1802 LAWS OF MARYLAND [CH. 597

(o) Payments up to Fifteen Hundred Dollars ($1, 500. 00)
received during [the calendar years 1944, 1945 and 1946] each
current calendar year as members of the Armed Forces of the
United States and of the United States Maritime Service, U. S.
Merchant Marine Cadet Corps and the United -States Merchant
Marine by residents of this State while serving m & combat
zone after June 24, 1950. For the purposes of this sub sec-

section, a combat zone shall be defined as an area so desig-

nated by the President of the United States. ON ACTIVE

DUTY WITH AFORESAID BRANCHES OF SERVICE.

(p) Beginning with the calendar year 1944 and thereafter,
amounts received as mustering-out pay by members of the
armed forces of the United States to the extent paid and re-
ceived under and pursuant to Public Law No. 225, and any
amendments thereto or thereof, 78th Congress (2nd Session)
known as the Mustering-Out Payment Act of 1944, approved
February 3, 1944, and amounts paid or received by veterans of
the armed forces of the United States as benefits or compensa-
tion under and pursuant to Public Law No. 346 and any
amendments thereto or thereof, 78th Congress (2nd Session)
known as the Servicemen's Readjustment Act of 1944, ap-
proved June 22, 1944.

(q) In other than the taxable year in which actually dis-
tributed or made available to him, any person's share of a con-
tribution or payment made by an employer to a stock bonus,
pension, annuity, profit-sharing or deferred compensation plan
established by an employer for the benefit of his employees or
their beneficiaries which for the taxable year with respect to
which the contribtion CONTRIBUTION or payment is made
meets the requirements of Section 165 of the United States
Internal Revenue Code, as amended from time to time; and, in
addition, in the taxable year in which actually received or
made available, so much of the aggregate benefits to the bene-
ficiary of annuities under a plan meeting such requirements
as exceed "annuity income" (as defined in Section 222 (1) of
this sub-title); provided, however, that the portion, if any, of
such contribution applied to a purchase of life insurance pro-
tection prior to the retirement of the employee, shall be
deemed to be a part of his compensation and included in his
gross income in the taxable year in which so applied, and the
proceeds of any such insurance policy on the life of an em-
ployee paid by reason of his death shall be excluded from gross
income in the taxable year when paid as provided in Section
223 (b) of this sub-title.

224.

(f) Debts due the taxpayer arising out of a trade or busi-
ness, the income from which is subject to taxation to him