New Mexico Statutes 45-3-928. Collection of estate tax by fiduciary
A. A fiduciary responsible for payment of an estate tax may collect from any person the tax apportioned to and the tax required to be advanced by the person.
Terms Used In New Mexico Statutes 45-3-928
- Fiduciary: A trustee, executor, or administrator.
- Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
B. Except as otherwise provided in Section 10 [45-3-925 N.M. Stat. Ann.] of this act, any estate tax due from a person that cannot be collected from the person may be collected by the fiduciary from other persons in the following order of priority:
(1) any person having an interest in the apportionable estate that is not exonerated from the tax;
(2) any other person having an interest in the apportionable estate; and
(3) any person having an interest in the gross estate.
C. A domiciliary fiduciary may recover from an ancillary personal representative the estate tax apportioned to the property controlled by the ancillary personal representative.
D. The total tax collected from a person pursuant to the Uniform Estate Tax Apportionment Act N.M. Stat. Ann. § 45-3-920 to 45-3-930 may not exceed the value of the person’s interest.