Terms Used In Maryland Code, TAX - GENERAL 10-305

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • state: means :

    (1) a state, possession, territory, or commonwealth of the United States; or

    (2) the District of Columbia. See
(a) To the extent excluded from federal taxable income, the amounts under this section are added to the federal taxable income of a corporation to determine Maryland modified income.

(b) The addition under subsection (a) of this section includes the net capital loss carryback, as defined in § 1212 of the Internal Revenue Code.

(c) The addition under subsection (a) of this section includes any taxes based on net income that are imposed by any state or by a political subdivision of any state.

(d) The addition under subsection (a) of this section includes the additions required for an individual under:

(1) § 10-204(b) of this title (Dividends and interest from another state or local obligation);

(2) § 10-204(c)(2) of this title (Federal tax-exempt income);

(3) § 10-204(e) of this title (Oil percentage depletion allowance);

(4) § 10-204(i) of this title (Deduction for qualified production activities income);

(5) § 10-204(j) of this title (Deduction for costs for security clearance administrative expenses and construction and equipment costs incurred to construct or renovate a sensitive compartmented information facility); and

(6) § 10-204(l) of this title (Deduction for donations to qualified permanent endowment funds).