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44-1-91
Section 44-1-91 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER. THIS SECTION
HAS NOT BEEN CODIFIED BY THE LEGISLATURE. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. As used
in this article, the following terms shall have the following meanings: (1) CAPITAL OUTLAY
PROJECTS or CAPITAL IMPROVEMENT PURPOSES. The planning, construction, reconstruction, enlargement,
improvement, repair, or renovation of Department of Youth Services facilities; the acquisition
or purchase of facilities for use of the Department of Youth Services; the acquisition or
purchase of land for Department of Youth Services facilities; and the acquisition or purchase
of equipment. (2) DEPARTMENT. The Alabama Department of Youth Services or any other department
or agency of the state that, by law, shall succeed to its functions and responsibilities.
(3) FUND. The Department of Youth Services Capital Improvement Trust Fund. (4) LAND or LANDS.
Real property and any interests therein. (5) STATE. The State of Alabama. (6)...
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19-3A-105
Section 19-3A-105 Express unitrusts. Except to the extent otherwise provided in the
governing instrument, the following provisions shall apply to a trust which by its governing
instrument requires distribution of a unitrust amount (whether payable in a single sum or
in installments), such trust to be referred to as an "express unitrust": (1) The
income and net income of an express unitrust is the unitrust amount, but only if the unitrust
amount is not less than three percent and not more than five percent of the net fair market
value of the trust assets. If the unitrust amount is more than five percent of the net fair
market value of the trust assets, the income and net income shall be five percent of the net
fair market value of the trust assets, and the excess over five percent shall be considered
to be principal of the trust. (2) Expenses which would be deducted from income if the trust
were not an express unitrust shall not be deducted from the unitrust amount. (3) The trustee,...
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19-3A-412
Section 19-3A-412 Timber. (a) To the extent that a fiduciary accounts for receipts from
the sale of timber and related products pursuant to this section, the fiduciary shall
allocate the net receipts first to principal, based upon the volume of the timber at the time
of transfer to the trust or decedent's estate. The balance shall be allocated eighty percent
(80%) to income and the balance to principal. (b) In determining net receipts as provided
for in subsection (a), a fiduciary shall deduct the following expenses related to the sale
of timber and related products from gross receipts: (1) Management expenses; (2) Legal and
accounting expenses and fees; (3) Sales commissions; (4) Reforestation expenses; and (5) Any
necessary timber stand improvement expense that is recognized and accepted as good forest
management practice at the time of sale. (c) This chapter applies whether or not a decedent
or transferor was harvesting timber from the property before it became subject to the trust...
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40-16-1.1
Section 40-16-1.1 Taxation of trust as financial institution. (a) For purposes of this
section, "trust" shall have the same meaning given to it in Section
40-18-1. (b) Any trust which would be subject to tax under Chapter 18 but which also is a
financial institution shall be taxed as a financial institution under this chapter, applying
the applicable provisions of subsections (a), (b), (d), (e), (f), (h), and (i) of Section
40-18-25. Such a trust shall utilize the allocation and apportionment rules found in this
chapter. (c) If a person is treated as the owner of any portion of a trust pursuant to 26
U.S.C. ยงยง 671-679, relating to grantor trusts, and if such person is a financial institution,
the person shall take into account the income, deductions, and credits of such trust as provided
in 26 U.S.C. in computing its net income under this chapter. Such person also may deduct the
administrative and other expenses of the portion of the trust which it is treated as owning.
(Act...
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40-18-27
Section 40-18-27 Individual taxpayer's returns; liability of innocent spouse. (a) Every
taxpayer having gross income before the deductions allowed by this chapter for the taxable
year exceeding the sum of the allowable standard deduction as provided in Section 40-18-15
and the personal exemption as provided in Section 40-18-19, as allowed for his or her
respective filing status, shall each year file with the Department of Revenue a return stating
specifically the items of gross income, the deductions and credits allowed by this chapter,
the place of residence, and post office address. (b) A taxpayer other than a resident shall
not be entitled to the deductions authorized by Sections 40-18-15 and 40-18-15.2 unless the
taxpayer files a complete return showing the gross income of the taxpayer both from within
and outside the state. Included on every income tax return shall be the name, address, and
Social Security number or preparer taxpayer identification number of the person who...
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22-3A-15
Section 22-3A-15 Disposition of proceeds of bonds; Public Health Facilities Building
Fund; powers of authority; improvement and construction defined; supervision; bidding. (a)
The proceeds of the bonds, other than refunding bonds, remaining after paying the expenses
of their sale and issuance shall be turned in to the State Treasury and all income derived
from the investment of said proceeds (including income from the investment of proceeds held
in the Debt Service Reserve Fund to the extent provided in the resolution, trust indenture
or other documents pursuant to which the bonds shall be issued) shall be carried in a special
fund to be designated the Public Health Facilities Building Fund, and shall be subject to
be drawn on by the authority for the purpose of paying the costs of acquiring, constructing,
improving and equipping such public health facilities in the state as shall be determined
by the authority. Subject to the provisions of Section 22-3A-19, the authority shall
have...
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27-17A-50
Section 27-17A-50 Financial interest in asset or business in which endowment care trust
invests, etc.; disposition of funds. (a) No cemetery authority may directly or indirectly
require or direct the investment, reinvestment, or retention by a qualified trustee of any
part of an endowment care trust in any asset or business in which the cemetery authority or
any officer, director, owner, partner, or employee of the cemetery authority has a financial
interest. Nothing contained in this subsection shall prevent the trustee, subject to the provisions
regarding investment and reinvestment of the trust estate as are contained in the governing
instrument creating the trust, from investing, reinvesting, or retaining any asset or business
in which the cemetery authority or any officer, director, owner, partner, or employee of the
cemetery authority has an insubstantial or nonmaterial financial interest, provided that the
trustee, in the exercise of the trustee's discretion, deems the...
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27-41-37
Section 27-41-37 Investments of mutual aid associations - Generally. (a) The funds of
a mutual aid association shall be in cash or shall be invested as provided in Sections 27-41-3
through 27-41-36 and Section 27-41-38 as applicable to life insurers, except that:
(1) Funds of the association to the extent of its reserve liabilities resulting from valuation
of its contracts providing for benefits, aid, or services payable or to be rendered other
than in cash may, at the option of the association, be invested in securities or assets eligible
for investment of the funds of life insurers in general, but with category limits as follows
in lieu of limits otherwise applicable thereto under Sections 27-41-3 through 27-41-36: a.
Not to exceed 25 percent of the reserves of the association in the aggregate may be invested
in preferred and guaranteed stocks authorized in Section 27-41-16 and common stocks
authorized under Section 27-41-17; b. Not to exceed 10 percent of such reserves may
be...
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40-15-2
Section 40-15-2 Amount of tax. Subject to the exception hereinafter stated, there is
hereby levied and imposed upon all net estates passing by will, devise or under the intestate
laws of the State of Alabama, or otherwise, which are lawfully subject to the imposition of
an estate tax by the State of Alabama, a tax equal to the full amount of state tax permissible
when levied by and paid to the State of Alabama as a credit or deduction in computing any
federal estate tax payable by such estate according to the act of Congress in effect, on the
date of the death of the decedent, taxing such estate with respect to the items subject to
taxation in Alabama. The tax hereby imposed shall not exceed in the aggregate amounts which
may by any law of the United States be allowed to be credited against or deducted from such
federal estate tax. The estate tax hereby levied shall be levied only so long as and during
the time an inheritance or estate tax is enforced by the United States against...
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40-18-86
Section 40-18-86 Sale or transfer of real property and associated tangible property
by nonresidents. (a) As used in this section, the term nonresident of Alabama shall
include individuals, trusts, partnerships, corporations, and unincorporated organizations.
Any seller or transferor who meets all of the following conditions and who provides the buyer
or transferee with an affidavit signed under oath swearing or affirming that all of the following
conditions are met will be deemed a resident for purposes of this section: (1) The
seller or transferor has filed Alabama income tax returns or appropriate extensions have been
received for the two income tax years immediately preceding the year of sale. (2) The seller
or transferor is in business in Alabama and will continue substantially the same business
in Alabama after the sale or the seller or transferor has real property remaining in the state
at the time of closing of equal or greater value than the withholding tax liability as...
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