67-8-419 - Time for payment Installments Extensions. - Tennessee Statutes

67-8-419. Time for payment Installments Extensions.

(a)  The tax imposed by this part and part 3 of this chapter shall be due and payable nine (9) months after the death of the transferor, or at the expiration of the additional time granted by the commissioner pursuant to § 67-8-409, but such tax may be paid sooner, if assessment thereof has been completed, and if the personal representative desires to make payment.

(b)  When it is shown to the satisfaction of the commissioner that the payment on the due date of any part of the amount determined to be due would impose undue hardship upon the estate, or would necessitate the sale of any portion of the estate at a sacrifice, or at an inadequate price, the commissioner may extend the time for the payment of any such part of the tax, or may enter into an agreement with the representative of the estate for the payment of the tax due thereon in installments. Such an agreement for the payment of the tax in installments, or for the deferment of payments, shall not affect the liability of the estate for interest. The running of the statute of limitations for assessment and collection, as provided in § 67-1-1501, shall be suspended for the period of any such extension. If an extension is granted, the commissioner may, if the commissioner deems it necessary, require the executor to furnish security for the payment of the amount in respect of which the extension is granted in accordance with the terms of the extension.

[Acts 1929 (E.S.), ch. 29, § 4(1), (3); Code 1932, §§ 1282, 1284; Acts 1937, ch. 129, § 5; 1943, ch. 114, §§ 3, 5; C. Supp. 1950, §§ 1282, 1284; Acts 1970, ch. 559, § 3; 1971, ch. 118, § 3; T.C.A. (orig. ed.), §§ 30-1625, 30-1627; Acts 1985, ch. 453, § 9.]