§ 15-12-1404 — Statutory apportionment of estate taxes

(1) To the extent that
apportionment of an estate tax is not controlled by an instrument described in
section 15-12-1403, and except as otherwise provided for in sections 15-12-1406 and
15-12-1407, the following rules apply:

(a) Subject to paragraphs (b) to (d) of this subsection (1), the estate tax shall
be apportioned ratably to each person that has an interest in the apportionable
estate.

(b) A generation-skipping transfer tax incurred on a direct skip taking effect
at death shall be charged to the person to which the interest in property is
transferred.

(c) If property is included in the decedent's gross estate because of section
2044 of the internal revenue code of 1986, as amended, or any similar estate tax
provision, the difference between the total estate tax for which the decedent's
estate is liable and the amount of estate tax for which the decedent's estate would
have been liable if the property had not been included in the decedent's gross
estate shall be apportioned ratably among the holders of interests in the property.
The balance of the tax, if any, shall be apportioned ratably to each other person
having an interest in the apportionable estate.

(d) Except as otherwise provided for in section 15-12-1403 (2)(d), and except
as to property to which section 15-12-1407 applies, an estate tax apportioned to
persons holding interests in property subject to a time-limited interest shall be
apportioned, without further apportionment, to the principal of that property.

Legislative History

Source: L. 2011: Entire part added, (SB 11-165), ch. 184, p. 703, � 1, effective August 10.