27-37-5
Section 27-37-5 Valuation - Bonds and other evidences of debt. (a) All bonds or other evidences of debt having a fixed term and rate of interest held by an insurer shall, if amply secured and not in default as to principal or interest, be valued as follows: (1) If purchased at par, at the par value; (2) If purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made or, in lieu of such method, according to such accepted method of valuation as is approved by the commissioner; (3) Purchase price shall in no case be taken at a higher figure than the actual market value at the time of purchase, plus actual brokerage, transfer, postage, or express charges paid in the acquisition of such securities; and (4) Unless otherwise provided by valuation established or approved by the commissioner, no such security shall be carried at above the call...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-37-5.htm - 1K - Match Info - Similar pages
40-18-9
Section 40-18-9 Gain or loss - Optional method for returning as income increases in redemption value of securities purchased at a discount. If, in the case of a taxpayer owning any noninterest-bearing obligation issued at a discount and redeemable for fixed amounts increasing at stated intervals, the increase in the redemption price of such obligation occurring in the taxable year does not, under the method of accounting used in computing his net income, constitute income to him in such year, such taxpayer may, at his election made in his return for any taxable year beginning after December 31, 1942, treat such increase as income received in such taxable year. If any such election is made with respect to any such obligation it shall apply also to all such obligations owned by the taxpayer at the beginning of the first taxable year to which it applies and to all such obligations thereafter acquired by him and shall be binding for all subsequent taxable years, unless upon application by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-9.htm - 2K - Match Info - Similar pages
40-29-22
Section 40-29-22 Lien for taxes - Validity and priority against certain persons. (a) Purchasers, holders of security interests, mechanic's lienors, and judgment lien creditors. The lien imposed by Section 40-29-20 shall not be valid as against any purchaser, holder of a security interest, mechanic's lienor, or judgment lien creditor until notice thereof which meets the requirements of subsection (f) has been filed by the Commissioner of Revenue or his delegate, and shall not be perfected as against any purchaser, holder of a security interest, mechanic's lienor, or judgment lien creditor until the date such notice is filed. (b) Protection for certain interest even though notice filed. Even though notice of a lien imposed by Section 40-29-20 has been filed, such lien shall not be valid: (1) SECURITIES. With respect to a security (as defined in subsection (g)(4)): a. As against a purchaser of such security who at the time of purchase did not have actual notice or knowledge of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-29-22.htm - 17K - Match Info - Similar pages
40-29-26
Section 40-29-26 Sale of seized property. (a) Notice of seizure. As soon as practicable after seizure of property, notice in writing shall be given by the Commissioner of Revenue or his delegate to the owner of the property (or, in the case of personal property, the possessor thereof), or shall be left at his usual place of abode or business. If the owner cannot be readily located, or has no dwelling or place of business within the state, the notice may be mailed to his last known address. Such notice shall specify the sum demanded and shall contain, in the case of real property, a description with reasonable certainty of the property seized. (b) Notice of sale. The commissioner or his delegate shall as soon as practicable after the seizure of the property give notice to the owner, in the manner prescribed in subsection (a), and shall cause a notification to be published in some newspaper published or generally circulated within the county wherein such seizure is made, or if there be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-29-26.htm - 5K - Match Info - Similar pages
27-36A-7
Section 27-36A-7 Computation of minimum standard by calendar year of issue. (a) The interest rates used in determining the minimum standard for the valuation of the following shall be the calendar year statutory valuation interest rates as defined in this section: (1) Life insurance policies issued in a particular calendar year, on or after the operative date of Section 27-15-78. (2) Individual annuity and pure endowment contracts issued in a particular calendar year on or after January 1, 1982. (3) Annuities and pure endowments purchased in a particular calendar year on or after January 1, 1982, under group annuity and pure endowment contracts. (4) The net increase, if any, in a particular calendar year after January 1, 1982, in amounts held under guaranteed interest contracts. (b) Calendar year statutory valuation interest rates. (1) The calendar year statutory valuation interest rates, I, shall be determined as follows and the results rounded to the nearest one-quarter of one...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-7.htm - 12K - Match Info - Similar pages
40-23-1
Section 40-23-1 Definitions; transactions considered or not considered sales. (a) For the purpose of this division, the following terms shall have the respective meanings ascribed by this section: (1) PERSON or COMPANY. Used interchangeably, includes any individual, firm, copartnership, association, corporation, receiver, trustee, or any other group or combination acting as a unit and the plural as well as the singular number, unless the intention to give a more limited meaning is disclosed by the context. (2) DEPARTMENT. The Department of Revenue of the State of Alabama. (3) COMMISSIONER. The Commissioner of Revenue of the State of Alabama. (4) TAX YEAR or TAXABLE YEAR. The calendar year. (5) SALE or SALES. Installment and credit sales and the exchange of properties as well as the sale thereof for money, every closed transaction constituting a sale. Provided, however, a transaction shall not be closed or a sale completed until the time and place when and where title is transferred by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-23-1.htm - 20K - Match Info - Similar pages
27-17A-2
Section 27-17A-2 Definitions. As used in this chapter, the following terms shall have the following meanings: (1) ALTERNATIVE CONTAINER. A nonmetal receptacle or enclosure, without ornamentation or a fixed interior lining, which is designed for the encasement of human remains and which is made of cardboard, pressed-wood, composition materials (with or without an outside covering), or pouches of canvas or other materials. (2) ARRANGEMENT CONFERENCE. The meeting occurring either at need or preneed between the seller and the purchaser during which funeral or cemetery merchandise and services are discussed. (3) ARRANGEMENT CONFERENCE FEE. The charge to the purchaser in conjunction with the arrangement conference. (4) AT NEED. At the time of death, or immediately following death. (5) AUTHORIZING AGENT. One who is lawfully authorized to control the final disposition of human remains. (6) BELOW-GROUND CRYPT. A preplaced enclosed chamber, which is usually constructed of reinforced concrete,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-17A-2.htm - 12K - Match Info - Similar pages
41-16-123
Section 41-16-123 Provisions applicable to certain property held by division. This section shall apply only to that property that has been held by the division for a period of not less than 60 days from the date the property is first published in the list of surplus property, as set out in subsection (b) of Section 41-16-121, and not purchased by any eligible entity as set out in subsection (e) of Section 41-16-120 as follows: (1) All contracts made by or on behalf of the State of Alabama or a department, board, bureau, commission, institution, corporation, or agency thereof, of whatever nature for the sale or disposal of tangible personal property owned by the State of Alabama, other than the following: a. Alcoholic beverages. b. Products of the Alabama Institute for Deaf and Blind. c. Barter arrangements of the state prison system. d. Books. e. School supplies. f. Food. g. Property used in vocational projects. h. Livestock. i. Property owned by any state college or university,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-16-123.htm - 9K - Match Info - Similar pages
27-36A-9
Section 27-36A-9 Reserve valuation method - Annuity and pure endowment benefits. (a) This section shall apply to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under Section 408 of the Internal Revenue Code, as now or hereafter amended. (b) Reserves according to the commissioner's annuity reserves method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in the contracts, shall be the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by the contracts at the end of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-9.htm - 1K - Match Info - Similar pages
27-27-7
Section 27-27-7 Solicitation permit - Issuance; contents; compliance with terms. (a) Upon the filing of any bond required by Sections 27-27-10 or 27-27-16, after notice by the commissioner provided for in subsection (a) of Section 27-27-6, or upon his decision to grant a solicitation permit if such a bond is not so required, the commissioner shall issue to the applicant or to the newly formed corporation, if the application is on behalf of a newly formed incorporated domestic insurer, a solicitation permit. Every solicitation permit issued by the commissioner shall contain provisions in substance as follows: (1) State the securities or other rights or interests for which subscriptions are to be solicited, the number, classes, par value, and selling price thereof, or identify the insurance contract, or contracts, for which applications and advance premiums or deposits of premium are to be solicited in the case of mutual or reciprocal insurers; (2) Require that any particular class of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-7.htm - 5K - Match Info - Similar pages
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