2013 Maryland Code
TAX - GENERAL
§ 7-401 - Definitions
§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.
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