PARRIS N. GLENDENING, Governor

Ch. 657

(ii) If not otherwise provided in the operating agreement, within a
reasonable time after that person has ceased to be a member, the fair market value of
that person's interest in the limited liability company BASED UPON THAT PERSON'S
RIGHT TO SHARE IN DISTRIBUTIONS FROM THE LIMITED LIABILITY COMPANY as of
the date the person ceased to bo a member; and

(2) Unless otherwise agreed, the members of the limited liability company
continuing the business following dissolution will be deemed to have entered into an
operating agreement under § 4A-402 of this title containing the same terms and
conditions as those contained in the operating agreement in effect immediately prior to
the dissolution, except that the members bound by the operating agreement shall be only
those members whose interests are not required to be liquidated pursuant to this section
or the operating agreement.

Article—Tax—General

10-819.

(a) Each limited liability company as defined under Title 4A of the Corporations
and Associations Article shall file an income tax return, UNLESS IT IS OWNED BY ONLY
ONE PERSON AND IS TREATED FOR FEDERAL INCOME TAX PURPOSES AS A SOLE
PROPRIETORSHIP OR AS A DIVISION OF A CORPORATION, A PARTNERSHIP, OR
ANOTHER LIMITED LIABILITY COMPANY.

(b) (1) If the limited liability company is taxable as a partnership, as defined in
§ 761 of the Internal Revenue Code, it shall file a partnership tax return.

(2) If the limited liability company is taxable as a corporation under Chapter
1, Subchapter C of the Internal Revenue Code, it shall file a corporate tax return.

(C) IF THE LIMITED LIABILITY COMPANY IS OWNED BY ONLY ONE PERSON
AND IS TREATED FOR FEDERAL INCOME TAX PURPOSES AS A SOLE
PROPRIETORSHIP OR AS A DIVISION OF A CORPORATION, A PARTNERSHIP, OR
ANOTHER LIMITED LIABILITY COMPANY, THE PROFIT OR LOSS OF THE LIMITED
LIABILITY COMPANY SHALL BE REFLECTED ON THE INCOME TAX RETURN FILED BY
THE PERSON THAT OWNS THE LIMITED LIABILITY COMPANY.

Article - Transportation

13-810.

(e) On transfer of a vehicle titled in this State and issuance of a subsequent
certificate of title, the vehicle is exempt from the excise tax imposed by this part, if it is;

(1) A vehicle transferred to a spouse, son, daughter, grandchild, parent,
sister, brother, grandparent, father-in-law, mother-in-law, son-in-law, or
daughter-in-law of the transferor, and no money or other valuable consideration is
involved in the transfer;

(2) A vehicle repossessed under a security agreement, unless the sale of the
vehicle is required under the agreement;

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