WILLIAM DONALD SCHAEFER, Governor                       Ch. 2

whether the 1% lineal rate should apply to all forms
of accounts, certificates of deposit, and money market
accounts that pass to the spouse of a lineal
descendant of a decedent.

As to subsection (c)(l)(vi) of this section, former
Art. 81, § 2(1) defined "corporation" to include an
"association or joint-stock company". In light of the
reference to "stockholders", however, it seemed that
the word "corporation" was not used in former Art. 81,
§ 149(c) as defined and, therefore, none of the former
definition is incorporated in subsection (c)(1)(vi) of
this section.

As to subsection (d) of this section, the tax rates in
effect immediately prior to June 1, 1975 were as
follows:

(1)  a collateral tax rate of 7.5% of the clear
value of property that passes from a decedent;

(2)  a lineal tax rate of 1% of the clear value
of property that passes from a decedent to a parent,
spouse, child or other lineal descendant, stepparent,
or stepchild of the decedent; and

(3)  a lineal tax rate of 1% to a "single joint
savings account" held by the decedent and the spouse
of a lineal descendant which has total deposits of
less than $2,000.

The first sentence of former Art. 81, § 150(b), which
specified the effective date of tax rates as to a
decedent dying "on or after June 1, 1975", is deleted
as surplusage.

Defined terms: "Inheritance tax" § 1-101
"Property that passes from a decedent" § 7-201

7-205. RESERVED.

7-206. RESERVED.

PART II. VALUATION OF PROPERTY THAT PASSES FROM DECEDENT.

7-207. IN GENERAL.

EXCEPT AS PROVIDED IN §§ 7-209 THROUGH 7-211 OF THIS
SUBTITLE, THE VALUE OF PROPERTY THAT PASSES FROM A DECEDENT IS,
FOR PURPOSES OF THE INHERITANCE TAX, THE APPRAISED VALUE OF THE
PROPERTY REQUIRED TO BE STATED IN THE INVENTORY REQUIRED TO BE
FILED UNDER § 7-225 OF THIS SUBTITLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first and second

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