WILLIAM DONALD SCHAEFER, Governor Ch. 643

TRANSFER TAXABLE BY ALL OTHER STATES BEARS TO THE TOTAL VALUE OF
THE GENERATION-SKIPPING TRANSFER.

(C)  "FEDERAL GENERATION-SKIPPING TRANSFER TAX" MEANS THE
TAX IMPOSED BY § 2601 OF THE INTERNAL REVENUE CODE.

(D)  "GENERATION-SKIPPING TRANSFER" MEANS A TRANSFER SUBJECT
TO THE FEDERAL GENERATION-SKIPPING TRANSFER TAX.

(E)  "ORIGINAL TRANSFEROR" MEANS AN INDIVIDUAL WHO MAKES A
TRANSFER OF PROPERTY THAT RESULTS IN THE IMPOSITION OF THE
FEDERAL GENERATION-SKIPPING TRANSFER TAX.

7-402.

(A)  EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION, A
TAX IS IMPOSED ON A GENERATION-SKIPPING TRANSFER THAT OCCURS AT
THE SAME TIME AND AS A RESULT OF THE DEATH OF AN INDIVIDUAL, IF:

(1)  THE ORIGINAL TRANSFEROR WAS A RESIDENT OF THIS
STATE ON THE DATE OF THE ORIGINAL TRANSFER; OR

(2)  (I) THE ORIGINAL TRANSFEROR WAS NOT A RESIDENT OF
THIS STATE ON THE DATE OF THE ORIGINAL TRANSFER; AND

(II) THE GENERATION-SKIPPING TRANSFER INCLUDES
PROPERTY HAVING A SITUS IN THIS STATE.

(B)  THE MARYLAND GENERATION-SKIPPING TRANSFER TAX DOES NOT
APPLY TO A DIRECT SKIP, AS DEFINED UNDER § 2612 OF THE INTERNAL
REVENUE CODE.

7-403.

THE MARYLAND GENERATION-SKIPPING TRANSFER TAX IS THE AMOUNT
OF THE FEDERAL CREDIT.

7-404.

THE VALUE OF PROPERTY INCLUDED IN A GENERATION-SKIPPING
TRANSFER IS THE SAME VALUE AS DETERMINED UNDER CHAPTER 13 OF THE
INTERNAL REVENUE CODE.

7-405.

(A)  THE PERSON REQUIRED TO FILE A FEDERAL
GENERATION-SKIPPING TRANSFER TAX RETURN ON WHICH A FEDERAL CREDIT
IS ALLOWABLE SHALL COMPLETE AND FILE A MARYLAND
GENERATION-SKIPPING TRANSFER TAX RETURN WITH THE COMPTROLLER ON
OR BEFORE THE LAST DAY FOR FILING THE FEDERAL RETURN.

(B)  IF, AFTER A PERSON FILES A MARYLAND GENERATION-SKIPPING
TRANSFER TAX RETURN, THE FEDERAL GENERATION-SKIPPING TRANSFER TAX .

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