Sec. 3. (a) The department of state revenue and a taxpayer may enter into an agreement under which the department will compute the inheritance tax due with respect to a taxable transfer if:
(1) it is impossible to compute the present value of the property interest transferred; or
(2) the tax imposed on the transfer cannot be computed because a contingency makes it impossible to determine who will take the property.
The personal representative of an estate or the trustee of a trust may, without court authorization, enter into such an agreement with the department on behalf of the estate or trust.
(b) When the department of state revenue enters into an agreement with a taxpayer under this section, the tax computed by the department is payable from the property interest transferred.
As added by Acts 1976, P.L.18, SEC.1.