N.J. Admin. Code § 18:26-2.14

Current through Register Vol. 56, No. 9, May 6, 2024

Section 18:26-2.14 - Bond in lieu of payment

(a) If settlement through a compromise or composition of the transfer inheritance tax pursuant to N.J.A.C. 18:26-2.13fails, a bond for double the highest amount of assessable tax must be filed with the Transfer Inheritance Tax Branch, executed by the executor, administrator, trustee, or other proper representative, as principal, and a surety company licensed to operate in New Jersey as surety, until the contingency or condition occurs and the tax due becomes definite.

(b) Upon the occurrence of the contingency or condition to which a transfer is subject, the executor, administrator, trustee, or other proper representative shall notify the Transfer Inheritance Tax Branch of the date the event took place and a computation of the tax due shall then be made. (See NJ.A.C. 18:26-9.14.)

Adopted by 50 N.J.R. 1624(a), effective 7/16/2018