Alternate valuation of certain farm or business real property -- limitation
(1) If the decedent was at the time of his death a resident of this state and the personal representative elects to have 72-16-331 through 72-16-349 apply and files an agreement with the department, the value of qualified real property for the purposes of the tax imposed by this part is its value for the use under which it qualifies under 72-16-331(16) as qualified real property.
(2) The aggregate decrease in the value of qualified real property taken into account for the purposes of the Montana inheritance tax that results from the application of subsection (1) may not exceed $500,000 in the case of a decedent dying prior to October 1, 1983, and may not exceed $750,000 for decedents dying thereafter.
(1) If the decedent was at the time of his death a resident of this state and the personal representative elects to have 72-16-331 through 72-16-349 apply and files an agreement with the department, the value of qualified real property for the purposes of the tax imposed by this part is its value for the use under which it qualifies under 72-16-331(16) as qualified real property.
(2) The aggregate decrease in the value of qualified real property taken into account for the purposes of the Montana inheritance tax that results from the application of subsection (1) may not exceed $500,000 in the case of a decedent dying prior to October 1, 1983, and may not exceed $750,000 for decedents dying thereafter.
Alternate valuation of certain farm or business real property -- limitation Repealed
Sec. 36, Ch. 9, Sp. L. May 2000.
| EnactedEn. SectionSec. 2, ChapterCh. 705, Laws ofL. 1979 |
| AmendedAmd. SectionSec. 4, ChapterCh. 511, Laws ofL. 1983 |