HARRY HUGHES, Governor

2035

treated as ordinary income, [50] 40 percent of the capital
gain portion of the distribution as provided in § 402(a)(2)
of the Internal Revenue Code, REDUCED BY THE LESSER OF
$10,000 OR ONE HALF OF THE TOTAL DISTRIBUTION. AND GIVING
EFFECT TO § 402(E)(1)(D) OF THE INTERNAL REVENUE CODE.

SECTION 2. AND BE IT FURTHER ENACTED, That the
provisions of this Act shall be effective for all taxable
years beginning after December 31, 1979.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved May 20, 1980.

CHAPTER 564

(Senate Bill 492)

AN ACT concerning

Gasohol - Gasoline Products Marketing Act

FOR the purpose of including gasohol and gasohol products in
the Gasoline Products Marketing Act; and prohibiting a
distributor from preventing the purchase of gasohol by
credit card.

BY repealing and reenacting, with amendments,

Article - Commercial Law

Section 11-301 to be under the amended subtitle

"Subtitle 3. Gasohol and Gasoline Products

Marketing Act" and 11-308
Annotated Code of Maryland
(1975 Volume and 1979 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article - Commercial Law

Subtitle 3. GASOHOL AND Gasoline Products
Marketing Act

11-301.

(a) In this subtitle the following words have the
meanings indicated.