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2017 Maryland Code
Corporations and Associations
Title 12 - Statutory Trusts
Subtitle 1 - Definitions; General Provisions.
§ 12-102. Applicable law; tax classification; income tax exemption
Universal Citation: MD Corp & Assn Code § 12-102 (2017)
- (a) Applicable law. -- Except as provided in the governing instrument of a statutory trust or in this title, the laws of this State pertaining to trusts are hereby made applicable to statutory trusts.
- (b) Tax classification. -- For purposes of any tax imposed by the Tax - General Article, a statutory 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) Income tax exemption. -- Any statutory trust qualifying as a real estate mortgage investment conduit under ยง 860D of the Internal Revenue Code or any successor provision shall be exempt from income tax except with respect to that portion of its income that is subject to federal income tax.
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