375B.310 - Lien for unpaid tax, interest or penalty; expiration and extinguishment of lien. - Nevada Statutes

375B.310  Lien for unpaid tax, interest or penalty; expiration and extinguishment of lien.

      1.  The tax imposed by NRS 375B.100 becomes a lien upon the generation-skipping transfer on the date of the transfer and remains as such until the tax, interest and penalties owed to the State are paid or the lien is otherwise discharged.

      2.  If a person who is liable for the generation-skipping transfer tax transfers property which was part of a generation-skipping transfer to a bona fide purchaser or holder of a security interest the lien imposed by subsection 1 attaches at the moment of the transfer to all of the property of the person liable for the tax including property he or she acquires after the transfer, except the property which is transferred to a bona fide purchaser or a holder of a security interest. The lien does not attach to the property transferred to a bona fide purchaser or a holder of a security interest but it attaches to the consideration received for the property by the person who is liable for the tax.

      3.  The tax owed to the State of Nevada is a lien upon all generation-skipping transfers made during the period for which the return is filed. If the lien is not extinguished or otherwise released or discharged, it expires 10 years after the date a determination of deficiency is issued if, within that period, no notice of the lien has been recorded or filed as provided in NRS 360.450. Except as otherwise provided in this section, the provisions of NRS 360.420 to 360.560, inclusive, apply to the lien.

      (Added to NRS by 1989, 1498)