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.
(former TX-51-02); Eff
Rule promulgated under: RC 5703.14