50 LAWS OF MARYLAND. [CH. 11

tive share of the net income of the estate or trust for any
accounting period of such estate or trust ending within the
fiscal or calendar year upon the basis of which such bene-
ficiary's net income is computed.

(5) Income from intangible personal property held by any
domestic trust company or by any national bank situated in
this State (with or without an individual trustee, resident or
non-resident) in trust to pay the income for the time being to,
or to accumulate or apply such income for the benefit of, any
non-resident of this State, shall not be taxable hereunder if

(a) such beneficial owner or cestui que trust was at the time
of the creation of the trust a non-resident of this State, and

(b) the testator, settlor or grantor was also at the time of
the creation of the trust a non-resident of this State.

245. FIDUCIARY RETURNS. (1) Every fiduciary shall make
a return for the person or estate or trust for whom or for
which he acts, as follows:

(a) If he acts for a living person whose entire income from
whatever source derived is in his charge and the net income of
such individual is one thousand dollars ($1, 000) or over if
single, or if married and not living with husband or wife, and
for every such living person having a net income of twenty-five
hundred dollars ($2, 500) or over if married and living with
husband or wife;

(b) If he acts for an estate of a deceased person during the
period of administration or settlement, whether or not the
income of such estate during such period of administration or
settlement is properly paid or credited to a legatee, heir or
other beneficiary; for an estate or trust the income of which is
accumulated in trust for the benefit of unborn or unascertained
persons or person with contingent interest; or for an estate
or trust the income of which is held for future distribution or
as distributable at the discretion of the fiduciary under the
terms of the will or trust;

(c) If he acts for an estate or trust the income of which is
to be distributed to the beneficiaries periodically; or as the
guardian of an infant whose income is to be held or distributed
as the court may direct. The return made by a fiduciary shall
state specifically the items of the gross income and the deduc-
tions and exemptions allowed by this sub-title. Under such
regulations as the Comptroller may prescribe, a return made
by one of two or more joint fiduciaries shall be a sufficient
compliance with the above requirements. The fiduciary shall
make oath that he has sufficient knowledge of the affairs of
the individual, estate or trust for whom or which he acts to