THEODORE R. MCKELDIN, GOVERNOR 1801

(f) Beginning with the year 1944 and thereafter, dividends
received upon stock of national banks located within and with-
out the State and also domestic corporations the shares of
which are subject to ordinary 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 company
or by any national bank situated in this State from intangible
personal property deposited, by any corporation which is not
doing business in Maryland, with such bank, trust company or
national bank under a deed of trust or like instrument as
collateral security for any bonds, notes, or other obligations
of such corporation, and held as such collateral by such bank,
trust company or national bank (with or without an individ-
ual co-trustee, resident" or non-resident) and such income shall
not be taxable either to such trustee or to such corporation.

(i) Income received by an executor, administrator or per-
sonal representative of a deceased person during the period of
administration of the deceased person's estate, which is subject
to estate, inheritance or succession taxes payable to the State
of Maryland.

(j) Interest upon the obligations of this State, of any county,
municipal or public corporation, special district or political
subdivision of this State, or of the respective instrumentalities
thereof.

(k) Income which this State is prohibited from taxing under
the Constitution of the United States, or under any Act of Con-
gress passed pursuant thereto and in conformity therewith.

(l) Amounts received by corporations or non-resident in-
dividuals from interest and dividends on intangible personal
property to the extent that the same are included within the
definition of investment income under this sub-title, except
interest received in the conduct of business by foreign building
and loan associations.

(m) For all calendar years beginning after December 31,
1943 and all fiscal years ending after said date, the operating
revenues subject to the gross receipts tax imposed by Article
81 of the Annotated Code of Maryland (1943 Supplement)
(less related expenses) of railroads, other public utilities and
contract carriers.