Nevada Revised Statutes 150.310 – Proration of tax among persons interested in estate; exceptions
1. If it appears upon any accounting, or in any appropriate action or proceeding, that a personal representative, trustee or other fiduciary has paid or may be required to pay an estate tax to the Federal Government under the provisions of any federal estate tax law, now existing or hereafter enacted, upon or with respect to any property required to be included in the gross estate of a decedent under the provisions of any such law, the amount of the tax must be equitably prorated among the persons interested in the estate, whether residents or nonresidents of this State, to whom the property was, is or may be transferred or to whom any benefit accrues, except:
Terms Used In Nevada Revised Statutes 150.310
- Decedent: A deceased person.
- Fiduciary: A trustee, executor, or administrator.
- Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
- Inter vivos: Transfer of property from one living person to another living person.
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
(a) Where a testator otherwise directs in his or her will.
(b) Where by written instrument, including, without limitation, an electronic trust, executed inter vivos direction is given for apportionment among the beneficiaries of taxes assessed upon the specific fund dealt with in the instrument.
2. As used in this section, ‘electronic trust’ has the meaning ascribed to it in NRS 163.0015.