HARRY HUGHES, Governor                                         1839

foreign), the Comptroller, after first deducting the amounts
distributed to the Transportation Trust Fund under Section 288(c)
of this article, and after deducting the sum of [$22,000,000]
$30,928,000 to be allocated to the general fund of the State,
shall distribute monthly from the remaining funds:

(1)   16 percent to the gasoline and motor vehicle
revenue account in the Transportation Trust Fund; and

(2)  32 percent to the Transportation Revenue Sharing
Account in the Transportation Trust Fund. All other amounts
shall be credited to the general fund.

316.

The net income of a corporation (domestic or foreign) shall
be allocated in the following manner:

[(a) Income from ground rents, rents and royalties and
other income from real estate or tangible personal property
permanently located in this State (less related expenses) shall
be allocated to this State; and such income from real estate or
tangible personal property permanently located outside this State
(less related expenses), shall be allocated outside this State.

(b)  1. Capital gains and losses from sales of real property
located in this State are allocable to this State. 2. Capital
gains and losses from sales of tangible personal property are
allocable to this State if: (A) the property had a situs in this
State at the time of the sale; or, (B) the taxpayer's commercial
domicile is in this State and the taxpayer is not taxable in the
state in which the property had a situs. 3. Capital gains and
losses from sales of intangible personal property are allocable
to this State if the taxpayer's commercial domicile is in this
State.

(c)  The remaining net income, hereinafter referred to as
business income,] ALL NET INCOME shall be allocated to this State
if the trade or business of the corporation is carried on wholly
within this State, but if the trade or business of the
corporation is carried on partly within and partly without this
State so much of the [business] NET income of the corporation as
is derived from or reasonably attributable to the trade or
business of the corporation carried on within this State, shall
be allocated to this State and any balance of the [business] NET
income shall be allocated outside this State. The portion of the
[business] NET income derived from or reasonably attributable to
the trade or business carried on within this State may be
determined by a separate accounting where practicable, but never
in the case of a unitary business; however, where separate
accounting is neither allowable nor practicable the portion of
the [business] NET income of the corporation allowable to this
State shall be determined in accordance with a three-factor
formula of property, payroll and sales, in which each factor
shall be given equal weight and in which the property factor