REVENUE AND TAXES 3123

(d) The value of property acquired by gift, bequest, devise, inheritance
or succession.

(e) Any amount received through accident or health insurance, or under
Workmen's Compensation or Employers' Liability Acts, or by way of dam-
ages for personal injuries or property damage, whether by suit or agree-
ment.

(f) Dividends received upon stock of national banks and domestic cor-
porations, the shares of which are subject to ordinary taxes.

(g) Income from intangible personal property held by any fiduciary
in this State in trust to pay the income for the time being to, or to accumu-
late or apply such income for the benefit of, any non-resident of this State,
or any corporation not doing business in this State.

(h) Income received by any domestic bank or trust company or by any
national bank situated in this State from intangible personal property
deposited, by any corporation which is not doing business in Maryland,
with such bank, trust company or national bank under a deed of trust or
like instrument as collateral security for any bonds, notes, or other obliga-
tions of such corporation, and held as such collateral by such bank, trust
company or national bank (with or without an individual co-trustee, resi-
dent or non-resident) and such income shall not be taxable either to such
trustee or to such corporation.

(i) Income received by an executor, administrator or personal repre-
sentative of a deceased person during the period of administration of the
deceased person's estate, which is subject to estate, inheritance or succession
taxes payable to the State of Maryland.

(j) Interest upon the obligations of this State, of any county, municipal
or public corporation, special district or political subdivision of this State,
or of the respective instrumentalities thereof.

(k) Income which this State is prohibited from taxing under the Con-
stitution of the United States, or under any Act of Congress passed pur-
suant thereto and in conformity therewith.

Judges' salaries held not subject to State income tax. (Decided on tax imposed
by 1937 Sp. Sess., ch. 11). Gordy v. Dennis, 176 Md. 106.

1939, ch. 277, sec. 217.

224. (Deductions.) The following deductions shall be allowed, but
in the case of a corporation or a non-resident only to the extent that they
are properly allocable to income taxable under this sub-title:

(a) All ordinary and necessary expenses paid or incurred during, the
taxable year in carrying on any trade or business, including a reasonable
allowance for salaries or other compensation for personal services actually
rendered in producing taxable income.

(b) All ground rents and all interest paid or accrued during the taxable
year, except interest on indebtedness incurred to purchase or continue to
carry obligations the income from which is exempt from taxation under
this sub-title.

(c) All taxes paid or accrued during the taxable year to this State, its
political sub-divisions or the United States except income, inheritance,
estate, succession and gift taxes.

(d) Losses sustained during the taxable year and not compensated for
by insurance or otherwise, if incurred in trade or business the income from
which is subject to taxation under this sub-title.