Ch. 2

LAWS OF MARYLAND

(I)  RENTED AND OWNED REAL PROPERTY; AND

(II)  TANGIBLE PERSONAL PROPERTY LOCATED IN THE
STATE AND USED IN THE TRADE OR BUSINESS.

(D) SAME --BY COMPTROLLER.

TO REFLECT CLEARLY THE INCOME ALLOCABLE TO MARYLAND, THE
COMPTROLLER MAY ALTER, IF CIRCUMSTANCES WARRANT, THE METHODS
UNDER SUBSECTIONS (B) AND (C) OF THIS SECTION, INCLUDING:

(1)  THE USE OF THE SEPARATE ACCOUNTING METHOD;

(2)  THE USE OF THE 3-FACTOR FORMULA METHOD;

(3)  THE WEIGHT OF ANY FACTOR IN THE 3-FACTOR FORMULA;

(4)  THE VALUATION OF RENTED PROPERTY INCLUDED IN THE
PROPERTY FACTOR; AND

(5)  THE DETERMINATION OF THE EXTENT TO WHICH TANGIBLE
PERSONAL PROPERTY IS LOCATED IN THE STATE.

REVISOR'S NOTE: This section formerly appeared as Art. 81,
§ 316.

In subsection (a)(2) of this section, the term
"Maryland modified income" is substituted for the
former reference to "net income", to conform to
subsections (b) and (c) of this section.

The only other changes are in style.

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

SUBTITLE 5. ACCOUNTING PERIOD.

10-501. IN GENERAL.

A PERSON WHO FILES A FEDERAL INCOME TAX RETURN SHALL COMPUTE
MARYLAND TAXABLE INCOME FOR THE SAME ANNUAL ACCOUNTING PERIOD AND
BY THE SAME ACCOUNTING METHOD THAT IS USED TO COMPUTE THE INCOME
REPORTED ON THE FEDERAL RETURN.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 81, §
284(c).

The defined term "person" is substituted for the
former word "taxpayer", for clarity and consistency.

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