72-16-459. Election of deferral as to additional tax. (1) If an additional tax is determined under Title 72, chapter 16, part 3, and the estate qualifies under 72-16-452 and the personal representative has not made an election under 72-16-452, the personal representative may elect to pay the additional tax in installments.
     (2) An election under this section must be made not later than 60 days after notice and demand for payment of the additional tax has been given by the department and must be made in the manner prescribed by the department.
     (3) If an election is made under this section, the additional tax shall, subject to the limitation in 72-16-452(2), be prorated to the installments that would have been due if an election had been timely made under 72-16-452. The part of the additional tax so prorated to any installment the date for payment of which would have arrived shall be paid at the time of the making of the election under this section. The portion of the additional tax prorated to installments, the date for payment of which would not have so arrived, shall be paid at the time such installments would have been due if such an election had been made.

     History: En. Sec. 24, Ch. 705, L. 1979.