Ch. 2

LAWS OF MARYLAND

PART I. MARYLAND TAXABLE INCOME FOR CORPORATION.

10-301. IN GENERAL.

THE MARYLAND TAXABLE INCOME OF A CORPORATION IS ITS MARYLAND
MODIFIED INCOME AS ALLOCATED TO THE STATE UNDER SUBTITLE 4 OF
THIS TITLE.

REVISOR'S NOTE: This section is new language added to state
expressly the Maryland taxable income computations for
a corporation.

Defined terms: "Corporation" § 1-101
"Maryland taxable income" § 10-101

10-302. RESERVED.

10-303. RESERVED.

PART II. MARYLAND MODIFIED INCOME.

10-304. IN GENERAL.

EXCEPT AS PROVIDED IN SUBTITLE 4 OF THIS TITLE, THE MARYLAND
MODIFIED INCOME OF A CORPORATION, INCLUDING A REAL ESTATE
INVESTMENT TRUST OR REGULATED INVESTMENT COMPANY, IS:

(1)  THE CORPORATION'S FEDERAL TAXABLE INCOME FOR THE
TAXABLE YEAR AS DETERMINED UNDER THE INTERNAL REVENUE CODE AND AS
ADJUSTED UNDER THIS PART II OF THIS SUBTITLE; OR

(2)  IF THE CORPORATION IS EXEMPT FROM TAXATION UNDER
§ 501 OF THE INTERNAL REVENUE CODE, THE CORPORATION'S UNRELATED
BUSINESS TAXABLE INCOME, AS DEFINED UNDER § 512 OF THE INTERNAL
REVENUE CODE, FOR THE TAXABLE YEAR, AS ADJUSTED UNDER THIS PART
II OF THIS SUBTITLE.

REVISOR'S NOTE: This section is new language that in part
is derived without substantive change from former Art.
81, § 280A(a) and the second clause of § 288(d)(5).

The introductory clause of this section, "[e]xcept as
provided in Subtitle 4 of this title", is added for
clarity.

In the introductory language of this section, the
phrase "including a real estate investment trust" is
substituted for former Art. 81, § 313A(b), which
limited the taxable income of a real estate investment
trust subject to certain distribution requirements,
since those requirements are merely repetitive of the
requirements under §§ 856 through 859 of the Internal
Revenue Code.

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