A. In this section:
(1) "special elective benefit" means a reduction in an estate tax obtained by an election for:
(a) a reduced valuation of specified property that is included in the gross estate;
(b) a deduction from the gross estate, other than a marital or charitable deduction, allowed for specified property; or
(c) an exclusion from the gross estate of specified property; and
(2) "specified property" means property for which an election has been made for a special elective benefit.
B. If an election is made for one or more special elective benefits, an initial apportionment of a hypothetical estate tax must be computed as if no election for any of those benefits had been made. The aggregate reduction in estate tax resulting from all elections made must be allocated among holders of interests in the specified property in the proportion that the amount of deduction, reduced valuation or exclusion attributable to each holder's interest bears to the aggregate amount of deductions, reduced valuations and exclusions obtained by the decedent's estate from the elections. If the estate tax initially apportioned to the holder of an interest in specified property is reduced to zero, any excess amount of reduction reduces ratably the estate tax apportioned to other persons that receive interests in the apportionable estate.
C. An additional estate tax imposed to recapture all or part of a special elective benefit must be charged to the persons that are liable for the additional tax under the law providing for the recapture.
History: Laws 2005, ch. 143, § 11; 1978 Comp., § 45-9A-7 recompiled as § 45-3-926 by Laws 2011, ch. 124, § 99.
Recompilations. — Laws 2011, ch. 124, § 99 recompiled former 45-9A-7 NMSA 1978 as 45-3-926 NMSA 1978, effective January 1, 2012.
Structure New Mexico Statutes
Chapter 45 - Uniform Probate Code
Article 3 - Probate of Wills and Administration
Part 9 - SPECIAL PROVISIONS RELATING TO DISTRIBUTION
Section 45-3-901 - Successors' rights if no administration.
Section 45-3-902 - Distribution; order in which assets appropriated; abatement.
Section 45-3-903 - Successor's indebtedness offset against interest; defenses.
Section 45-3-904 - Interest on general pecuniary devise.
Section 45-3-905 - Penalty clause for contest.
Section 45-3-906 - Distribution in kind; valuation; method.
Section 45-3-907 - Distribution in kind; evidence.
Section 45-3-908 - Distribution; right or title of distributee.
Section 45-3-909 - Improper distribution; liability of distributee.
Section 45-3-910 - Purchases from distributees protected.
Section 45-3-911 - Partition for purpose of distribution.
Section 45-3-913 - Distributions to trustee.
Section 45-3-914 - Disposition of unclaimed assets.
Section 45-3-915 - Distribution to person under disability.
Section 45-3-920 - Short title.
Section 45-3-921 - Definitions.
Section 45-3-922 - Apportionment by will or other dispositive instrument.
Section 45-3-923 - Statutory apportionment of estate taxes.
Section 45-3-924 - Credits and deferrals.
Section 45-3-925 - Insulated property; advancement of tax.
Section 45-3-926 - Apportionment and recapture of special elective benefits.
Section 45-3-927 - Securing payment of estate tax from property in possession of fiduciary.
Section 45-3-928 - Collection of estate tax by fiduciary.