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19-3D-12
Section 19-3D-12 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. DECANTING POWER UNDER
LIMITED DISTRIBUTIVE DISCRETION. (a) In this section, "limited distributive discretion"
means a discretionary power of distribution that is limited to an ascertainable standard or
a reasonably definite standard. (b) An authorized fiduciary that has limited distributive
discretion over the principal of the first trust for the benefit of one or more current beneficiaries
may exercise the decanting power over the principal of the first trust. If an authorized fiduciary
has limited distributive discretion over part but not all of the principal of a first trust,
the fiduciary may exercise the decanting power over that part of the principal over which
the authorized fiduciary has limited distributive discretion. (c) Under this section and subject
to Section 19-3D-14, a second trust may be created or...
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19-4A-1
Section 19-4A-1 Idle funds defined. Idle funds are defined as collected income and principal
cash balances received by a fiduciary and held awaiting investment in or distribution from
a fiduciary account. As used in this chapter, the term "fiduciary account" shall
mean any account for which the bank or trust company has investment responsibility. (Acts
1991, No. 91-129, p. 163, §1(a).)...
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25-4-152
Section 25-4-152 Deduction of child support obligations; procedures; reimbursement for administrative
costs; time of implementation; deduction of federal income tax. (a) (1) An individual filing
a claim for unemployment compensation shall, at the time of filing such claim, disclose whether
or not the individual owes child support obligations as defined under subdivision (7). If
any such individual discloses that he or she owes child support obligations, and is determined
to be eligible for unemployment compensation, the secretary shall notify the state or local
child support enforcement agency enforcing such obligation that the individual has been determined
to be eligible for unemployment compensation. (2) The secretary shall deduct and withhold
from any unemployment compensation payable to an individual who owes child support obligations
as defined under subdivision (7). a. The amount specified by the individual to the secretary
to be deducted and withheld under this subdivision, if...
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19-3-150
Section 19-3-150 "Fiduciary" defined. As used in this article, the term "fiduciary"
means the executor of a will, the administrator of a decedent's estate or the trustee of an
express inter vivos or testamentary trust, and includes both individual and corporate fiduciaries.
(Acts 1961, No. 1011, p. 1588, §I.)...
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19-3A-408
Section 19-3A-408 Insubstantial allocations not required. (a) If a fiduciary determines that
an allocation between principal and income required by Section 19-3A-409, Section 19-3A-410,
Section 19-3A-411, Section 19-3A-412, or Section 19-3A-415 is insubstantial, then the fiduciary
may allocate the entire amount to principal, unless one of the circumstances described in
Section 19-3A-104(c) applies to the allocation. This power may be exercised by a co-trustee
in the circumstances described in Section 19-3A-104(d) and may be released for the reasons
and in the manner described in Section 19-3A-104(e). For purposes of this subsection, the
circumstances set forth in Section 19-3A-104(c), Section 19-3A-104(d), and Section 19-3A-104(e)
shall be applied whether or not Section 19-3A-104 is otherwise applicable to the trust. (b)
Nothing in this section imposes a duty on the fiduciary to make an allocation pursuant to
this section, and the fiduciary is not liable for failure to make an...
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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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40-18-35
Section 40-18-35 Deductions allowed to corporations. (a) The following items shall be deducted
from federal taxable income for purposes of computing taxable income under this chapter: (1)
Refunds of state and local income taxes. (2) Federal income tax paid or accrued during the
taxpayer's taxable year. The portion of federal income tax deductible by a corporation earning
income from sources both inside and outside of Alabama shall be determined by the ratio that
the corporation's taxable income, computed without the deduction for federal income tax, apportioned
and allocated to Alabama bears to the corporation's taxable income, computed without the deduction
for federal income tax, apportioned and allocated everywhere. (3) Interest income earned on
obligations of the United States. (4)a. Interest income earned on obligations of the State
of Alabama or its subdivisions or instrumentalities thereof to the extent included in gross
income for the purposes of federal income taxation. b....
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10A-10-1.24
Section 10A-10-1.24 Treatment of distribution. Distributions made from ordinary income by a
real estate investment trust are income. All other distributions made by the trust, including
distributions from capital gains, depreciation, or depletion, whether in the form of cash
or an option to take new stock or cash or an option to purchase additional shares, are principal.
(Acts 1995, No. 95-628, p. 1317, §24; §10-13-24; amended and renumbered by Act 2009-513,
p. 967, §310.)...
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40-15B-7
Section 40-15B-7 Apportionment and recapture of special elective benefits. (a) In this section:
(1) "Special elective benefit" means a reduction in an estate tax obtained by an
election for: (A) a reduced valuation of specified property that is included in the gross
estate; (B) a deduction from the gross estate, other than a marital or charitable deduction,
allowed for specified property; or (C) an exclusion from the gross estate of specified property.
(2) "Specified property" means property for which an election has been made for
a special elective benefit. (b) If an election is made for one or more special elective benefits,
an initial apportionment of a hypothetical estate tax must be computed as if no election for
any of those benefits had been made. The aggregate reduction in estate tax resulting from
all elections made must be allocated among holders of interests in the specified property
in the proportion that the amount of deduction, reduced valuation, or exclusion attributable...
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19-4-20
Section 19-4-20 Definitions. When used in this article, the following words and phrases shall
have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) FIDUCIARY. An administrator, an administrator with the will annexed, an administrator
de bonis non, an executor, a trustee, a guardian, a conservator, an agent or a custodian.
(2) FIDUCIARY ACCOUNT. An estate, a trust, a guardianship, a custodianship, an agency or any
other fiduciary relationship, including a custodianship or agency for another fiduciary or
fiduciaries. (3) BANK. A bank or trust company organized and existing under the laws of Alabama
with authority to act as a fiduciary and a national banking association with its principal
office in the State of Alabama and with authority to act as a fiduciary. (4) SECURITY. Any
note; stock; treasury stock; bond; debenture; evidence of indebtedness; certificate of interest
or participation in an oil, gas or mining title or lease or in payments out...
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