470 LAWS OF MARYLAND. [CH. 277

visions of Article 58A of the Annotated Code of Maryland,
(2) business accounts and notes receivable, or (3) instalment
contracts.

(o) "Ordinary income" means that portion of the gross in-
come which is not Investment income.

216. Gross Income and Exclusions Therefrom. "Gross
income" means income from whatever source derived, includ-
ing salaries, wages or compensation for personal services of
whatever kind and in whatever form paid; interest, dividends,
rents, royalties and annuity income; and gains, profits and
income derived from professions, vocations, trades, businesses
and commerce. "Gross income" shall not include the fol-
lowing:

(a) Capital gains realized from the sale, exchange or other
disposition of property held by a taxpayer (whether or not
connected with his trade or business) other than stock in trade
of the taxpayer or other property of a kind that would properly
be included in the inventory of the taxpayer if on hand at the
close of the taxable year, or property held by the taxpayer
primarily for sale to customers in the ordinary course of his
trade or business.

(b) The proceeds of life insurance policies paid by reason
of the death of the insured.

(c) Amounts received (other than amounts paid by reason
of the death of the insured) under life insurance or endowment
contracts, either during the term or at maturity or upon sur-
render of the contract, equal to the total amount of the
premiums paid therefor.

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

(e) Any amount received through accident or health in-
surance, or under Workmen's Compensation or Employers'
Liability Acts, or by way of damages for personal injuries or
property damage, whether by suit or agreement.

(f) Dividends received upon stock of national banks and
domestic corporations, the shares of which are subject to ordi-
nary 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 accumulate 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 com-
pany or by any national bank situated in this State from in-
tangible personal property deposited, by any corporation which
is not doing business in Maryland, with such bank, trust com