638 LAWS OF MARYLAND. [CH. 226

taxed, and (2) that in apportioning the value of the shares be-
tween the business within and without Maryland, it shall be
presumed in the absence of clear evidence to the contrary that
the value of the property and business within Maryland bears
to the value of the total business and property the same ratio
which the gross receipts or earnings in Maryland (exclusive of
income from permanent investments) bears to the total gross
receipts or earnings (exclusive of income from permanent in-
vestments). All taxes assessed under this section shall also
be subject to the provisions of paragraph (e) of Section 15.

17. At the time of computing the value of the shares of
stock in any national bank located in this State, or in any cor-
poration organized under the laws of this State, having a cap-
ital stock divided into shares which are subject to valuation
and assessment under this Article, the State Tax Commission
shall determine the value of any stock debt of the City of
Baltimore of the character hereinafter in this section de-
scribed, and shall deduct from the value as determined under
the provisions of Section 15 of this Article of the shares
of stock of said corporation taxable in the City of Baltimore
such proportion of the value of said stock debt of the City of
Baltimore as the shares of stock of such corporation taxable
in the City of Baltimore bear to the total outstanding taxable
shares of stock in said corporation, and the city tax calculated
upon the residue shall be the true amount of taxes payable to
the City of Baltimore on shares of capital stock of such cor-
poration. In computing the amount of the assessment of such
shares of stock in any such national bank or other corporation
for purposes of State taxation, the State Tax Commission
shall deduct the value of such stock debt of the City of Balti-
more and shall certify the residue as the net assessment to the
Comptroller for payment of the State tax thereon to the
Treasurer. The provisions of this section shall apply only to
stock debt of the City of. Baltimore owned by such national
bank or other corporation in its own right on the first day
of January in the year for which such taxes are levied and for
six months continuously theretofore and only to stock debt of
the City of Baltimore of the following issues, that is to say:
Internal Improvement 3½% 1928 loan; Consolidated 3½%
1930 loan; Funding 3½% 1936 loan; Public Improvement
3½% 1940 loan; Refunding 3½% 1940 loan; Water
3½% 1943 loan; Four Million 3½% 1945 loan; West-
ern Maryland Railroad Refunding 3½% 1950 loan; Western