J. MILLARD TAWES, GOVERNOR                               621

(2)  Mutual saving institutions;

(3)   Federal and domestic mutual building and loan associations
and foreign mutual building and loan associations admitted to do
business in this State;

(4)   Insurance companies as defined in Section 135 of this article;

(5)   Religious, educational, charitable, social, fraternal and other
similar corporations not organized or conducted for profit, no part
of the net earnings of which inure to the benefit of any private
shareholder or individual but not including corporations organized
for the exclusive purpose of holding title to property and collecting
income therefrom unless the entire amount of such income less re-
lated expenses is turned over to a corporation or organization which
itself is exempt from the tax imposed by this subtitle; and

(6)   Farmers' or other mutual hail, cyclone or fire insurance
companies or associations, the income of which is used or held for
the purpose of paying losses or expenses.

(7)   Accident and health welfare fund or plan as defined in Section
279 (s) of this subtitle.

(8)   Community swimming pools not operated for profit, and no
part of the net earnings of which inure to the benefit of any private
shareholder or individual, and where the operation of the facility is
predominantly social and intended for the betterment of the com-
munity.

309. Revisions and Appeals.

As soon as practicable after each return is received, the Comp-
troller shall examine and audit such returns as he deems necessary
for the enforcement of this subtitle. If the amount of tax computed
by the Comptroller shall be greater than the amount returned by the
taxpayer, the excess shall be assessed by the Comptroller (within
three years from the date the return was originally due or filed,
except in the case of failure to file a return or of a fraudulent or
incomplete return in which case the excess may be assessed at any
time), and a notice of such assessment shall be mailed to the tax-

payer. However, where any additional tax is the result of an audit

of the taxpayer's federal return, such additional tax may be assessed

at any time within three years from the date the taxpayer makes

known and furnishes a copy of the audit to the Comptroller. In the

event of failure to notify the Comptroller of any such audit, or to

furnish a copy of the same within thirty days after knowledge by the
taxpayer of the existence of said audit, any additional tax attributable
thereto may be assessed at any time. HOWEVER, WHERE ANY

ADDITIONAL TAX IS DUE AS THE RESULT OF AN AUDIT
OF THE TAXPAYER'S FEDERAL RETURN BY THE IN-
TERNAL REVENUE SERVICE, MADE AT ANY TIME WITHIN
THREE YEARS FROM THE DUE DATE OF THE AUDITED
FEDERAL RETURN, ANY SUCH ADDITIONAL TAX DUE BY
THE TAXPAYER UNDER THE PROVISIONS OF THIS SUB-
TITLE MAY BE ASSESSED AT ANY TIME WITHIN ONE
YEAR FROM THE DATE THE TAXPAYER MAKES KNOWN
TO THE COMPTROLLER THE EXISTENCE OF SAID AUDIT
AND FURNISHES A COPY THEREOF TO THE SAID COMP-