375A.685 - Compromise of tax with executor and taxing officials. - Nevada Statutes

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Statutes > Nevada > Title-32 > Chapter-375a > Determination-of-domicile-by-arbitration-alternative-method > 375a-685

375A.685 Compromise of tax with executor and taxing officials. Notwithstanding the commencement of a legal action for determination of domicile within this state or the commencement of an arbitration proceeding, the Department may in any case enter into a written agreement with the other taxing officials involved and with the executors to accept a certain sum in full payment of any death tax, together with interest and penalties, that may be due this state at any time before that proceeding is concluded. The agreement shall be deemed to fix the amount to be paid the other states involved in the dispute. Upon the filing of the agreement with the Department, an assessment must be made as provided in that agreement. The assessment finally and conclusively fixes the amount of death tax due this state. If the aggregate amount payable under the agreement or under an agreement made in accordance with the provisions of NRS 375A.640 to the states involved is less than the minimum credit allowable to the estate against the federal estate tax, the executor shall also pay to this state the same percentage of the difference between that aggregate amount and the amount of the credit as the amount payable to this state under the agreement bears to the aggregate amount.

(Added to NRS by 1987, 2109)

NRS 375A.690 Interest and penalty for nonpayment of tax. Except as otherwise provided in NRS 360.232 and 360.320, if the board determines that a decedent dies domiciled in this state, the total amount of interest and penalties for nonpayment of the tax, between the date of the election and the final determination of the board, must not exceed an amount determined by applying the rate of interest set by the Executive Director pursuant to NRS 375A.205 to the amount of the taxes due.

(Added to NRS by 1987, 2109; A 1989, 594; 1999, 2501)

State Codes and Statutes

Statutes > Nevada > Title-32 > Chapter-375a > Determination-of-domicile-by-arbitration-alternative-method > 375a-685

375A.685 Compromise of tax with executor and taxing officials. Notwithstanding the commencement of a legal action for determination of domicile within this state or the commencement of an arbitration proceeding, the Department may in any case enter into a written agreement with the other taxing officials involved and with the executors to accept a certain sum in full payment of any death tax, together with interest and penalties, that may be due this state at any time before that proceeding is concluded. The agreement shall be deemed to fix the amount to be paid the other states involved in the dispute. Upon the filing of the agreement with the Department, an assessment must be made as provided in that agreement. The assessment finally and conclusively fixes the amount of death tax due this state. If the aggregate amount payable under the agreement or under an agreement made in accordance with the provisions of NRS 375A.640 to the states involved is less than the minimum credit allowable to the estate against the federal estate tax, the executor shall also pay to this state the same percentage of the difference between that aggregate amount and the amount of the credit as the amount payable to this state under the agreement bears to the aggregate amount.

(Added to NRS by 1987, 2109)

NRS 375A.690 Interest and penalty for nonpayment of tax. Except as otherwise provided in NRS 360.232 and 360.320, if the board determines that a decedent dies domiciled in this state, the total amount of interest and penalties for nonpayment of the tax, between the date of the election and the final determination of the board, must not exceed an amount determined by applying the rate of interest set by the Executive Director pursuant to NRS 375A.205 to the amount of the taxes due.

(Added to NRS by 1987, 2109; A 1989, 594; 1999, 2501)

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State Codes and Statutes

Statutes > Nevada > Title-32 > Chapter-375a > Determination-of-domicile-by-arbitration-alternative-method > 375a-685

375A.685 Compromise of tax with executor and taxing officials. Notwithstanding the commencement of a legal action for determination of domicile within this state or the commencement of an arbitration proceeding, the Department may in any case enter into a written agreement with the other taxing officials involved and with the executors to accept a certain sum in full payment of any death tax, together with interest and penalties, that may be due this state at any time before that proceeding is concluded. The agreement shall be deemed to fix the amount to be paid the other states involved in the dispute. Upon the filing of the agreement with the Department, an assessment must be made as provided in that agreement. The assessment finally and conclusively fixes the amount of death tax due this state. If the aggregate amount payable under the agreement or under an agreement made in accordance with the provisions of NRS 375A.640 to the states involved is less than the minimum credit allowable to the estate against the federal estate tax, the executor shall also pay to this state the same percentage of the difference between that aggregate amount and the amount of the credit as the amount payable to this state under the agreement bears to the aggregate amount.

(Added to NRS by 1987, 2109)

NRS 375A.690 Interest and penalty for nonpayment of tax. Except as otherwise provided in NRS 360.232 and 360.320, if the board determines that a decedent dies domiciled in this state, the total amount of interest and penalties for nonpayment of the tax, between the date of the election and the final determination of the board, must not exceed an amount determined by applying the rate of interest set by the Executive Director pursuant to NRS 375A.205 to the amount of the taxes due.

(Added to NRS by 1987, 2109; A 1989, 594; 1999, 2501)