Maryland Code, TAX – GENERAL 10-104
Terms Used In Maryland Code, TAX - GENERAL 10-104
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(1) a common trust fund, as defined in § 3-501(b) of the Financial Institutions Article;
(2) except as provided in §§ 10-101(e)(3) of this subtitle and 10-304(2) of this title, an organization that is exempt from taxation under § 408(e)(1) or § 501 of the Internal Revenue Code;
(3) a financial institution that is subject to the financial institution franchise tax;
(4) a person subject to taxation under Title 6 of the Insurance Article;
(5) except as provided in § 10-102.1 of this subtitle, a partnership, as defined in § 761 of the Internal Revenue Code;
(6) except as provided in § 10-102.1 of this subtitle and § 10-304(3) of this title, an S corporation;
(7) except as provided in § 10-304(4) of this title, an investment conduit or a special exempt entity; or
(8) except as provided in § 10-102.1 of this subtitle, a limited liability company as defined under Title 4A of the Corporations and Associations Article to the extent that the company is taxable as a partnership, as defined in § 761 of the Internal Revenue Code.