Ch. 2                                    LAWS OF MARYLAND

AT THE TIME THAT THE COMPTROLLER OR DESIGNEE MAY REQUIRE, BY THE
REGULATION OF THE COMPTROLLER, A STATEMENT OF ELECTION TO:

(I)  TAKE THE AMORTIZATION DEDUCTION; AND

(II)  BEGIN THE 60-MONTH PERIOD WITH:

1. THE MONTH AFTER THE MONTH IN WHICH THE
BASIS IS ACQUIRED; OR

2. THE TAXABLE YEAR AFTER THE YEAR IN
WHICH THE BASIS IS ACQUIRED.

(L) INCOME FROM DEVELOPMENT CREDIT CORPORATION OF MARYLAND.

THE SUBTRACTION UNDER SUBSECTION (A) OF THIS SECTION
INCLUDES INCOME DERIVED FROM ANY SECURITY, SHARE OF CAPITAL
STOCK, OR EVIDENCE OF INDEBTEDNESS OF THE DEVELOPMENT CREDIT
CORPORATION OF MARYLAND.

(M) KEOGH PLAN INCOME.

THE SUBTRACTION UNDER SUBSECTION (A) OF THIS SECTION
INCLUDES INCOME THAT:

(1)  IS RECEIVED BY WITHDRAWING MONEY FROM A
RETIREMENT ACCOUNT KNOWN AS A KEOGH PLAN AND ESTABLISHED UNDER
SUBCHAPTER D OF THE INTERNAL REVENUE CODE; AND

(2)  IS ATTRIBUTABLE TO:

(I)  MONEY CONTRIBUTED BY AN INDIVIDUAL BEFORE
1967 FOR WHICH THE INDIVIDUAL WAS NOT ALLOWED A DEDUCTION AT THE
TIME OF CONTRIBUTION TO THE ACCOUNT; OR

(II)  INTEREST OR DIVIDENDS PAID ON THE ACCOUNT
ON WHICH A STATE TAX ON INCOME WAS PAID AT THE TIME THAT THE
INTEREST OR DIVIDENDS ACCUMULATED IN THE ACCOUNT.

(N) NET CAPITAL GAINS.

THE SUBTRACTION UNDER SUBSECTION (A) OF THIS SECTION
INCLUDES AN AMOUNT EQUAL TO 40% OF NET CAPITAL GAIN, AS DEFINED
AND DETERMINED UNDER THE INTERNAL REVENUE CODE.

(0) NONRESIDENT INCOME.

THE SUBTRACTION UNDER SUBSECTION (A) OF THIS SECTION
INCLUDES INCOME OF A NONRESIDENT:

(1) OTHER THAN:

(I) INCOME DERIVED FROM REAL PROPERTY OR
TANGIBLE PERSONAL PROPERTY LOCATED IN THE STATE, WHETHER THE
INCOME IS RECEIVED DIRECTLY OR FROM A FIDUCIARY;

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