375B.110 - Determination of federal credit attributable to certain property situated in Nevada.
375B.110 Determination of federal credit attributable to certain property situated in Nevada. If the generation-skipping transfer includes property having a situs in this State and in another state the portion of the federal credit which is attributable to the property having a situs in Nevada must be determined in the following manner:
1. For the purpose of apportioning the federal credit, the gross value of the property must be that value finally determined for the purposes of the federal generation-skipping transfer tax.
2. The federal credit must be multiplied by the percentage which the gross value of property having a situs in Nevada bears to the gross value of the entire transfer which is subject to federal generation-skipping transfer tax.
3. The product determined pursuant to subsection 2 is the portion of the federal credit which is attributable to property having a situs in Nevada.
(Added to NRS by 1989, 1496)