1386 LAWS OF MARYLAND. [CH. 792

222(p). The term "this State" includes all territory owned
by or ceded to the United States of America within the terri-
torial limits or confines of the State of Maryland.

SEC. 2. And be it further enacted, That Sections 222(f),
222 (m), 223(b), 224(c), 224(f), 224(j), 226(b), 228(c) and
239 of Article 81 of the Annotated Code of Maryland (1939
Edition), title "Revenue and 'Taxes", sub-title "Income Tax",
be and the same are hereby repealed and re-enacted, with
amendments, to read as follows:

222(f). '"Fiduciary" means any person by whom the legal
title to real or personal property is held for the use and
benefit of another, and shall include a trustee, but shall not
include an agent holding custody or possession of property
owned by his principal, a guardian, a committee or trustee
for an incompetent, a receiver or trustee liquidating the busi-
ness of an individual, partnership or corporation, or an execu-
tor or administrator of the estate of a decedent.

222(m). "Interest" means interest from whatever source
derived, and includes interest from bonds, certificates of in-
debtedness, evidences of debt, judgments, notes, mortgages
and money at interest, and 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 the surrender of the contract, in excess
of the total amount of the premiums paid therefor.

223(b). The proceeds of life insurance policies paid by
reason of the death of the insured, whether in a single sum or
otherwise (but if such amounts are held by the insurer under
an agreement to pay interest thereon, the interest payments
shall be included in gross income).

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

224(f). Debts due the taxpayer arising out of a trade or
business, the income from which is subject to taxation to him
under this sub-title, ascertained to be worthless and charged
off within the taxable year to the extent that the same had
been previously reported as income under this sub-title, or in
the case of a debt existing on January 1st, 1937, to the extent
of its fair market value on that date. In the case of taxpayers
who keep regular books of account on an accrual basis and
according to standard accounting practice, there may be de-