§ 15-12-1405 — Credits and deferrals

Colorado § 15-12-1405

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Probate of Wills and Administration

Text

(1) Except as otherwise provided for in
sections 15-12-1406 and 15-12-1407, 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
which the estate tax is apportioned.

(b) A credit for state or foreign estate taxes inures ratably to the benefit of
all persons to which the estate tax is apportioned, except that the amount of credit
for a state or foreign tax paid by a beneficiary of the property on which the state or
foreign tax was imposed, directly or by a charge against the property, inures to the
benefit of the beneficiary.

(c) If payment of a portion of an estate tax is deferred because of the
inclusion in the gross estate of a particular interest in property, the benefit of the
deferral inures ratably to the persons to whom the estate tax attributable to the
interest is apportioned. The burden of any interest charges incurred on a deferral of
taxes and the benefit of any tax deduction associated with the accrual or payment
of the interest charge is allocated ratably among the persons receiving an interest
in the property.

Legislative History

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