<?xml version='1.0' encoding='utf-8'?>
<regulation prefix="Regulation" num=".03" citation="COMAR 18.13.02.03" title_num="18" subtitle_num="13" chapter_num="02" heading="Valuation of Controlling Interests.">
  <text>The valuation of a controlling interest:</text>
  <paragraph num="A.">
    <text>Is not determined solely by the number of shares or other units of ownership interest and the par value or other value assigned to those interests by a real property entity; and</text>
  </paragraph>
  <paragraph num="B.">
    <text>Will consider the value of the rights and benefits associated with the majority ownership of the controlling interest being transferred as reflected in the transactional documents and any other evidence considered relevant by the Department.</text>
  </paragraph>
</regulation>