§ 7-401. Definitions

   (a) In general. -- In this subtitle the following words have the meanings indicated.

(b) Federal credit. -- "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. -- "Federal generation-skipping transfer tax" means the tax imposed by § 2601 of the Internal Revenue Code.

(d) Generation-skipping transfer. -- "Generation-skipping transfer" means a transfer subject to the federal generation-skipping transfer tax.

(e) Original transferor. -- "Original transferor" means an individual who makes a transfer of property that results in the imposition of the federal generation-skipping transfer tax.

HISTORY: 1988, ch. 643, § 2.