Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/40-18-172.htm |
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Depth: | 0 singles |
Size: | 1,743 bytes |
Modified: | 2003-09-11 09:57:52 |
Categories: | -None- |
Title: | 40-18-172 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 40-18-172 "Post-termination transition period" and "determination" defined. (a) For purposes of this article, the term "post-termination transition period" means: (1) The period beginning on the day after the last day of the corporation's last taxable year as an Alabama S corporation and ending on the later of: a. The day which is one year after the last day. b. The due date for filing the return for the last year as an Alabama S corporation, including extensions. (2) The 120-day period beginning on the date of a determination pursuant to an audit of the taxpayer which follows the termination of the corporation's election to be treated as a federal S corporation and which adjusts a subchapter S item of income, loss, or deduction of the corporation arising during the S period. (3) The 120-day period beginning on the date of a determination that the corporation's election under 26 U.S.C. § 1362 had terminated for a previous taxable year. (b) For purposes of subsection (a), the term "determination" means: (1) A determination as defined in 26 U.S.C. § 1313(a); or (2) An agreement between the corporation and the U.S. Secretary of the Treasury that the corporation failed to qualify as an S corporation. (Code 1975, §40-14-102; Acts 1984, 1st Ex. Sess., No. 84-756, p. 121, §13; Acts 1997, No. 97-625, p. 1048, §3.) |