Maryland Code, TAX – GENERAL 10-812
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, TAX - GENERAL 10-812
- 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) A corporation exempt from income tax under § 10-104 of this title shall file an income tax return if the corporation:
(1) has unrelated business taxable income, as defined under § 512 of the Internal Revenue Code;
(2) is exempt from taxation under § 501(c)(2) of the Internal Revenue Code; or
(3) is an S corporation that is incorporated or does business in the State.
(b) An organization that is exempt from taxation under § 501(c)(3) or (4) of the Internal Revenue Code may file an income tax return to claim a refund under § 10-714 of this title.