72-16-462. Interest -- when payable. (1) If the time for payment of any amount of tax has been extended under 72-16-451 through 72-16-465, interest payable under 72-16-461 on any unpaid portion of such amount:
     (a) attributable to the first 5 years after the date prescribed by 72-16-441 for the payment of the tax without interest shall be paid annually;
     (b) attributable to any period after the 5-year period referred to in (1)(a) of this section shall be paid annually at the same time as and as part of each installment payment of the tax.
     (2) In the case of an additional tax to which 72-16-458 applies that is determined after the close of the 5-year period referred to in (1)(a) of this section, interest attributable to such 5-year period and interest assigned to any installment the date for which has arrived on or before the date of the assessment of the additional tax must be paid on notice and demand from the department.
     (3) If the personal representative has selected a period shorter than 5 years, the shorter period shall be substituted for 5 years in (1) and (2) of this section.

     History: En. Sec. 21, Ch. 705, L. 1979.