PARRIS N. GLENDENING, Governor                                 Ch. 127

STATES IS PRINCIPALLY MANAGED AND DIRECTED. IT SHALL BE PRESUMED,
SUBJECT TO REBUTTAL, THAT THE LOCATION FROM WHICH THE FINANCIAL
INSTITUTION'S TRADE OR BUSINESS IS PRINCIPALLY MANAGED AND DIRECTED IS
THE STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA TO WHICH THE
GREATEST NUMBER OF EMPLOYEES ARE REGULARLY CONNECTED OR OUT OF
WHICH THEY ARE WORKING, IRRESPECTIVE OF WHERE THE SERVICES OF SUCH
EMPLOYEES ARE PERFORMED, AS OF THE LAST DAY OF THE TAXABLE YEAR.

(5) "COMPENSATION" MEANS WAGES, SALARIES, COMMISSIONS AND
ANY OTHER FORM OF REMUNERATION PAID TO EMPLOYEES FOR PERSONAL
SERVICES THAT ARE INCLUDED IN SUCH EMPLOYEE'S GROSS INCOME UNDER THE
INTERNAL REVENUE CODE. IN THE CASE OF EMPLOYEES NOT SUBJECT TO THE
INTERNAL REVENUE CODE, THE DETERMINATION OF WHETHER SUCH PAYMENTS
WOULD CONSTITUTE GROSS INCOME TO SUCH EMPLOYEES UNDER THE INTERNAL
REVENUE CODE SHALL BE MADE AS THOUGH SUCH EMPLOYEES WERE SUBJECT TO
THE INTERNAL REVENUE CODE.

(6) "CREDIT CARD" MEANS CREDIT, TRAVEL, OR ENTERTAINMENT
CARD.

(7) "CREDIT CARD ISSUER'S REIMBURSEMENT FEE" MEANS THE FEE A
FINANCIAL INSTITUTION RECEIVES FROM A MERCHANT'S BANK BECAUSE ONE OF
THE PERSONS TO WHOM THE FINANCIAL INSTITUTION HAS ISSUED A CREDIT CARD
HAS CHARGED MERCHANDISE OR SERVICES TO THE CREDIT CARD.

(8)      "EMPLOYEE" MEANS, WITH RESPECT TO A PARTICULAR FINANCIAL
INSTITUTION, ANY INDIVIDUAL WHO, UNDER THE USUAL COMMON LAW RULES
APPLICABLE IN DETERMINING THE EMPLOYER EMPLOYEE RELATIONSHIP, HAS THE
STATUS OF AN EMPLOYEE OF THAT FINANCIAL INSTITUTION.

(9)      (I) "GROSS RENTS" MEANS THE ACTUAL SUM OF MONEY OR
OTHER CONSIDERATION PAYABLE FOR THE USE OR POSSESSION OF PROPERTY.

(II) "GROSS RENTS" INCLUDES:

1. ANY AMOUNT PAYABLE FOR THE USE OR POSSESSION OF
REAL PROPERTY OR TANGIBLE PROPERTY WHETHER DESIGNATED AS A FIXED SUM
OF MONEY OR AS A PERCENTAGE OF RECEIPTS, PROFITS, OR OTHERWISE;

2. ANY AMOUNT PAYABLE AS ADDITIONAL RENT OR IN
LIEU OF RENT, SUCH AS INTEREST, TAXES, INSURANCE, REPAIRS, OR ANY OTHER
AMOUNT REQUIRED TO BE PAID BY THE TERMS OF A LEASE OR OTHER
ARRANGEMENT} AND

3. A PROPORTIONATE PART OF THE COST OF ANY
IMPROVEMENT TO REAL PROPERTY MADE BY OR ON BEHALF OF THE FINANCIAL
INSTITUTION WHICH REVERTS TO THE OWNER OR LESSOR UPON TERMINATION OF
A LEASE OR OTHER ARRANGEMENT. THE AMOUNT TO BE INCLUDED IN GROSS
RENTS IS THE AMOUNT OF AMORTIZATION OR DEPRECIATION ALLOWED IN
COMPUTING THE TAXABLE INCOME BASE FOR THE TAXABLE YEAR. HOWEVER,
WHERE A BUILDING IS ERECTED ON LEASED LAND BY OR ON BEHALF OF THE

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