Tax Rules: Final: 5703-21
5703-21-02 - Postponement of payment
of estate tax attributable to reversionary or remainder
interests
If the executor, administrator, trustee, or other person or
corporation liable for the tax has elected to postpone
payment pursuant to Section 5731.25, Revised Code, he shall
deposit with the county treasurer to whom said tax is
payable, cash or bonds for the purpose of securing the
payment of tax on the reversionary or remainder interest. A
deposit of bonds shall be of bonds of the United States, of
this state, or any municipal corporation or county therein,
and shall be in an amount to be determined by the Tax
Commissioner, which amount shall not be less than one and one
half times the tax computed to be due on the reversionary or
remainder interest. Such security and the sufficiency thereof
shall be accepted by the county treasurer only after approval
by the Tax Commissioner. The deposit shall be held by said
treasurer to the credit of the estate until the ultimate tax
and interest are paid on the reversionary or remainder
interest pursuant to Section 5731.25, Revised Code. Six
months from the termination of the precedent interest, the
rate of interest prescribed in Section 5731.23, Revised Code,
shall apply to any due and unpaid tax. The income from such
deposits, when received by such treasurer, shall be paid over
to the executor, administrator, trustee or other person or
corporation liable for the tax during the continuance of the
trust estate. The treasurer shall, with the approval of the
Tax Commissioner, permit withdrawals of such securities, or
part thereof, upon the deposit with him of other such
securities approved by the Tax Commissioner, so as to
maintain the proper amount of such deposits, until the final
payment of the tax and interest.
Effective: 10-11-76 as TX-51-02
Promulgated under: