Subdivision 1. Determination. All property includable in the Minnesota gross estate of a decedent shall be valued in accordance with the provisions of sections 2031 or 2032 and, if applicable, 2032A, of the Internal Revenue Code and any elections made in valuing the federal gross estate shall be applicable in valuing the Minnesota gross estate. The value of all property includable in the Minnesota gross estate of a decedent may be independently determined under those sections for Minnesota estate tax purposes except:
(1) as otherwise provided in section 291.075; or
(2) if the Internal Revenue Service, after receiving the estate's federal estate tax return, either conducts a separate appraisal of an asset reported on the return or proposes a change in the reported valuation of an asset in the estate, in which case the federal final determination of the value controls.
Subd. 2. [Repealed, 1990 c 480 art 1 s 45]
Subd. 3. [Repealed, 1990 c 480 art 1 s 45]
1979 c 303 art 3 s 24; 1980 c 439 s 22; 1983 c 222 s 28; 1Sp1985 c 14 art 13 s 11; 1986 c 444; 2008 c 154 art 7 s 1
Structure Minnesota Statutes
Chapters 289A - 295 — Various State Taxes And Programs
Section 291.005 — Definitions.
Section 291.016 — Minnesota Taxable Estate.
Section 291.075 — Special Use Valuation Of Qualified Property.
Section 291.12 — Collection Of Tax By Representative Or Trustee.
Section 291.13 — Taxes To Be Paid To Commissioner Of Revenue.
Section 291.16 — Power Of Sale.
Section 291.21 — Letters Of Administration.