(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.
Structure Maryland Statutes
Section 13-701 - When Return Not Filed or Tax Not Paid
Section 13-703 - False Returns
Section 13-704 - Fraudulent Failure to File Return
Section 13-705 - Frivolous Income Tax Return
Section 13-706 - Failure to Provide or Providing False Income Tax Withholding Statement
Section 13-706.1 - Failure to Provide or Providing False Withholding Reconciliation Report
Section 13-708 - Noncompliance With Notice and Demand
Section 13-709 - Noncompliance With Notice and Demand for Final Sales and Use Tax Assessment
Section 13-710 - Seizure of Illegally Manufactured Distilled Spirits or Mash
Section 13-711 - Failure to Keep Tobacco Tax Records
Section 13-712 - Evasion of Boxing and Wrestling Tax
Section 13-714 - Waiver of Penalty
Section 13-715 - Tax Preparers -- Failure to Sign or Provide Identification Numbers; Injunctions
Section 13-716 - Penalty for Underpayment; Calculations
Section 13-717 - Penalty for Violation of 10-824 of This Article