If the generation-skipping transfer includes property having a situs in this State and in another state the portion of the federal credit which is attributable to the property having a situs in Nevada must be determined in the following manner:
1. For the purpose of apportioning the federal credit, the gross value of the property must be that value finally determined for the purposes of the federal generation-skipping transfer tax.
2. The federal credit must be multiplied by the percentage which the gross value of property having a situs in Nevada bears to the gross value of the entire transfer which is subject to federal generation-skipping transfer tax.
3. The product determined pursuant to subsection 2 is the portion of the federal credit which is attributable to property having a situs in Nevada.
(Added to NRS by 1989, 1496)
Structure Nevada Revised Statutes
Chapter 375B - Generation-Skipping Transfer Tax
NRS 375B.020 - "Direct skip" defined.
NRS 375B.030 - "Federal credit" defined.
NRS 375B.040 - "Generation-skipping transfer" defined.
NRS 375B.050 - "Person liable" defined.
NRS 375B.100 - Amount of tax imposed.
NRS 375B.110 - Determination of federal credit attributable to certain property situated in Nevada.
NRS 375B.150 - Return: Person liable for payment required to file; time for filing; regulations.
NRS 375B.160 - Return: Extension of time for filing.
NRS 375B.170 - Filing of amended return; additional tax.
NRS 375B.190 - Penalty for failure to file timely return; waiver.
NRS 375B.210 - Determination of deficiency: Generally.
NRS 375B.220 - Determination of deficiency: Correction of erroneous determination.
NRS 375B.240 - Liability for tax; time for payment.
NRS 375B.250 - Interest on delinquent payments.
NRS 375B.260 - Payment to be applied to interest, penalty and tax.
NRS 375B.270 - Bond for payment of tax.
NRS 375B.280 - Refund of overpayment.
NRS 375B.300 - Action to enforce claim for tax.
NRS 375B.310 - Lien for unpaid tax, interest or penalty; expiration and extinguishment of lien.
NRS 375B.320 - Warrant for enforcement of lien; levy and sale.
NRS 375B.330 - Fees, commissions and expenses for enforcement of lien.
NRS 375B.340 - Writ of execution for enforcement of judgment.
NRS 375B.350 - Time for commencement of proceedings for collection.
NRS 375B.360 - Certificate by Department prima facie evidence in proceeding for collection.
NRS 375B.370 - Action to prevent or enjoin collection of tax barred.
NRS 375B.390 - Remedies of State cumulative; no election of remedies.
NRS 375B.400 - Deposit, separate accounting and expenditure of proceeds.