Nac: Chapter 375A - Tax On Estates

Link to law: http://www.leg.state.nv.us/nac/NAC-375A.html
Published: 2015

[Rev. 11/21/2013 4:17:56

PM--2013]



[NAC-375A Revised Date: 10-02]

CHAPTER 375A - TAX ON ESTATES

375A.010         “Department” defined.

375A.020         Documentation of tax due on transfer

of certain taxable estates; remittance of tax.

375A.030         Conditions governing remittance of

tax due, additional tax, interest and penalty; waiver of penalty.

 

 

 

      NAC 375A.010  “Department” defined. (NRS

360.090, 375A.800)  As used

in this chapter, unless the context otherwise requires, “department” means the

department of taxation.

     (Added to NAC by Tax Comm’n by R182-99, eff. 5-16-2000)

      NAC 375A.020  Documentation of tax due on transfer of certain taxable estates;

remittance of tax. (NRS 360.090, 375A.150, 375A.800)

     1.  The documentation required pursuant to NRS 375A.150 includes, without

limitation:

     (a) A copy of the first page of Form 706 of the

Internal Revenue Service;

     (b) If the decedent owned any property in another

state, a copy of any pertinent schedules showing the allocation of property

belonging to each state and proof of payment for the portion of the estate tax

of each state;

     (c) If a deferred payment plan has been accepted

and approved by the Internal Revenue Service, a copy of the deferred payment

plan and a copy of the acceptance and approval of the deferred payment plan by

the Internal Revenue Service; and

     (d) A copy of each amended Form 706 of the Internal

Revenue Service, if any, and the appropriate reconciliation.

     2.  A personal representative who is required

to file documentation with the department pursuant to NRS 375A.150 shall remit any

applicable tax, interest and penalty owed to the department pursuant to chapter 375A of NRS at the time he

files the documentation required pursuant to NRS 375A.150.

     (Added to NAC by Tax Comm’n by R182-99, eff. 5-16-2000)

      NAC 375A.030  Conditions governing remittance of tax due, additional tax,

interest and penalty; waiver of penalty. (NRS

360.090, 375A.170, 375A.800)

     1.  A personal representative who has

obtained from the Internal Revenue Service an extension of time for filing Form

706 of the Internal Revenue Service shall remit an estimated amount of tax due

the department pursuant to chapter 375A

of NRS with the copy of the extension filed with the department pursuant to NRS 375A.155.

     2.  If a personal representative who has

obtained from the Internal Revenue Service an extension of time for filing Form

706 of the Internal Revenue Service files Form 706 within the time authorized

in the extension and the personal representative owes additional tax to the

department pursuant to chapter 375A

of NRS, the personal representative shall remit the tax and any interest owed

to the department pursuant to chapter

375A of NRS with the documentation required pursuant to NRS 375A.150.

     3.  If a personal representative who has

obtained from the Internal Revenue Service an extension of time for filing Form

706 of the Internal Revenue Service files Form 706 after the time authorized in

the extension and the personal representative owes additional tax to the

department pursuant to chapter 375A

of NRS, the personal representative shall remit the tax, any interest and any

penalty owed to the department pursuant to chapter 375A of NRS with the

documentation required pursuant to NRS

375A.150.

     4.  If a personal representative fails to

file the return provided for in NRS

375A.150 within the time specified in that section or the extension

specified in NRS 375A.155,

his:

     (a) Obtaining an extension of time for filing Form

706 of the Internal Revenue Service from the Internal Revenue Service; and

     (b) Remitting an estimated amount of tax due the

department pursuant to chapter 375A

of NRS with the copy of the extension filed with the department pursuant to NRS 375A.155,

shall be deemed to constitute reasonable cause for the

purposes of NRS 375A.170 and

the personal representative is not required to pay a penalty pursuant to NRS 375A.170.

     5.  The department shall waive the penalty

for failure to file a timely return imposed pursuant to NRS 375A.170 if the personal

representative provides documentation to the department proving that a similar

penalty for failure to file timely the federal estate tax return was waived by

the Internal Revenue Service.

     (Added to NAC by Tax Comm’n by R182-99, eff. 5-16-2000)
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