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ROBERT L. EHRLICH, JR., Governor Ch. 225
estate of the decedent,] WITH REGARD TO AN ELECTION TO VALUE PROPERTY AS
PROVIDED IN § 2032 OF THE INTERNAL REVENUE CODE, IF A FEDERAL ESTATE TAX
RETURN IS NOT REQUIRED TO BE FILED;
1. AN IRREVOCABLE ELECTION MADE ON A TIMELY FILED
MARYLAND ESTATE TAX RETURN SHALL BE DEEMED TO BE AN ELECTION AS
REQUIRED BY § 2032(D) OF THE INTERNAL REVENUE CODE:
2. THE PROVISIONS OF § 2032(C) OF THE INTERNAL REVENUE
CODE DO NOT APPLY; AND
3. AN ELECTION MAY NOT BE MADE UNDER ITEM 1 OF THIS
SUBPARAGRAPH UNLESS THAT ELECTION WILL DECREASE;
A. THE VALUE OF THE GROSS ESTATE: AND
B. THE MARYLAND ESTATE TAX DUE WITH REGARD TO THE
TRANSFER OF A DECEDENT'S MARYLAND ESTATE.
(II) AN ELECTION TO VALUE PROPERTY AS PROVIDED IN § 2032 OF
THE INTERNAL REVENUE CODE FOR MARYLAND ESTATE TAX PURPOSES MUST BE
THE SAME AS THE ELECTION MADE FOR FEDERAL ESTATE TAX PURPOSES.
(5) (I) WITH REGARD TO AN ELECTION TO TREAT PROPERTY AS
MARITAL DEDUCTION QUALIFIED TERMINABLE INTEREST PROPERTY IN
CALCULATING THE MARYLAND ESTATE TAX, AN IRREVOCABLE ELECTION MADE ON A
TIMELY FILED MARYLAND ESTATE TAX RETURN SHALL BE DEEMED TO BE AN
ELECTION AS REQUIRED BY § 2056(B)(7)(B)(I), (III), AND (V) OF THE INTERNAL
REVENUE CODE.
(II) AN ELECTION UNDER THIS PARAGRAPH MADE ON A TIMELY
FILED MARYLAND ESTATE TAX RETURN SHALL BE RECOGNIZED FOR PURPOSES OF
CALCULATING THE MARYLAND ESTATE TAX EVEN IF AN INCONSISTENT ELECTION IS
MADE FOR THE SAME DECEDENT FOR FEDERAL ESTATE TAX PURPOSES.
(6) (I) FOR PURPOSES OF CALCULATING MARYLAND ESTATE TAX. A
DECEDENT SHALL BE DEEMED TO HAVE HAD A QUALIFYING INCOME INTEREST FOR
LIFE UNDER § 2044(A) OF THE INTERNAL REVENUE CODE WITH REGARD TO ANY
PROPERTY FOR WHICH A MARITAL DEDUCTION QUALIFIED TERMINABLE INTEREST
PROPERTY ELECTION WAS MADE FOR THE DECEDENT'S PREDECEASED SPOUSE ON A
TIMELY FILED MARYLAND ESTATE TAX RETURN UNDER PARAGRAPH (5) OF THIS
SUBSECTION.
(II) FOR THE PURPOSE OF APPORTIONING MARYLAND ESTATE TAX
UNDER $ 7-308 OF THIS SUBTITLE. ANY PROPERTY AS TO WHICH A DECEDENT IS
DEEMED TO HAVE HAD A QUALIFYING INCOME INTEREST FOR LIFE UNDER
SUBPARAGRAPH (I) OF THIS PARAGRAPH SHALL BE DEEMED TO BE INCLUDED IN
BOTH THE ESTATE AND THE TAXABLE ESTATE OF THE DECEDENT.
(7) FOR PURPOSES OF CALCULATING MARYLAND ESTATE TAX
AMOUNTS ALLOWABLE UNDER § 2053 OR § 2054 OF THE INTERNAL REVENUE CODE AS
A DEDUCTION IN COMPUTING THE TAXABLE ESTATE OF A DECEDENT MAY NOT BE
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