State Codes and Statutes

Statutes > New-york > Tax > Article-26 > Part-2 > 976

§  976.  Extensions  of  time.  (a)  General.  (1) The commissioner of  taxation and finance may  grant  a  reasonable  extension  of  time  for  payment of tax (or any installment), or for filing any return, statement  or  other  document required pursuant to this article, on such terms and  conditions as he may require. Except in the case of  executors  who  are  outside  the  United  States,  no  such extension for filing any return,  statement or other document shall exceed six months. Except as otherwise  provided in this article, no such extension  for  payment  shall  exceed  twelve months from the date fixed for payment.    (2) Where there is included in the value of the gross estate the value  of  a reversionary or remainder interest in property, the payment of the  part of the tax imposed by this article attributable  to  such  interest  may,  at  the  election  of  the executor, be postponed until six months  after the termination of the precedent  interest  or  interests  in  the  property, and the amount the payment of which is so postponed shall then  be  payable,  together  with  interest  thereon.  If the commissioner of  taxation and finance finds that the payment of the tax within  such  six  months   would   result  in  undue  hardship  to  the  estate  and  said  commissioner has approved payment in respect of such tax over  a  longer  period, he may extend the time for a payment for a reasonable period not  in  excess  of  three  years from the expiration of such six months. The  postponement of the payment of any  such  amount  shall  be  under  such  regulations  as  the commissioner of taxation and finance may prescribe,  and shall be upon condition that  the  executor,  or  any  other  person  liable  for  the  tax,  shall comply with subsection (c) of this section  (relating to furnishing of security).    (3) If the commissioner of taxation and finance finds that the payment  on the due date of any part of the amount of the  tax  imposed  by  this  article  would result in undue hardship to the estate, he may extend the  time for payment for such period as he may deem reasonable, but  not  to  exceed  four years from the date of death, and may require payment to be  made in annual installments.    (b) Whenever the commissioner extends the time for the payment of  tax  under  this section, that portion of the tax as to which an extension is  granted shall bear interest from the date the  tax  is  required  to  be  paid, to the date of payment without regard to any extension of time for  the  payment  of the tax or filing of the return, at the rate prescribed  in subsection (a) of section six hundred eighty-four of this chapter.    (c) Furnishing of security. If any extension of time  is  granted  for  payment  of  any amount of tax, the commissioner of taxation and finance  may require the taxpayer to furnish a bond issued by  a  surety  company  approved   by  the  superintendent  of  insurance  as  to  solvency  and  responsibility and authorized to transact  business  in  this  state  or  other  security  acceptable  to  such  commissioner  in  an  amount  not  exceeding twice the amount for which the extension of time  for  payment  is  granted,  on  such  terms  and  conditions  as such commissioner may  require.    (d) Cross reference. For extensions of time for payment of estate  tax  where an estate consists largely of interest in closely held businesses,  see section nine hundred ninety-seven of this article.    (e)  If  the  decedent  has  a  cause of action pending at the time of  death, or a cause of action arises which is related  to  the  decedent's  death, and any recovery under the cause of action is to be taxable under  this  article,  the  commissioner  shall  waive any penalty and interest  associated with such cause of action which accrues from  the  date  that  the  return disclosing such cause of action is filed, provided that such  penalty and interest may not be waived for periods beyond one year after  the date of final judgment or settlement of the cause of action.

State Codes and Statutes

Statutes > New-york > Tax > Article-26 > Part-2 > 976

§  976.  Extensions  of  time.  (a)  General.  (1) The commissioner of  taxation and finance may  grant  a  reasonable  extension  of  time  for  payment of tax (or any installment), or for filing any return, statement  or  other  document required pursuant to this article, on such terms and  conditions as he may require. Except in the case of  executors  who  are  outside  the  United  States,  no  such extension for filing any return,  statement or other document shall exceed six months. Except as otherwise  provided in this article, no such extension  for  payment  shall  exceed  twelve months from the date fixed for payment.    (2) Where there is included in the value of the gross estate the value  of  a reversionary or remainder interest in property, the payment of the  part of the tax imposed by this article attributable  to  such  interest  may,  at  the  election  of  the executor, be postponed until six months  after the termination of the precedent  interest  or  interests  in  the  property, and the amount the payment of which is so postponed shall then  be  payable,  together  with  interest  thereon.  If the commissioner of  taxation and finance finds that the payment of the tax within  such  six  months   would   result  in  undue  hardship  to  the  estate  and  said  commissioner has approved payment in respect of such tax over  a  longer  period, he may extend the time for a payment for a reasonable period not  in  excess  of  three  years from the expiration of such six months. The  postponement of the payment of any  such  amount  shall  be  under  such  regulations  as  the commissioner of taxation and finance may prescribe,  and shall be upon condition that  the  executor,  or  any  other  person  liable  for  the  tax,  shall comply with subsection (c) of this section  (relating to furnishing of security).    (3) If the commissioner of taxation and finance finds that the payment  on the due date of any part of the amount of the  tax  imposed  by  this  article  would result in undue hardship to the estate, he may extend the  time for payment for such period as he may deem reasonable, but  not  to  exceed  four years from the date of death, and may require payment to be  made in annual installments.    (b) Whenever the commissioner extends the time for the payment of  tax  under  this section, that portion of the tax as to which an extension is  granted shall bear interest from the date the  tax  is  required  to  be  paid, to the date of payment without regard to any extension of time for  the  payment  of the tax or filing of the return, at the rate prescribed  in subsection (a) of section six hundred eighty-four of this chapter.    (c) Furnishing of security. If any extension of time  is  granted  for  payment  of  any amount of tax, the commissioner of taxation and finance  may require the taxpayer to furnish a bond issued by  a  surety  company  approved   by  the  superintendent  of  insurance  as  to  solvency  and  responsibility and authorized to transact  business  in  this  state  or  other  security  acceptable  to  such  commissioner  in  an  amount  not  exceeding twice the amount for which the extension of time  for  payment  is  granted,  on  such  terms  and  conditions  as such commissioner may  require.    (d) Cross reference. For extensions of time for payment of estate  tax  where an estate consists largely of interest in closely held businesses,  see section nine hundred ninety-seven of this article.    (e)  If  the  decedent  has  a  cause of action pending at the time of  death, or a cause of action arises which is related  to  the  decedent's  death, and any recovery under the cause of action is to be taxable under  this  article,  the  commissioner  shall  waive any penalty and interest  associated with such cause of action which accrues from  the  date  that  the  return disclosing such cause of action is filed, provided that such  penalty and interest may not be waived for periods beyond one year after  the date of final judgment or settlement of the cause of action.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Tax > Article-26 > Part-2 > 976

§  976.  Extensions  of  time.  (a)  General.  (1) The commissioner of  taxation and finance may  grant  a  reasonable  extension  of  time  for  payment of tax (or any installment), or for filing any return, statement  or  other  document required pursuant to this article, on such terms and  conditions as he may require. Except in the case of  executors  who  are  outside  the  United  States,  no  such extension for filing any return,  statement or other document shall exceed six months. Except as otherwise  provided in this article, no such extension  for  payment  shall  exceed  twelve months from the date fixed for payment.    (2) Where there is included in the value of the gross estate the value  of  a reversionary or remainder interest in property, the payment of the  part of the tax imposed by this article attributable  to  such  interest  may,  at  the  election  of  the executor, be postponed until six months  after the termination of the precedent  interest  or  interests  in  the  property, and the amount the payment of which is so postponed shall then  be  payable,  together  with  interest  thereon.  If the commissioner of  taxation and finance finds that the payment of the tax within  such  six  months   would   result  in  undue  hardship  to  the  estate  and  said  commissioner has approved payment in respect of such tax over  a  longer  period, he may extend the time for a payment for a reasonable period not  in  excess  of  three  years from the expiration of such six months. The  postponement of the payment of any  such  amount  shall  be  under  such  regulations  as  the commissioner of taxation and finance may prescribe,  and shall be upon condition that  the  executor,  or  any  other  person  liable  for  the  tax,  shall comply with subsection (c) of this section  (relating to furnishing of security).    (3) If the commissioner of taxation and finance finds that the payment  on the due date of any part of the amount of the  tax  imposed  by  this  article  would result in undue hardship to the estate, he may extend the  time for payment for such period as he may deem reasonable, but  not  to  exceed  four years from the date of death, and may require payment to be  made in annual installments.    (b) Whenever the commissioner extends the time for the payment of  tax  under  this section, that portion of the tax as to which an extension is  granted shall bear interest from the date the  tax  is  required  to  be  paid, to the date of payment without regard to any extension of time for  the  payment  of the tax or filing of the return, at the rate prescribed  in subsection (a) of section six hundred eighty-four of this chapter.    (c) Furnishing of security. If any extension of time  is  granted  for  payment  of  any amount of tax, the commissioner of taxation and finance  may require the taxpayer to furnish a bond issued by  a  surety  company  approved   by  the  superintendent  of  insurance  as  to  solvency  and  responsibility and authorized to transact  business  in  this  state  or  other  security  acceptable  to  such  commissioner  in  an  amount  not  exceeding twice the amount for which the extension of time  for  payment  is  granted,  on  such  terms  and  conditions  as such commissioner may  require.    (d) Cross reference. For extensions of time for payment of estate  tax  where an estate consists largely of interest in closely held businesses,  see section nine hundred ninety-seven of this article.    (e)  If  the  decedent  has  a  cause of action pending at the time of  death, or a cause of action arises which is related  to  the  decedent's  death, and any recovery under the cause of action is to be taxable under  this  article,  the  commissioner  shall  waive any penalty and interest  associated with such cause of action which accrues from  the  date  that  the  return disclosing such cause of action is filed, provided that such  penalty and interest may not be waived for periods beyond one year after  the date of final judgment or settlement of the cause of action.

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