§ 39-23.5-114 — Liability for payment

Colorado § 39-23.5-114

• Jurisdiction: Colorado
• Title 39: Taxation
• Art.: Colorado Estate Tax

Text

(1) The tax imposed by this article shall
be paid by the person required to file. No person required to file shall be liable for a
sum greater than the value of the property actually received by him.

(2) If the tax imposed by this article is not paid when due, the spouse,
qualified heir, distributee, transferee, trustee (except the trustee of an employees'
trust which meets the requirement of section 401 (a) of the internal revenue code),
surviving tenant, person in possession of the property by reason of the exercise,
nonexercise, or release of a power of appointment, or beneficiary who receives, or
has on the date of the decedent's death, property included in the gross estate or
the generation-skipping transfer shall, to the extent of the value of such property
for Colorado tax purposes, be personally liable for such tax. The personal liability
imposed by this subsection (2) shall, with respect to estates of decedents dying or
generation-skipping transfers occurring on or after July 1, 1980, not be valid as
against any purchaser, mortgagee, pledgee, or transferee of, or a holder of a
security interest in, such property if acquired by him for a full and adequate
consideration in money or money's worth. A recorded instrument on which a state
documentary fee is noted pursuant to section 39-13-103 shall be prima facie
evidence that the transfer described in such instrument was for full and adequate
consideration in money or money's worth.

Legislative History

Source: L. 79: Entire article added, p. 1435, � 16, effective July 3. L. 83: Entire section amended, p. 1536, � 12, effective July 1.