A decedent's estate may pay all or part of any tax owed by the decedent's estate to the state by payment in the form of one or more works of art in the manner provided by the Art Acceptance Act [7-7-15 to 7-7-20 NMSA 1978], provided:
A. the decedent has so directed by a will; or
B. in the absence of a direction in the decedent's will, the personal representative finds that this method of payment is advantageous to the estate.
History: 1978 Comp., § 7-7-17, enacted by Laws 1983, ch. 209, § 3.
Effective dates. — Laws 1983, ch. 209, § 7 made Laws 1983, ch. 209, § 3 effective July 1, 1983.
Structure 2021 New Mexico Statutes
Section 7-7-3 - Residents; tax imposed; credit for tax paid other state.
Section 7-7-4 - Nonresidents; tax imposed; exemption.
Section 7-7-6 - Date payment due.
Section 7-7-7 - Interest on amount due; extension of time to file federal return.
Section 7-7-8 - Department to file certificate; final settlement of account.
Section 7-7-9 - Administration not applied for; application or waiver by the department.
Section 7-7-10 - Administration.
Section 7-7-11 - Sale of property to pay tax.
Section 7-7-12 - Liability for failure to pay tax before distribution or delivery.
Section 7-7-17 - Payment of estate tax in works of art.
Section 7-7-18 - Procedure for payment in works of art.