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§ 7-220. Effects of tax prepayment

West's Annotated Code of MarylandTax-General

West's Annotated Code of Maryland
Tax-General (Refs & Annos)
Title 7. Death Taxes (Refs & Annos)
Subtitle 2. Inheritance Tax (Refs & Annos)
Part III. Determination and Payment of Inheritance Tax (Refs & Annos)
MD Code, Tax - General, § 7-220
§ 7-220. Effects of tax prepayment
In general
(a) Except as provided in subsection (b) of this section, if the total inheritance tax determined on all interests in property is paid when due and equals the inheritance tax that would have been due if an absolute interest in the property passed from the decedent, additional inheritance tax is not due because of a subsequent invasion of the corpus by or for any person under the terms of the instrument that created the property interests.
Exception
(b)(1) If the tax rate applicable to the person invading the corpus exceeds the tax rate already paid on the property, additional inheritance tax shall be due on the property withdrawn.
(2) The amount of additional inheritance tax due under paragraph (1) of this subsection is the difference between the inheritance tax that was paid on the property and the inheritance tax that would have been due on the property if determined at the higher rate.

Credits

Added by Acts 1988, c. 2, § 1, eff. Jan. 1, 1989.
Formerly Art. 81, § 161.
MD Code, Tax - General, § 7-220, MD TAX GENERAL § 7-220
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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