Maryland Corporations and Associations Section 12-102

      (a)      Except to the extent otherwise provided in the governing instrument of a business trust or in this title, the laws of this State pertaining to trusts are hereby made applicable to business trusts.

      (b)      For purposes of any tax imposed by the Tax - General Article of the Code, a business trust shall be classified as a corporation, an association, a partnership, a trust or otherwise, as shall be determined under the United States Internal Revenue Code of 1986, as amended, or under any successor provision.

      (c)      Any business trust qualifying as a real estate mortgage investment conduit under Section 860D of the Internal Revenue Code or any successor provision shall be exempt from income tax except that portion of its income that is subject to federal income tax.