(a) The tax imposed by this part and part 3 of this chapter shall be due and payable nine (9) months after the death of the transferor, or at the expiration of the additional time granted by the commissioner pursuant to § 67-8-409, but such tax may be paid sooner, if assessment thereof has been completed, and if the personal representative desires to make payment.
(b) When it is shown to the satisfaction of the commissioner that the payment on the due date of any part of the amount determined to be due would impose undue hardship upon the estate, or would necessitate the sale of any portion of the estate at a sacrifice, or at an inadequate price, the commissioner may extend the time for the payment of any such part of the tax, or may enter into an agreement with the representative of the estate for the payment of the tax due thereon in installments. Such an agreement for the payment of the tax in installments, or for the deferment of payments, shall not affect the liability of the estate for interest. The running of the statute of limitations for assessment and collection, as provided in § 67-1-1501, shall be suspended for the period of any such extension. If an extension is granted, the commissioner may, if the commissioner deems it necessary, require the executor to furnish security for the payment of the amount in respect of which the extension is granted in accordance with the terms of the extension.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
