New Mexico § 45-3-924 - Credits and deferrals

§ 45-3-924. Credits and deferrals

Except as otherwise provided in Sections 10 and 11 of this act, the following rules

apply to credits and deferrals of estate taxes: A. a credit resulting from the payment of gift taxes or from estate taxes paid on

property previously taxed inures ratably to the benefit of all persons to which the

estate tax is apportioned; B. a credit for state or foreign estate taxes inures ratably to the benefit of all

persons to which the estate tax is apportioned, except that the amount of a credit

for a state or foreign tax paid by a beneficiary of the property on which the state

or foreign tax was imposed, directly or by a charge against the property, inures to

the benefit of the beneficiary; and C. if payment of a portion of an estate tax is deferred because of the inclusion in

the gross estate of a particular interest in property, the benefit of the deferral

inures ratably to the persons to which the estate tax attributable to the interest

is apportioned. The burden of any interest charges incurred on a deferral of taxes and the benefit

of any tax deduction associated with the accrual or payment of the interest charge

is allocated ratably among the persons receiving an interest in the property.