify the state treasurer when any real estate of a decedent passes to any body politic or corporate directly or in trust.

§ 38. Except as to real property located outside of the state passing in fee from the decedent owner, the tax imposed under section 2 shall hereafter be assessed against and be collected from property of every kind, which, at the death of the decedent owner, is subject to, or thereafter, for the purpose of distribution, is brought into this state and becomes subject to the jurisdiction of the courts of this state for distributive purposes, or which was owned by any decedent domiciled within the state at the time of the death of such decedent, even though the property of said decedent so domiciled was situated outside of the state.

§ 39. In case of any property belonging to a foreign estate, which estate in whole or in part is liable to pay an inheritance tax in this state, the said tax shall be assessed upon the market value of said property remaining after the payment of such debts and expenses as are chargeable to the property under the laws of this state. In the event that the executor, administrator, or trustee, of such foreign estates files with the clerk of the court having ancillary jurisdiction, and with the state treasurer, duly certified statements exhibiting the true market value of the entire estate of the decedent owner,

and the indebtedness for which the said estate has been adjudged liable, which statements shall be duly attested by the judge of the court having original jurisdiction, the beneficiaries of said estate shall then be entitled to have deducted such proportion of the said indebtedness of the decedent from the value of the property as the value of the property within this state bears to the value of the entire estate.

840. Prohibts additional compensation to any officer by reason of any additional duties imposed by the act.

§. 41. Provides for refund to state treasurer of any expenses incurred in enforcing the tax.

§ 42. Provides fine and imprisonment against an appraiser accepting a fee or reward from executors, heirs or devisees.

§ 43. All acts and parts of acts in conflict herewith are hereby repealed. Prior Statutes.-No inheritance tax prior to 1912.

ARKANSAS.

Chapter 197, L. 1913, as amended by L. 1915, approved March 23, 1915, and L. 1917. Section 1. (1) The words "estate" and "property" as used in this act, shall be taken to mean the property or interest therein, passing or transferring to any individual or corporate legatees, devisees, heirs, next of kin, grantees, donees or vendees, including the widow's dower, or any property in any way granted, given or devised to the widow in lieu of dower, and the husband's courtesy, or any gift, grant or bequest by the wife to the husband, and not as the property or interest therein of the decedent, donor or vendor, and shall include all property or interest therein, whether situated within or without the state. Provided, five thousand ($5,000.00) dollars of the market value of the widow's dower or the husband's courtesy shall be exempt from taxation. [As amended by L. 1917.

(2) The words "tangible property" as used in this act shall be taken to mean corporeal property, such as real estate and goods, wares and merchandise, and shall not be taken to mean money, deposits in banks, shares of stock, bonds, notes, credits or evidences of an interest in property or evidences of

debt.

(3) The words "intangible property" as used in this act shall be taken to mean incorporeal property, including money, deposits in bank, shares of stock, bonds, notes, credits, evidences or an interest in property and evidences of

debt.

(4) The word "transfer" as used in this.act shall be taken to include the passing of property or any interest therein in possession or enjoyment, present or future, by inheritance, descent, devise, bequest, grant, deed, bargain, sale or gift in the manner herein prescribed.

§ 2. A tax shall be and is hereby imposed upon the transfer of any tangible property within the state and of intangible property or any interest therein or income therefrom in trust or otherwise, to persons or corporations in the following cases, subject to the exceptions and limitations hereinafter prescribed.

(1) When a transfer is by will or by the intestate laws of this state of any intangible property or of tangible property within the state from any person dying seized or possessed thereof while a resident of the state.

(2) When the transfer is by will or by the interstate laws of this state of tangible property within the state, or intangible property consisting of shares of stock or of bonds of corporations organized and existing under the laws of Arkansas; or if intangible property, consisting of shares of stock or of bonds of foreign corporations owning property within the state of Arkansas, and the decedent was a nonresident of the state at the time of his death; provided, that in the case of stocks or bonds held by a nonresident decedent in a foreign corporation, owning property within this state, the value of such stock for the purposes of this act shall be taken to be that proportion of its true value, which the physical property of such corporation located in this state bears to the total physical property of such corporation

wherever located.

(3) When the transfer is of intangible property or of tangible property within the state made by a resident, or of tangible property within the state made by a nonresident, by deed, grant, bargain, sale or gift made in contemplation of the death of the grantor, vendor or donor, or intended to take effect in possession or enjoyment at or after such death.

(4) When any such person or corporation becomes beneficially entitled, in possession or expectancy, to any property or the income thereof of any such transfer.

(5) Whenever any person or corporation shall exercise a power of appointment derived from any disposition of property made either before or after the passage of this act, such appointment when made shall be deemed a transfer taxable under the provisions of this act.

(6) The tax imposed hereby shall be upon the clear market value of such property, and shall be and remain a lien upon the property transferred until paid.

§ 3. The following exemptions from the tax are hereby allowed:

(1) All property transferred in good faith to societies, corporations and institutions now or hereafter exempted by law from taxes, or to any public