584 LAWS OF MARYLAND. [CH. 488

each operating unit, as so determined, by considering its earn-
ing capacity and all other factors relevant to a determination
of its full cash value.

(b) If an operating unit is located wholly within this
State, the entire value thereof shall be allocated to the operat-
ing property, including land, located in this State. If part
only of an operating unit is located in this State, the Com-
mission shall allocate to the operating property, including
land, located in this State such part of the entire value of such
operating unit as is reasonably attributable to the part of such
operating unit which is located in this State. In computing
the assessment for purposes of State taxation of the operating
property, except land, located in this State, the Commission
shall, subject to the provisions of Section 7 or any special
act providing for exemption from ordinary State Taxes, deduct
from the value allocated to the operating property, including
land, located in this State, the assessed value of the operating
land located in this State, and included in the operating unit.

(e) When, under Section 7 or under any special act or
acts, some of, but not all, the operating property located in
this State of an operating unit is exempt from some or all
ordinary taxes, the Commission shall separately value the part
or parts thereof which are entitled to different exemptions
from ordinary taxes, and the part thereof, if any, which, is not
exempt. from any ordinary taxes, by apportioning to each such
part of the operating unit such part of the value of the operat-
ing property located in this State of such operating unit as the
Commission finds is reasonably attributable to such part of
the operating unit. Such apportionments shall be made in ac-
cordance with the rules governing apportionments to counties
and cities required by paragraph (d) as far as such rules are
practicably applicable.

(d) When all or part of the operating property of an
operating unit is located in more than one county or city of
this State, the Commission shall apportion to the operating
property located in each such county or city, such part of the
value of the operating property located in this State of
such operating unit, or such part of the value of operating
property separately valued under paragraph (e), as the case
may be, as is provided in paragraphs (e), (f) and (g).

(e) In apportioning values of operating property of rail-
roads to counties and cities as required by paragraph (d),
the Commission shall proceed as follows: (1) Operating
land at its assessed value shall be directly apportioned to the