Agreements with department for computing taxes
Sec. 3. (a) The department of state revenue and a taxpayer may
enter into an agreement under which the department will compute the
inheritance tax due with respect to a taxable transfer if:
(1) it is impossible to compute the present value of the property
interest transferred; or
(2) the tax imposed on the transfer cannot be computed because
a contingency makes it impossible to determine who will take
the property.
The personal representative of an estate or the trustee of a trust may,
without court authorization, enter into such an agreement with the
department on behalf of the estate or trust.
(b) When the department of state revenue enters into an agreement
with a taxpayer under this section, the tax computed by the
department is payable from the property interest transferred.
As added by Acts 1976, P.L.18, SEC.1.
Last modified: May 28, 2006