Except as otherwise provided in Sections 10 and 11 of this act [45-3-925, 45-3-926 NMSA 1978], the following rules apply to credits and deferrals of estate taxes: A. a credit resulting from the payment of gift taxes or from estate taxes paid on property previously taxed inures ratably to the benefit of all persons to […]
A. In this section: (1) “advanced fraction” means a fraction that has as its numerator the amount of the advanced tax and as its denominator the value of the interests in insulated property to which that tax is attributable; (2) “advanced tax” means the aggregate amount of estate tax attributable to interests in insulated property […]
A. In this section: (1) “special elective benefit” means a reduction in an estate tax obtained by an election for: (a) a reduced valuation of specified property that is included in the gross estate; (b) a deduction from the gross estate, other than a marital or charitable deduction, allowed for specified property; or (c) an […]
A. A fiduciary may defer a distribution of property until the fiduciary is satisfied that adequate provision for payment of the estate tax has been made. B. A fiduciary may withhold from a distributee an amount equal to the amount of estate tax apportioned to an interest of the distributee. C. As a condition to […]
A. A fiduciary responsible for payment of an estate tax may collect from any person the tax apportioned to and the tax required to be advanced by the person. B. Except as otherwise provided in Section 10 [45-3-925 NMSA 1978] of this act, any estate tax due from a person that cannot be collected from […]
A. A person required under Section 13 [45-3-928 NMSA 1978] of this act to pay an estate tax greater than the amount due from the person under Section 7 or 8 [45-3-922, 45-3-923 NMSA 1978] of this act has a right to reimbursement from another person to the extent that the other person has not […]
A fiduciary, transferee or beneficiary of the gross estate may maintain an action for declaratory judgment to have a court determine and enforce the Uniform Estate Tax Apportionment Act [45-3-920 to 45-3-930 NMSA 1978]. History: Laws 2005, ch. 143, § 15; 1978 Comp., § 45-9A-11 recompiled as § 45-3-930 by Laws 2011, ch. 124, § […]
