72-16-456. Interests in more than one closely held business. (1) Interests in two or more closely held businesses, with respect to which there is taxable under Title 72, chapter 16, part 3, as a transfer from the decedent 20% or more of the total value of each business, shall be treated as an interest in a single closely held business.
     (2) For the purposes of the 20% requirement of subsection (1), an interest in a closely held business that represents the surviving spouse's interest in property held by the decedent and the surviving spouse as joint tenants or tenants in common shall be treated as taxable under Title 72, chapter 16, part 3, in determining the value of a transfer from the decedent.

     History: En. Sec. 18, Ch. 705, L. 1979; amd. Sec. 13, Ch. 511, L. 1983.