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2020 Maryland Statutes
Tax - General
Title 13 - Procedure
Subtitle 7 - Penalties
Section 13-716 - Penalty for Underpayment; Calculations
Universal Citation: MD. Tax - General Code Ann. § 13-716 (2020)
(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.
(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.
(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.
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