WILLIAM DONALD SCHAEFER, Governor                       Ch. 2

(D)  SOLE INTEREST LESS THAN ABSOLUTE.

(1)  A SOLE INTEREST LESS THAN ABSOLUTE SHALL BE
VALUED IN ACCORDANCE WITH THE APPLICABLE REGULATIONS OF THE
INTERNAL REVENUE CODE THAT RELATE TO THE FEDERAL ESTATE TAX.

(2)  IF THE SOLE INTEREST LESS THAN ABSOLUTE DEPENDS
ON, OR IS MEASURED BY, THE LIFE OF AN INDIVIDUAL WHOSE LIFE
EXPECTANCY IS SHOWN TO BE LESS THAN AVERAGE FOR THE INDIVIDUAL'S
AGE BECAUSE OF POOR HEALTH, THE VALUE OF THE SOLE INTEREST LESS
THAN ABSOLUTE MAY BE ADJUSTED.

(E)  CONCURRENT INTEREST LESS THAN ABSOLUTE.

IF A LESS THAN ABSOLUTE INTEREST IN PROPERTY PASSES FROM THE
DECEDENT TO 2 OR MORE PERSONS CONCURRENTLY, THE VALUE OF THE
INTEREST IN THE PROPERTY THAT PASSES TO EACH PERSON IS DETERMINED
IN ACCORDANCE WITH THE APPLICABLE REGULATIONS OF THE INTERNAL
REVENUE CODE THAT RELATE TO THE FEDERAL ESTATE TAX.

REVISOR'S NOTE: Subsections (a) and (b) of this section are
new language derived without substantive change from
the fifth sentence of former Art. 81, § 151. These
subsections are revised to state separately the
valuation of a concurrent absolute interest in
property held in joint tenancy by the decedent and the
valuation of an absolute interest in property that
passes from a decedent to joint tenants, for clarity.

Subsection (c) of this section is new language derived
without substantive change from the seventh sentence
of former Art. 81, § 151. Subsection (c)(1) of this
section is revised to apply to the valuation of
property that passes from a decedent to any tenants by
the entireties, for clarity.

Subsections (d) and (e) of this section are new
language derived without substantive change from the
first sentence of former Art. 81, § 160, as it related
to valuation of a less than absolute interest in
property generally. The subsections are revised to
state separately the valuation for a sole interest
less than absolute and for a concurrent interest less
than absolute, for clarity.

In subsections (a) and (b) of this section, the
references to "an instrument that creates a joint
tenancy" are added for clarity.

In subsection (c)(2) of this section, the word
"husband" is substituted for the former word "man",
for clarity.

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