WILLIAM DONALD SCHAEFER, Governor

Ch. 2

(B)  CORPORATION.

"CORPORATION" INCLUDES AN ASSOCIATION OR JOINT-STOCK
COMPANY.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from former Art. 81, §
2(1). It is revised to apply to this title rather
than the entire article, to avoid unintentionally
broadening the meaning of "corporation" in other
titles that are not derived from former Art. 81 and to
provide in this title a definition of "corporation"
for the State income tax laws similar to the
definition used in the federal income tax laws.

(C)  COUNTY INCOME TAX.

"COUNTY INCOME TAX" MEANS THE COUNTY TAX ON INCOME
AUTHORIZED IN § 10-103 OF THIS SUBTITLE.

REVISOR'S NOTE: This subsection is new language added to
avoid repetition of the phrase "as authorized in §
10-103 of this subtitle" and to distinguish, where
necessary, a county tax on income from the State
imposed tax on income.

Defined term: "County" § 1-101

(D)  FIDUCIARY.

(1)  "FIDUCIARY" MEANS A PERSON HOLDING THE LEGAL
TITLE TO PROPERTY FOR THE USE AND BENEFIT OF ANOTHER PERSON.

(2)  "FIDUCIARY" DOES NOT INCLUDE:

(I)  AN AGENT HOLDING CUSTODY OR POSSESSION OF
PROPERTY THAT THE PRINCIPAL OF THE AGENT OWNS;

(II)  A GUARDIAN, AS DEFINED IN § 13-101 OF THE
ESTATES AND TRUSTS ARTICLE;

(III)  A PERSON ACTING AS TRUSTEE OR MANAGER OF
A TRUST THAT IS EXEMPT FROM FEDERAL INCOME TAX UNDER § 501 OF
THE INTERNAL REVENUE CODE;

(IV)  THE. PERSONAL REPRESENTATIVE OF AN ESTATE
THAT IS SUBJECT TO THE INHERITANCE TAX; OR

(V)  A RECEIVER OR TRUSTEE LIQUIDATING A
BUSINESS.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from former Art. 81, §
279(f).

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