Minnesota Statutes 291.075 – Special Use Valuation of Qualified Property
Current as of: 2023 | Check for updates
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If, after the final determination of the tax imposed by this chapter, the property valued pursuant to section 2032A of the Internal Revenue Code is disposed of or fails to qualify and an additional tax is imposed pursuant to section 2032A(c), any increase in federal gross or taxable estate shall be reported to the commissioner within 90 days of the federal adjustment. Upon notification the commissioner may assess an additional tax in accordance with section 291.03, subdivision 1.
Terms Used In Minnesota Statutes 291.075
- Commissioner: means the commissioner of revenue or any person to whom the commissioner has delegated functions under this chapter. See Minnesota Statutes 291.005
- Internal Revenue Code: means the United States Internal Revenue Code of 1986, as amended through May 1, 2023. See Minnesota Statutes 291.005
- Tax: means any fee, charge, exaction, or assessment imposed by a governmental entity on an individual, person, entity, transaction, good, service, or other thing. See Minnesota Statutes 645.44