BLAIR LEE III, Acting Governor

1205

151.

The taxes imposed by §§ 149 and 150 of this subtitle
[shall] apply to all tangible or intangible property, real
or personal, passing either by will or under the intestate
laws of this State, or by deed, gift, grant, bargain or
sale, made in contemplation of death, or intended to take
effect in possession or enjoyment at or after the death of a
decedent, including property in which the decedent, prior to
his death, had an interest as joint tenant or tenant in
common, and including property over which the decedent
retained any dominion during his lifetime, except, however,
any interest, legal or equitable of any surviving spouse in
any freeshare account in any building or homestead
association or in any monies on deposit or in any registered
bond of the United States in the name of husband and wife
passing to [such] THE surviving spouse or in any property of
any nature owned by husband and wife either as joint tenants
or as tenants by the entireties passing to [such] THE
surviving spouse. [It] IN the case of joint bank accounts
or joint building or homestead association accounts or
shares, or registered securities, the form of the account or
registration shall be controlling notwithstanding a parol
trust to a contrary effect. The reservation of a
beneficial interest in favor of the decedent or of a power
of revocation, absolute or conditional or of a power of
appointment by will or otherwise, in or over any property
passing subject to the tax imposed by this subtitle, shall
be deemed to constitute dominion within the meaning of this
section) EXCEPT THAT AUTHORITY TO DESIGNATE THE BENEFICIARY
OF ANNUITIES OR OTHER PAYMENTS UNDER QUALIFIED PUBLIC OR

PRIVATE EMPLOYEES' PENSION OR BENEFIT PLANS EXCLUDABLE FROM

A DECEDENT'S CROSS ESTATE FOR FEDERAL ESTATE TAX PURPOSES

DOES NOT CONSTITUTE DOMINION FOR THE PURPOSES OF THIS
SECTION. THESE PAYMENTS, IF NOT TAXABLE FOR FEDERAL ESTATE
TAX PURPOSES, ARE NOT SUBJECT TO THE TAXES IMPOSED BY
SECTIONS 119 AND 150 OF THIS SUBTITLE. In cases of joint
tenancy, where the interests are not otherwise specified or
fixed by law, the interest passing shall be determined by
dividing the value of the property by the number of joint
tenants. Any transfer of a material part of his property,
in the nature of a final disposition or distribution
thereof, made by a decedent within two years prior to his
death, except a bona fide sale for an adequate and full
consideration in money or money's worth, shall, unless shown
to the contrary, re deemed to have been made in
contemplation of death within the meaning of this section.
Where property passes subject to the tax to a man and wife
as tenants by the entireties, one of whom is so related to
the decedent as to require the rate of tax specified in §

149 of this article and the other of whom is not, the rate
of tax specified by said § 149 shall be applied to one half
the value of the property and the rate of tax specified by §

150 of this article shall be applied to one half the value
of the property and [said] THE tenants by the entireties
shall be jointly and severally liable for the entire tax.
[Provided, however, that when] WHEN the total value of any
property, or interest therein, passing to any one person