Maryland Code, TAX – GENERAL 7-225
Terms Used In Maryland Code, TAX - GENERAL 7-225
- County: means a county of the State or Baltimore City. See
- Decedent: A deceased person.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Oath: A promise to tell the truth.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Personal property: All property that is not real property.
- Personal representative: includes an administrator and an executor. See
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) Each personal representative shall file the inventory required by § 7-201 of the Estates and Trusts Article with the register within 3 months after appointment.
(c) If there is no formal administration of an estate, each person other than a personal representative who distributes property that passes from the decedent shall file the inventory required by § 7-201 of the Estates and Trusts Article, within 3 months after the death of the decedent and before distributing the property:
(1) for personal property, with the register in the county where the decedent resided at the time of death; and
(2) for real property, with the register in the county where the real property is located.
(d) If there is no formal administration of an estate, each person who receives property that passes from a decedent without distribution shall file the inventory required by § 7-201 of the Estates and Trusts Article, within 3 months after the death of the decedent:
(1) for personal property, with the register in the county where the decedent resided at the time of death; and
(2) for real property, with the register in the county where the real property is located.
(e) A foreign personal representative who administers an estate with property that is located in this State and subject to the inheritance tax shall file with the register of the county where the foreign personal representative believes the largest part, in value, of the property is located:
(1) a copy of the appointment as personal representative;
(2) a copy of the will of the decedent, if any, authenticated in accordance with 28 U.S.C. § 1738; and
(3) an inventory of all of the property that the estate owns in this State that:
(i) is made under oath;
(ii) describes each item in reasonable detail; and
(iii) indicates the fair market value of each item and the basis on which the value is determined.