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. Special Requirements. Special requirements apply to the following organizations: 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; 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; S corporations allowed Subchapter S filing status under the Internal Revenue Code shall file a corporate income tax return to: Report pass-through items to shareholders, and Pay tax on income taxable at the corporate level; Corporate partners of partnerships shall report their share of partnership income or loss on the corporate return; 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; Those institutions set forth in Tax-General Article, §8-101(c)(2)(vi), Annotated Code of Maryland, are subject to the following: The provisions of this chapter, with the exception of Regulation .08 of this chapter, and The provisions of COMAR 03.04.08. Organizations Exempt from Filing Corporation Income Tax Returns. The following organizations are exempt from filing corporation income tax returns: Insurance companies within the meaning of Insurance Article, Annotated Code of Maryland; Common trust funds as defined in Financial Institutions Article, §3-501(b), Annotated Code of Maryland; and Nonprofit organizations exempt from federal income tax under the Internal Revenue Code, §501(c).