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40-18-24
Section 40-18-24 Taxation of subchapter K entity. (a) The amount of income, deduction, gain,
loss, or credit includable or deductible by an owner of an interest in a subchapter K entity
shall be determined in accordance with subchapter K of the Internal Revenue Code, 26 U.S.C.
§§ 701-761. (b) For purposes of computing its net income, a subchapter K entity shall add
back otherwise deductible interest expenses and costs and intangible expenses and costs directly
or indirectly paid, accrued or incurred to, or in connection directly or indirectly with,
one or more direct or indirect transactions, with one or more related members, except to the
extent the subchapter K entity shows, upon request by the commissioner, that the corresponding
item of income was in the same taxable year: (1) subject to a tax based on or measured by
the related member's net income in Alabama or any other state of the United States, or (2)
subject to a tax based on or measured by the related member's net income...
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43-2-694
Section 43-2-694 Transfer of property or evidence of rights therein to surviving spouse or
distributees. Upon delivering a copy of the judge's order for summary distribution or an affidavit
executed by any person having knowledge of the fact and alleging the concurrence of the conditions
listed in subsection (b) of section 43-2-692 showing the defeasible right therein, together
with a copy of the decedent's will if the claim is under such will, such spouse or distributee
shall be entitled to have the decedent's property or the evidence of the decedent's ownership
in such property transferred to him by any person owing any money to the decedent's estate,
having custody of any personal property of the decedent or acting as a registrar or transfer
agent of any evidence of interest, indebtedness, property or right of the deceased therein.
(Acts 1975, 3rd Ex. Sess., No. 145, §5.)...
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43-8-294
Section 43-8-294 Effect of disclaimer. (a) If the property or interest devolved to a disclaimant
under a testamentary instrument or under the laws of intestacy and the deceased owner or donee
of a power of appointment has not provided for another disposition, it devolves as if the
disclaimant had predeceased the decedent or, if the disclaimant was designated to take under
a power of appointment exercised by a testamentary instrument, as if the disclaimant had predeceased
the donee of the power. Any future interest that takes effect in possession or enjoyment after
the termination of the estate or interest disclaimed takes effect as if the disclaimant had
died before the event determining that the taker of the property or interest had become finally
ascertained and his interest is indefeasibly vested. A disclaimer relates back for all purposes
to the date of death of the decedent, or of the donee of the power, or the determinative event,
as the case may be. (b) If the property or...
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43-8-75
Section 43-8-75 How elective share satisfied; what property applied first; apportionment of
others' liability for balance of elective share. (a) In the proceeding for an elective share,
values included in the estate which pass or have passed to the surviving spouse, or which
would have passed to the surviving spouse but were renounced, are applied first to satisfy
the elective share and to reduce any contributions due from other recipients of transfers
included in the estate. For purposes of this subsection, the electing spouse's beneficial
interest in any life estate or in any trust shall be computed as if worth one-half of the
total value of the property subject to the life estate, or of the trust estate, unless higher
or lower values for these interests are established by proof; provided, however, that, to
the extent that the electing spouse's beneficial interest is a life estate or is an interest
in a trust and is coupled with a general power of appointment (whether exercisable by...
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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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5-19-20
Section 5-19-20 Insurance. (a) With respect to any consumer credit transaction, the creditor
shall not require any insurance other than insurance against loss of or damage to any property
in which the creditor is given a security interest and insurance insuring the lien of the
creditor on the property which is collateral for the transaction. (b) (1) Credit life and
disability and involuntary unemployment insurance may be offered and, if accepted, may be
provided by the creditor. The charge to the debtor for the insurance shall not exceed the
premium permitted for the coverages. Insurance with respect to any credit transaction shall
not exceed the approximate amount and term of the credit. (2) This subdivision (2) applies
to all consumer credit transactions entered into on or after June 19, 1996. If the consumer
credit transaction is scheduled to be repaid in substantially equal installments which include
a portion of the amount financed, the amount of credit life insurance at any time...
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10-13-2
Section 10-13-2 Definitions. As used in this chapter, unless the context otherwise requires,
the following words shall have the meanings respectively ascribed to them: (1) REAL ESTATE
INVESTMENT TRUST. An unincorporated trust or association in which property is acquired, held,
managed, administered, controlled, invested, or disposed of for the benefit and profit of
any person who may become shareholder or an entity that otherwise complies with the provisions
of 26 U.S.C. Sections 856 to 858, inclusive, of the U.S. Internal Revenue Code, and the rulings
and regulations adopted thereunder. (2) SHARE. A transferable unit of beneficial interest
in a real estate investment trust. (3) SHAREHOLDER. The holder of a transferable unit of beneficial
interest in a real estate investment trust. (Acts 1995, No. 95-628, p. 1317, §2.)...
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10A-1-3.41
Section 10A-1-3.41 Certificated or uncertificated ownership interest. (a) Ownership interests
in a domestic entity may be certificated or uncertificated. (b) The ownership interests in
a business corporation, real estate investment trust, or professional corporation must be
certificated unless the governing documents of the entity or a resolution adopted by the governing
authority of the entity states that the ownership interests are uncertificated. If a domestic
entity changes the form of its ownership interests from certificated to uncertificated, a
certificated ownership interest subject to the change becomes an uncertificated ownership
interest only after the certificate is surrendered to the domestic entity. (c) Ownership interests
in a domestic entity, other than a domestic entity described in subsection (b), are uncertificated
unless this title or the governing documents of the domestic entity state that the interests
are certificated. (d) Unless an entity's chapter specifically...
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10A-16-1.01
Section 10A-16-1.01 Definition of "business trust." A business trust is an express
trust created by a written declaration of trust whereby property is conveyed to one or more
trustees, who hold and manage the same for the benefit and profit of such persons as may be
or become the holders of transferable certificates evidencing the beneficial interest in the
trust estate. (Acts 1961, Ex. Sess., No. 251, p. 2263, §1; §19-3-60; amended and renumbered
by Act 2009-513, p. 967, §318.)...
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11-50-235
Section 11-50-235 Powers of corporation generally; provisions in mortgages, deeds of trust,
or pledge agreements executed by corporation as to rights of parties thereto, etc.; exemption
from taxation of property and income of corporation. (a) Each corporation formed under this
division shall have the following powers together with all powers incidental thereto or necessary
to the discharge thereof in corporate form: (1) To have succession by its corporate name for
the duration of time (which may be in perpetuity) specified in its certificate of incorporation
or until dissolved as provided in this division; (2) To sue and be sued and to defend civil
actions against it; (3) To make use of a corporate seal and to alter the same at pleasure;
(4) To acquire, purchase, construct, operate, maintain, enlarge, extend, and improve any system
or systems, the operation of which is provided for in the certificate of incorporation of
such corporation (whether or not such system or systems were in...
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