1. Every Iowa corporation organized for pecuniary profit shall, on July 1 of each
year, by its proper officers under oath, make a full and correct report to the director
of revenue of all transfers of its stocks made during the preceding year by any person
who appears on the books of the corporation as the owner of the stock, when the transfer
is made to take effect at or after the death of the owner or transferor, and all transfers
which are made by a personal representative, referee, or any person other than the
owner or person in whose name the stocks appeared of record on the books of the corporation,
prior to the transfer. This report shall show the name of the owner of the stocks and the owner's place
of residence, the name of the person at whose request the stock was transferred, the
person's place of residence and the authority by virtue of which the person acted
in making the transfer, the name of the person to whom the transfer was made, and
the residence of the person, together with other information the officers reporting
have relating to estates of persons deceased who may have been owners of stock in
the corporation. If it appears that any stock transferred is subject to tax under this chapter, and
the tax has not been paid, the director of revenue shall notify the corporation in
writing of its liability for the payment of the tax, and shall bring suit against
the corporation as in other cases unless payment of the tax is made within sixty days
from the date of notice.
2. This section does not apply if the lien has been released under section 450.7 or the director has issued a consent to transfer.
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