The respective factors to be used in the computation of tax are
that proportion of the investment income, ordinary income and allow-
able deductions, respectively, of the fiduciary estate for the taxable
year as is equivalent to the ratio of the accumulated net income to the
total net income, of the fiduciary estate for such year.

A fiduciary is allowed a personal exemption of $200.00 to apply to
the net income of the fiduciary estate which is accumulated.

The tax is computed by adding 6% of the taxable portion of the
investment income to 2 1/2% of the taxable portion of the ordinary in-
come and subtracting therefrom 2 1/2% of the portion of deductions and
the personal exemption allowed the fiduciary.

CORPORATIONS

Every corporation (domestic or foreign) having any income allo-
cable to the State under the provisions of Section 246 of the law is
required to file a return. Affiliated corporations are required to
file separate returns.

Tax at the rate of 1 1/2 % of the net income allocable to Maryland
is imposed upon corporations.

STATE AUDITOR
STATE OFFICE BUILDING
Annapolis, Maryland

State Auditor:
Daniel L. Clayland, 3rd. C. P. A. (Term expires 1943)

Baltimore
Deputy State Auditor:
Carl L. Wannen, C. P. A. ....................................... Baltimore

Assistants:

Thomas A. Sweeney. ............................................ Baltimore
Howard B. Matthews..................................... Baltimore
James W. Rountree, Jr., C. P. A. ..................... Baltimore
B. S. Schilling, Jr., C. P. A. ...............................Baltimore
Milton H. Vester. ............................. Baltimore
Charles R. Hannum, C. P. A................................. Baltimore
Morris N. Throne, C. P. A..........................Baltimore
Myron S. Brown............................................. Laurel
Betty Shipley...................................... Baltimore
Charles I. Norris .................................... Baltimore
J. Carter Hammel............................................ Baltimore
William N. Bowen.................................................... Pikesville
J. W. Sindall. ......................................... .Baltimore
*J. R. E. Turpin, (Term expires 1943)...............Centreville

Secretary-Stenographer:

Kathleen Collins................................................. Baltimore
The State Auditor's Department was reorganized by the Acts of
1929, Chapter 226 (Annotated Code, Article 19, Sections 45 to 52, in-
clusive) .

The Governor appoints the State Auditor for a term of office be-
ginning on the first Monday in May next ensuing his appointment and

*See the Conservation Department, page 88, for full account of
duties of office.