§ 39-24-104 — Compromise agreement - filing - penalty

Colorado § 39-24-104

• Jurisdiction: Colorado
• Title 39: Taxation
• Art.: Interstate Compromise, Arbitration

Text

(1) When the
executive director of the department of revenue claims that a decedent was
domiciled in this state at the time of his death and the taxing authorities of another
state make a like claim on behalf of their state, the said executive director may
make a written agreement of compromise with the other taxing authorities and the
executor or administrator of such decedent that a certain sum shall be accepted in
full satisfaction of all inheritance taxes imposed by this state, including any interest
or penalties to the date of signing the agreement. The agreement shall also fix the
amount to be accepted by the other states in full satisfaction of inheritance taxes.
The executor or administrator of such decedent is authorized to make such
agreement. Such agreement shall finally and conclusively fix and determine the
amount of tax payable to this state without regard to any other provision of the
laws of this state.

(2) Unless the tax so agreed upon is paid within sixty days after the signing
of such agreement, interest or penalties shall thereafter accrue upon the amount
fixed in the agreement, but the time between the decedent's death and the signing
of such agreement shall not be included in computing the interest or penalties. In
the event the aggregate amount payable under such agreement to the states
involved is less than the maximum credit allowable to the estate against the United
States estate tax imposed with respect thereto, the personal representatives
forthwith shall also pay to the department of revenue so much of the difference
between such aggregate amount and the amount of such credit as the amount
payable to the department under the agreement bears to such aggregate amount.
A copy of any such agreement shall be filed in the court having jurisdiction of the
administration of the estate and any existing appraisement shall be deemed
modified according to said agreement.

(3) In the event no appraisement has been made and filed prior to said
agreement, the executive director of the department of revenue shall direct an
appraisement to be made and filed in the court having jurisdiction of the
administration of the estate in accordance with said agreement.

Legislative History

Source: L. 53: p. 355, � 4. CRS 53: � 138-8-4. C.R.S. 1963: � 138-7-4. L. 73: p. 1474, � 34.