216 LAWS OF MARYLAND. [CH. 140

SEC. 2. And be if further enacted, That this Act shall take
effect June 1, 1047.

Approved March 20, 1947.

CHAPTER 14!).
(Senate Bill 45)

AN ACT 1o repeal and re-enact with amendments. Section 235
of Article 81 of the Annotated Code of Maryland (1943
Supplement), title "Revenue and Taxes", sub-title "Income
Tax", as said section was amended by Ch. 796 of the Acts
of 1945. relating to corporations and associations wliicli shall
file returns.

SECTION 1. Be it enacted by the General Assembly of Mary-
ldnd, That Section 235 of Article 81 of the Annotated Code of
Maryland (1943 Supplement), title "Revenue and Taxes", sub-
title ''Income Tax", as amended by Chapter 790 of the Laws
of Maryland (1045), be and it is hereby repealed and re-en-
acted, with amendments, to read as follows:

235. (Corporations and Associations Which Shall File Re-
turns.) Every corporation and every association (domestic
and foreign) having any income allocable to this State under
the provisions of Section 253 hereof (and not exempted from
taxation hereunder). shall tile a return stating specifically the
items of its gross income and the items claimed as deductions
allowed by this sub-title. Corporations and associations which
are affiliated shall each file separate returns. Provided, how-
ever, that corporations and associations organized or operated
for the exclusive purpose of holding title to property and
collecting income therefrom and turning said income less
related expenses over to a corporation or organization which
itself is specifically exempt from the tax imposed under this
sub-title by reason of Section 230 ch. 5 of this sub-title shall
notwithstanding, file a, return stating specifically the items of
its gross income and the items claimed as deductions allowed
by this sub-title and shall in addition thereto, file with the
said return a certified or photostat copy of its articles of
incorporation or association including amendments thereto, a
certified or photostat copy of its by-laws and a certified copy
of its latest available financial statement including in addition
a statement of income and expense if this said statement is
not properly reflected in the return as filed and also a certified
or photostat copy of the exemption certificate obtained by the