868

LAWS OF MARYLAND

Ch. 255

collector to complete the collections, which extension may be
limited in the discretion of the court or judge, and may be
renewed as may be deemed reasonable, and the said petition and
orders shall be filed in the office of the clerk of the circuit
court where such application is made, and on application of the
legal representative of any deceased sheriff or collector he
shall be entitled to avail himself of the provisions of this
section as fully as such deceased sheriff or collector could do
if living.

128A.

(i) (1) [(i)] In this subsection the following words have
the meanings indicated.

[(ii)] (2) "Applicable expenses" means any
expense or other deduction directly or indirectly attributable to
eligible gross earnings.

[(iii)] (3) "Eligible gross earnings" means
that amount determined by the gross earnings derived either
directly from or indirectly by means of any foreign exchange
trading or hedging transaction related to making, arranging for,
placing, or servicing any loan to any foreign person. The gross
earnings from these transactions are not included, unless
substantially all the proceeds of the loan are for use either
outside of the United States or all the proceeds are for use
within an approved foreign trade zone in the case of either:

[1.] (I) A foreign person that is an
individual;

[2.] (II) Either a foreign branch of a
domestic corporation (other than a bank), in which the domestic
corporation has at least 80 percent ownership or control; or

[3.] (III) An individual residing in the
State of Maryland or the United States.

[(iv)] (4) "Eligible net earnings" means that
amount determined by subtracting from the eligible gross earnings
the applicable expenses.

[(v)] (5) "Ineligible funding amount" means
that amount determined by multiplying the eligible net earnings
by a fraction:

[1.] (I) The numerator of which is the
average aggregate amount for the taxable year of all liabilities,
including deposits and other sources of funds of the
international banking facility, which were not owed to or
received from any foreign person; and

[2.] (II) The denominator of which is the
average aggregate amount for the taxable year of all liabilities,