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Tuesday, September 27, 2016
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IRC Section 6166

 
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IRC Section 6166 is a provision in the U.S. Tax Code that allows an executor of an estate to defer estate tax payments for that portion of an estate that is a closely held business or farm as long as those assets exceed 35% of the adjusted gross estate. Payments can be deferred up to five years; however, interest on the unpaid balance of the estate tax is due annually.