| | | payments constitute a portion of the purchase price of the | | land is considered an installment sale, and for the purposes | | of this subchapter the end of the holding period with respect | | to the sale or exchange must be determined as of the date of | | the agreement. |
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| | | 2.__Installment payment; due date.__Notwithstanding any | | provision of law to the contrary, the penalty under this | | subchapter on any installment sale is due within 30 days of | | the date of payment of each installment paid to the seller or | | transferor.__Except for the first installment, the seller or | | transferor may elect to file a return as part of the seller's | | or transferor's Maine income tax return for any year in which | | subsequent installments are paid or due and to pay the balance | | of the penalty as part of the seller's or transferor's Maine | | income tax, except that, if the seller or transferor elects to | | file annual returns, interest may not accrue on any | | withholding as provided by section 600-A, subsection 1. |
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| | | 3.__Penalty on installment payment.__In an installment sale, | | the total amount of the penalty due under this subchapter is | | the amount that would have been due had the total purchase | | price been paid on the date the sale or exchange took place.__ | | The amount of the penalty due on each separate installment, | | including the first installment, must bear the same proportion | | to the total amount of the penalty due as the amount of that | | installment bears to the total consideration. |
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| | | §600-C.__Administration of penalty |
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| | | 1.__Administration; enforcement.__The State Tax Assessor | | shall administer and enforce this subchapter and this penalty.__ | | The State Tax Assessor may issue, amend and withdraw from time | | to time reasonable rules to assist in the administration and | | enforcement.__Rules adopted pursuant to this section are | | routine technical rules pursuant to Title 5, chapter 375, | | subchapter 2-A. |
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| | | 2.__Administrative provisions.__All the administrative | | provisions of chapter 835, including those relating to the | | collection and enforcement by the State Tax Assessor of the | | withholding tax and the income tax apply to the penalty | | imposed by this subchapter. |
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| | | 1.__Fine; imprisonment.__A person who willfully attempts to | | evade the penalty imposed by this subchapter may be imprisoned | | for not more than one year or fined not more than $10,000 or 5 | | times the amount of the penalty the person attempted to evade, | | whichever is greater, or may be both imprisoned and fined.__ | | Any officer, employee, director, trustee or other responsible | | person |
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