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H.B. 13
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VETOES
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(3) THOSE STATUTES IN EFFECT BEFORE JANUARY 1, 1970 SHALL
GOVERN THE ADMINISTRATION ON AND AFTER JANUARY 1, 1970 OF ESTATES OF
PERSONS WHO DIED BEFORE JANUARY 1, 1970.
14-201.
As used in this subtitle:
(2) "Inventory value" means the cost of property purchased by the
trustee and the market value of other property at the time it became subject to the
trust, decreased by the amount of any receipts, and increased by the amount of any
disbursements, of principal cash in connection with such item of principal. In the case
of assets subject to estate [or inheritance] tax the trustee may use as such market
value any value finally determined for the purposes of such tax;
15-309.
This subtitle does not affect any obligation of a corporation or transfer agent
with respect to estate, [inheritance, succession,] generation skipping transfer; or
other taxes imposed by the laws of this State.
Article—Tax—General
7-104.
When THE COMPTROLLER OR a register OF WILLS claims that a decedent was
domiciled in this State at the time of death and the taxing authority of another state
makes a similar claim on behalf of that state, then, with the approval of the Attorney
General of this State, the Comptroller may make a written agreement with the other
taxing authority and with the personal representative to submit the controversy to
the decision of a board consisting of 1 or any other uneven number of arbitrators. The
personal representative may make the agreement. The parties to the agreement shall
select the arbitrator or arbitrators.
7-118.
When THE COMPTROLLER OR a register OF WILLS claims that a decedent was
domiciled in this State at the time of death and the taxing authority of another state
makes a similar claim on behalf of that state, then, with the approval of the Attorney
General of this State, the Comptroller may make a written agreement of compromise
with the other taxing authority and the personal representative that a certain sum
shall be accepted in full satisfaction of all death taxes imposed by this State, including
any interest or penalties to the date of filing the agreement. The agreement also shall
determine the amount to be accepted by the other state in full satisfaction of death
taxes. The personal representative may make the agreement.
7-304.
(a) In this section, "federal credit" means the maximum credit for death taxes
paid to any state that is allowable under § 2011 of the Internal Revenue Code against
the federal estate tax of a decedent as reduced by the proportion that the amount of
the estate not included in the Maryland estate bears to the amount of the entire
estate of the decedent.
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- 4226 -
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