2005 Nevada Revised Statutes - Chapter 375B — Generation-Skipping Transfer Tax
CHAPTER 375B - GENERATION-SKIPPINGTRANSFER TAX
GENERAL PROVISIONS
NRS 375B.010 Definitions.
NRS 375B.020 Directskip defined.
NRS 375B.030 Federalcredit defined.
NRS 375B.040 Generation-skippingtransfer defined.
NRS 375B.050 Personliable defined.
IMPOSITION OF TAX
NRS 375B.100 Amountof tax imposed.
NRS 375B.110 Determinationof federal credit attributable to certain property situated in Nevada.
PAYMENTS AND DETERMINATIONS
NRS 375B.150 Return:Person liable for payment required to file; time for filing; regulations.
NRS 375B.160 Return:Extension of time for filing.
NRS 375B.170 Filingof amended return; additional tax.
NRS 375B.180 Determinationof tax due: Person liable to give notice of determination; additional tax;acceptance of determination by United States.
NRS 375B.190 Penaltyfor failure to file timely return; waiver.
NRS 375B.200 Determinationof tax upon failure to file return or upon filing of false or fraudulentreturn.
NRS 375B.210 Determinationof deficiency: Generally.
NRS 375B.220 Determinationof deficiency: Correction of erroneous determination.
NRS 375B.230 Determinationof deficiency: Appeal; action for modification of tax; notice of determination.
NRS 375B.240 Liabilityfor tax; time for payment.
NRS 375B.250 Intereston delinquent payments.
NRS 375B.260 Paymentto be applied to interest, penalty and tax.
NRS 375B.270 Bondfor payment of tax.
NRS 375B.280 Refundof overpayment.
COLLECTION OF TAX
NRS 375B.300 Actionto enforce claim for tax.
NRS 375B.310 Lienfor unpaid tax, interest or penalty; expiration and extinguishment of lien.
NRS 375B.320 Warrantfor enforcement of lien; levy and sale.
NRS 375B.330 Fees,commissions and expenses for enforcement of lien.
NRS 375B.340 Writof execution for enforcement of judgment.
NRS 375B.350 Timefor commencement of proceedings for collection.
NRS 375B.360 Certificateby Department prima facie evidence in proceeding for collection.
NRS 375B.370 Actionto prevent or enjoin collection of tax barred.
NRS 375B.380 Suitsfor collection in other states authorized; suits for collection by officers ofother states authorized.
NRS 375B.390 Remediesof State cumulative; no election of remedies.
DISTRIBUTION OF PROCEEDS
NRS 375B.400 Deposit,separate accounting and expenditure of proceeds.
NRS 375B.410 Authorizeduse of proceeds.
MISCELLANEOUS PROVISIONS
NRS 375B.450 Confidentialityof information and records; exceptions.
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GENERAL PROVISIONS
NRS
(Added to NRS by 1989, 1495)
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(Added to NRS by 1989, 1495)
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(Added to NRS by 1989, 1495)
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(Added to NRS by 1989, 1495)
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(Added to NRS by 1989, 1495)
IMPOSITION OF TAX
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1. Except as otherwise provided in subsection 2, a taxis hereby imposed on the generation-skipping transfer other than a direct skip,that occurs at the same time as and as a result of the death of a person in theamount of the maximum credit allowable against the federal generation-skippingtransfer tax for the payment of state generation-skipping transfer taxes.
2. The tax imposed by subsection 1 is reduced by theapportioned amount of the generation-skipping transfer taxes collected byanother state.
(Added to NRS by 1989, 1495)
NRS
1. For the purpose of apportioning the federal credit,the gross value of the property must be that value finally determined for thepurposes of the federal generation-skipping transfer tax.
2. The federal credit must be multiplied by thepercentage which the gross value of property having a situs in Nevada bears tothe gross value of the entire transfer which is subject to federalgeneration-skipping transfer tax.
3. The product determined pursuant to subsection 2 isthe portion of the federal credit which is attributable to property having asitus in Nevada.
(Added to NRS by 1989, 1496)
PAYMENTS AND DETERMINATIONS
NRS
1. The person liable for paying thegeneration-skipping transfer tax imposed by NRS375B.100 who is required to file a United States estate andgeneration-skipping transfer tax return or a United States gift andgeneration-skipping transfer tax return shall file with the Department on orbefore the date the United States tax return is required to be filed, a copy ofthe United States tax return and any documentation concerning the amount owedto the State of Nevada which is required by the Department.
2. The Department shall adopt regulations to requiresufficient documentation of the amount due to the State of Nevada pursuant tothis chapter.
(Added to NRS by 1989, 1496)
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(Added to NRS by 1989, 1496)
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(Added to NRS by 1989, 1496)
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1. Upon final determination of the federalgeneration-skipping transfer tax due, the person liable for the tax shall,within 60 days after that determination, give written notice of it to theDepartment. If any additional tax is due under
2. The State of Nevada shall accept the determinationby the United States of the amount of the generation-skipping transfer withoutfurther audit.
(Added to NRS by 1989, 1496)
NRS
(Added to NRS by 1989, 1497; A
NRS
(Added to NRS by 1989, 1497)
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1. In a case not involving a false or fraudulentreturn or failure to file a return, if the Department determines at any timeafter the tax is due, but not later than 4 years after the return is filedunless a longer period is provided by federal law, that the tax disclosed in anyreturn required to be filed by this chapter is less than the tax owed to theState of Nevada, a deficiency must be determined. That determination may alsobe made within such time after the expiration of the period as may be agreedupon in writing between the Department and the person liable for the tax.
2. For purposes of this section, a return filed beforethe last day prescribed by law for filing that return must be considered asfiled on that last day.
(Added to NRS by 1989, 1497; A 1991, 1409)
NRS
(Added to NRS by 1989, 1497)
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1. If it is claimed that a deficiency has beendetermined in an erroneous amount, any person who is liable for the tax mayappeal the determination to the Nevada Tax Commission pursuant to
2. The Department shall give notice of the deficiencydetermined, together with any penalty for failure to file a return, by personalservice or by mail to the person filing the return at the address stated in thereturn, or, if no return is filed, to the person liable for the tax. Copies ofthe notice of deficiency may in the same manner be given to such other personsas the Department deems advisable.
(Added to NRS by 1989, 1497; A
NRS
1. Must be paid by the person liable for the tax.Liability for payment of the tax continues until the tax is paid.
2. Is due on or before the date the federalgeneration-skipping transfer tax imposed by 26 U.S.C. 2601 is due.
(Added to NRS by 1989, 1497)
NRS
1. Except as otherwise provided in
2. The Executive Director shall set and maintain therate of interest for late payments at the highest rate permissible pursuant toSection 4 of Article 10 of the Nevada Constitution.
(Added to NRS by 1989, 1497; A
NRS
1. To any interest due on the tax;
2. To any penalty; and
3. If there is any balance, to the tax itself,
in thatorder.
(Added to NRS by 1989, 1498)
NRS
1. If any person who is liable for the tax fails topay any portion of the tax imposed by NRS375B.100 on or before the date the tax is due, he must, on motion of theDepartment, be required by the district court having jurisdiction over thegeneration-skipping transfer to execute a bond to the State of Nevada in anamount equal to twice the amount of the tax due, with such sureties as thecourt may approve, conditioned upon the payment of the tax, plus interest onthe tax at the rate of interest set by the Executive Director pursuant to
2. The bond must be filed in the office of the clerkof the court, and a certified copy must be immediately transmitted to theDepartment.
(Added to NRS by 1989, 1498; A
NRS
1. Whenever the Department determines that anoverpayment of the tax due pursuant to NRS375B.100 has been made, the person who made payment or his estate isentitled to a refund of the amount erroneously paid on presentation of proofsatisfactory to the Department that he is entitled to a refund.
2. An application for the refund must be made to theDepartment within 1 year after the date the United States generation-skippingtransfer tax has been finally determined.
3. On proof satisfactory to the Department that theapplicant is entitled to a refund, the Department shall refund that amount plusinterest at the rate established pursuant to
4. The amount of the refund must be paid from theGeneration-Skipping Transfer Tax Account in the State General Fund.
(Added to NRS by 1989, 1498)
COLLECTION OF TAX
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(Added to NRS by 1989, 1498)
NRS
1. The tax imposed by
2. If a person who is liable for thegeneration-skipping transfer tax transfers property which was part of ageneration-skipping transfer to a bona fide purchaser or holder of a securityinterest the lien imposed by subsection 1 attaches at the moment of thetransfer to all of the property of the person liable for the tax includingproperty he acquires after the transfer, except the property which istransferred to a bona fide purchaser or a holder of a security interest. Thelien does not attach to the property transferred to a bona fide purchaser or aholder of a security interest but it attaches to the consideration received forthe property by the person who is liable for the tax.
3. The tax owed to the State of Nevada is a lien uponall generation-skipping transfers made during the period for which the returnis filed. If the lien is not extinguished or otherwise released or discharged,it expires 10 years after the date a determination of deficiency is issued if,within that period, no notice of the lien has been recorded or filed asprovided in NRS 360.450. Except asotherwise provided in this section, the provisions of
(Added to NRS by 1989, 1498)
NRS
(Added to NRS by 1989, 1499)
NRS
1. The Department may pay or advance to the sheriffthe same fees, commissions and expenses for his services as are provided by lawfor similar services pursuant to a writ of execution. The Department, and notthe court, shall approve the fees for publication in a newspaper.
2. The fees, commissions and expenses are obligationsof the person liable for the tax imposed pursuant to
(Added to NRS by 1989, 1499)
NRS
1. At any time after the tax imposed by
2. The writ must be executed against any property ofthe person liable for payment of the tax, or against any property subject tothe lien for the tax.
3. The Department must not be charged a fee for theissuance of execution of the writ.
(Added to NRS by 1989, 1499)
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(Added to NRS by 1989, 1499; A 1995, 1090)
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1. The imposition of the tax;
2. The fact that it is due; and
3. Compliance by the Department with all theprovisions of this chapter in relation to the computation and determination ofthe tax.
(Added to NRS by 1989, 1499)
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(Added to NRS by 1989, 1499)
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(Added to NRS by 1989, 1499)
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(Added to NRS by 1989, 1500)
DISTRIBUTION OF PROCEEDS
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1. The Department shall deposit all payments receivedpursuant to this chapter in the State General Fund.
2. The money deposited in the State General Fundpursuant to subsection 1 must be accounted for separately and may only beexpended upon legislative appropriation.
(Added to NRS by 1989, 1500)
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(Added to NRS by 1989, 1500; A 1993, 399;
MISCELLANEOUS PROVISIONS
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(Added to NRS by 1989, 1500)
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