72-16-455. Partnership interests and stock not readily tradable. (1) If the personal representative elects the benefits of this section, at the time and in the manner as the department may prescribe:
     (a) for the purposes of 72-16-453(1)(b)(ii)(A) or (1)(b)(iii)(A), whichever is appropriate, and for the purposes of 72-16-456, any capital interest in a partnership and any nonreadily tradable stock, which after the application of 72-16-453(2) through (5) is treated as owned by the decedent, must be treated as taxable under Title 72, chapter 16, part 3, in determining the value of a transfer from the decedent;
     (b) the personal representative must be treated as having selected under 72-16-452(3) the date prescribed by 72-16-441 for the payment of the tax without interest; and
     (c) section 72-16-461 does not apply.
     (2) For the purposes of this section, "nonreadily tradable stock" means stock for which at the time of the decedent's death there was no market on the stock exchange or in an over-the-counter market.

     History: En. Sec. 17, Ch. 705, L. 1979; amd. Sec. 4, Ch. 288, L. 1997.