WILLIAM DONALD SCHAEFER, Governor

H.B. 1322

PROPERTY THAT IS HELD IN TRUST, IF THE INCOME FROM CAPITAL GAINS IS ADDED
TO CORPUS FOR THE BENEFIT OF POTENTIAL REMAINDERMEN, EACH OF WHOM IS
PROCEEDS THEREOF ARE ADDED TO THE PRINCIPAL OF THE TRUST, AND IF ALL
THE REMAINDERMEN IN BEING ARE:

(I)       A NONRESIDENT NONRESIDENTS DURING THE ENTIRE
TAXABLE YEAR; OR

(II)     A CORPORATION CORPORATIONS NOT DOING BUSINESS IN THE
STATE; OR.

(III) IN BEING.

(3) THE ADDITION REQUIRED UNDER PARAGRAPH (2) OF THIS
SUBSECTION DOES NOT APPLY IF THERE ARE NO REMAINDERMEN OF THE TRUST IN
BEING.

10-207.

(p) (1) IN THIS SUBSECTION, "REMAINDERMAN REMAINDERMEN"
INCLUDES A PERSON WHOSE REMAINDER INTEREST IS VESTED, CONTINGENT, OR
VESTED SUBJECT TO DIVESTMENT.

(2)      The subtraction under subsection (a) of this section includes:

(I)       income derived from intangible personal property that is held[, in
the State,] in trust for the benefit of a nonresident or a corporation not doing business in
the State; AND

(II)     EXCEPT AS PROVIDED IN PARAGRAPH (3) OF THIS SUBSECTION,
AND TO THE EXTENT NOT INCLUDED UNDER ITEM (I) OF THIS PARAGRAPH, CAPITAL
GAIN INCOME DERIVED FROM THE SALE OR OTHER DISPOSITION OF INTANGIBLE
PERSONAL PROPERTY THAT IS HELD IN TRUST, IF THE INCOME IS ADDED TO
CORPUS FOR THE BENEFIT OF POTENTIAL REMAINDERMEN, EACH OF WHOM IS:
PROCEEDS THEREOF ARE ADDED TO THE PRINCIPAL OF THE TRUST, AND IF ALL
THE REMAINDERMEN IN BEING ARE:

1.        A NONRESIDENT NONRESIDENTS DURING THE ENTIRE
TAXABLE YEAR; OR

2.        A CORPORATION CORPORATIONS NOT DOING BUSINESS
IN THE STATE; OR.

3. IN BEING.

(3)      THE SUBTRACTION ALLOWED UNDER PARAGRAPH (2)(II) OF THIS
SUBSECTION DOES NOT APPLY IF THERE ARE NO REMAINDERMEN OF THE TRUST IN
BEING.

10-703.

(a) Except as provided in subsection (b) of this section [,]:

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