COMAR 03.04.03.03 — § 3 Corporations Required to File.

.03 Corporations Required to File.
A.
A corporation, not expressly exempt, having any income allocable to this State, shall file a Maryland corporation income tax return even though it has no Maryland taxable income.
B.
Special Requirements. Special requirements apply to the following organizations:
(1)
Affiliated corporations which are included in a consolidated federal return shall file separate Maryland returns, and each separate corporation shall report its taxable income without regard to any consolidation for federal income tax purposes;
(2)
Real estate investment trusts which qualify as such under the Internal Revenue Code shall be taxable in Maryland to the same extent they are taxable under federal law;
(3)
S corporations allowed Subchapter S filing status under the Internal Revenue Code shall file a corporate income tax return to:
(a)
Report pass-through items to shareholders, and
(b)
Pay tax on income taxable at the corporate level;
(4)
Corporate partners of partnerships shall report their share of partnership income or loss on the corporate return;
(5)
Corporations exempt from taxation under Internal Revenue Code, §501, with unrelated business taxable income shall file a corporate income tax return to report income to the extent taxable for federal purposes;
(6)
Those institutions set forth in
Tax-General Article, §8-101(c)(2)(vi), Annotated Code of Maryland
, are subject to the following:
(a)
The provisions of this chapter, with the exception of
Regulation .08 of this chapter
, and
(b)
The provisions of
COMAR 03.04.08
.
C.
Organizations Exempt from Filing Corporation Income Tax Returns. The following organizations are exempt from filing corporation income tax returns:
(1)
Insurance companies within the meaning of
Insurance Article, Annotated Code of Maryland
;
(2)
Common trust funds as defined in
Financial Institutions Article, §3-501(b), Annotated Code of Maryland
; and
(3)
Nonprofit organizations exempt from federal income tax under the Internal Revenue Code, §501(c).