§ 7-401
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/md/tax-general/7-401A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§7–401.
(a)In this subtitle the following words have the meanings indicated.
(b)“Federal credit” means:
(1)the maximum allowable credit for State taxes under § 2604 of the Internal Revenue Code against the federal generation-skipping transfer tax; less
(2)the amount that bears the same ratio to the maximum allowable credit as the value of the generation-skipping 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.