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§ 13-716. Substantial estate tax valuation understatement

West's Annotated Code of MarylandTax-General

West's Annotated Code of Maryland
Tax-General (Refs & Annos)
Title 13. Procedure (Refs & Annos)
Subtitle 7. Penalties (Refs & Annos)
MD Code, Tax - General, § 13-716
§ 13-716. Substantial estate tax valuation understatement
Penalty
(a) The Comptroller shall assess a penalty of 25% of the amount of the underpayment of tax which is attributable to any substantial estate tax valuation understatement.
Substantial estate tax valuation understatement defined
(b) For purposes of this section, there is a substantial estate tax valuation understatement if the value of any property claimed, or that should have been claimed, on any return of tax imposed by Title 7, Subtitle 3 of this article is 60% or less of the amount determined to be the correct amount of that valuation.
Limitation
(c) A penalty may not be imposed under subsection (a) of this section unless the portion of the underpayment attributable to substantial estate tax valuation understatement is greater than $5,000.

Credits

Added by Acts 2006, c. 225, § 1, eff. July 1, 2006.
MD Code, Tax - General, § 13-716, MD TAX GENERAL § 13-716
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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