State Codes and Statutes

Statutes > New-york > Tax > Article-26 > Part-2 > 978

§  978.  Compromise  agreements  in  cases of disputed domicile.   (a)  Determining tax under this article. Where the commissioner  of  taxation  and  finance  claims  that a decedent was domiciled in this state at the  time of his death and the taxing authorities of another state or  states  make  a  similar  claim  with  respect  to  their  state  or states, the  commissioner of taxation and finance may enter into a written  agreement  with  such  taxing  officials  and  with the executor that a certain sum  shall be accepted in full payment of the tax imposed  by  this  article,  provided  that  said  agreement also fixes the amount to be paid to such  other state or states in full payment of the death taxes  thereof.  Full  power  and authority is hereby conferred upon the executor to enter into  the agreement provided for herein. The execution of such agreement shall  finally and conclusively fix and determine the amount of tax imposed  by  this  article,  except  as  otherwise  provided  in  such agreement with  respect to the valuation of estates devoted to farming or  closely  held  business  and  except  as  provided  in  subsection (b) of this section,  without regard to any other provision of the laws of this state.    (b) Payment of agreed tax. The executor shall pay to the  commissioner  of  taxation  and  finance  the  amount  of  tax  fixed in the agreement  described in subsection (a) of this section. In the event the  aggregate  amount  payable under such agreement to the states involved is less than  the maximum credit allowable to the estate  against  the  United  States  estate  tax  imposed  with respect thereto, the executor forthwith shall  also pay to the commissioner of taxation and  finance  so  much  of  the  difference  between such aggregate amount and the amount of such credit,  as the amount payable to the commissioner under the agreement  bears  to  such aggregate amount.    (c)  Definition.  As  used  in this section the word "state" means any  state, territory, or possession of the United States,  the  District  of  Columbia and the Dominion of Canada or any province thereof.

State Codes and Statutes

Statutes > New-york > Tax > Article-26 > Part-2 > 978

§  978.  Compromise  agreements  in  cases of disputed domicile.   (a)  Determining tax under this article. Where the commissioner  of  taxation  and  finance  claims  that a decedent was domiciled in this state at the  time of his death and the taxing authorities of another state or  states  make  a  similar  claim  with  respect  to  their  state  or states, the  commissioner of taxation and finance may enter into a written  agreement  with  such  taxing  officials  and  with the executor that a certain sum  shall be accepted in full payment of the tax imposed  by  this  article,  provided  that  said  agreement also fixes the amount to be paid to such  other state or states in full payment of the death taxes  thereof.  Full  power  and authority is hereby conferred upon the executor to enter into  the agreement provided for herein. The execution of such agreement shall  finally and conclusively fix and determine the amount of tax imposed  by  this  article,  except  as  otherwise  provided  in  such agreement with  respect to the valuation of estates devoted to farming or  closely  held  business  and  except  as  provided  in  subsection (b) of this section,  without regard to any other provision of the laws of this state.    (b) Payment of agreed tax. The executor shall pay to the  commissioner  of  taxation  and  finance  the  amount  of  tax  fixed in the agreement  described in subsection (a) of this section. In the event the  aggregate  amount  payable under such agreement to the states involved is less than  the maximum credit allowable to the estate  against  the  United  States  estate  tax  imposed  with respect thereto, the executor forthwith shall  also pay to the commissioner of taxation and  finance  so  much  of  the  difference  between such aggregate amount and the amount of such credit,  as the amount payable to the commissioner under the agreement  bears  to  such aggregate amount.    (c)  Definition.  As  used  in this section the word "state" means any  state, territory, or possession of the United States,  the  District  of  Columbia and the Dominion of Canada or any province thereof.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Tax > Article-26 > Part-2 > 978

§  978.  Compromise  agreements  in  cases of disputed domicile.   (a)  Determining tax under this article. Where the commissioner  of  taxation  and  finance  claims  that a decedent was domiciled in this state at the  time of his death and the taxing authorities of another state or  states  make  a  similar  claim  with  respect  to  their  state  or states, the  commissioner of taxation and finance may enter into a written  agreement  with  such  taxing  officials  and  with the executor that a certain sum  shall be accepted in full payment of the tax imposed  by  this  article,  provided  that  said  agreement also fixes the amount to be paid to such  other state or states in full payment of the death taxes  thereof.  Full  power  and authority is hereby conferred upon the executor to enter into  the agreement provided for herein. The execution of such agreement shall  finally and conclusively fix and determine the amount of tax imposed  by  this  article,  except  as  otherwise  provided  in  such agreement with  respect to the valuation of estates devoted to farming or  closely  held  business  and  except  as  provided  in  subsection (b) of this section,  without regard to any other provision of the laws of this state.    (b) Payment of agreed tax. The executor shall pay to the  commissioner  of  taxation  and  finance  the  amount  of  tax  fixed in the agreement  described in subsection (a) of this section. In the event the  aggregate  amount  payable under such agreement to the states involved is less than  the maximum credit allowable to the estate  against  the  United  States  estate  tax  imposed  with respect thereto, the executor forthwith shall  also pay to the commissioner of taxation and  finance  so  much  of  the  difference  between such aggregate amount and the amount of such credit,  as the amount payable to the commissioner under the agreement  bears  to  such aggregate amount.    (c)  Definition.  As  used  in this section the word "state" means any  state, territory, or possession of the United States,  the  District  of  Columbia and the Dominion of Canada or any province thereof.

Categories