Theodore R. McKeldin, Governor                    583

is paid or credited or to be distributed out of income from property,
it shall be considered a gift, bequest, devise, or inheritance of income
from property.

(e)   Any amount received through accident or health insurance
including any such amounts received under an Accident and Health
Welfare Fund or Plan or any amount received [or] under Work-
men's Compensation or Employers' Liability Acts, or by way of
damages for personal injuries or property damage, whether by suit
or agreement, and any amount received as a pension, annuity, or
similar allowance for personal injuries or sickness resulting from
active service in the armed forces of the United States.

(f)   Beginning with the year 1944 and thereafter, dividends re-
ceived upon stock of national banks located within and without the
State and also domestic corporations the shares of which are subject
to ordinary taxes.

(g)   Income from intangible personal property held by any fidu-
ciary 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 col-
lateral by such bank, trust company or national bank (with or with-
out an individual co-trustee, resident or non-resident) and such
income shall not be taxable either to such trustee or to such cor-
poration.

(i) Income received by an executor, administrator or personal
representative of a deceased person during the period of adminis-
tration 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 sub-divi-
sion 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 Congress
passed pursuant thereto and in conformity therewith.

(1) Amounts received! by corporations or non-resident individuals
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 Anno-
tated Code of Maryland (less related expenses) of railroads, other
public utilities and contract carriers.