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40-18-24.2
capacity as a nonresident member, as herein defined, of a pass-through entity or lower-tier
pass-through entity. (4) QUALIFIED INVESTMENT PARTNERSHIP. A partnership or other entity classified
as a Subchapter K entity, or a business trust as defined in Section 40-18-1, that meets all
of the following requirements for the applicable tax period: a. No less than 90 percent of
the cost of the entity's total assets consists of qualifying investment securities and office
facilities and tangible personal property reasonably necessary to carry on its activities
in this state as an investment partnership. b. No less than 90 percent of its gross income
consists of interest, dividends, distributions, and gains and losses from the sale or exchange
of qualifying investment securities, and management fees paid by its members. c. An authorized
officer, partner, member, or manager of the entity files on behalf of the entity a certification
that it meets the above two criteria with respect to the tax...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-24.2.htm - 7K - Match Info - Similar pages
40-21-34
as practicable, report to the tax assessor of every county and to the proper local authorities
of each municipality in this state in which any part of said property is taxable hereunder,
giving a general description of the property, the value of such property apportioned to said
county and to said municipality, school district, or other district having a special assessment
and the name and residence or place of business of the owner and all other necessary particulars.
(b) The assessor must enter in the book of assessments, in addition to the assessment of other
real estate or personal property to be assessed as other taxable property owned by
private citizens of his county, the property with description and value as reported to him
by the Department of Revenue. (c) The Department of Revenue shall also send to the owner or
operator of such property so assessed a copy of its notification to the tax assessor touching
assessment. (Acts 1935, No. 194, p. 256; Code 1940, T. 51, ยง175.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-21-34.htm - 1K - Match Info - Similar pages
43-2-843
Section 43-2-843 Transactions authorized for personal representatives; exceptions. Except
as restricted or otherwise provided by the will or by an order of court and subject to the
priorities stated in Section 43-8-76, a personal representative, acting prudently for
the benefit of the interested persons, may properly: (1) Retain assets owned by the decedent
pending distribution or liquidation including those in which the representative is personally
interested or which are otherwise improper for trust investment. (2) Receive assets from fiduciaries,
or other sources. (3) Perform, compromise, or refuse performance of the decedent's contracts
that continue as obligations of the estate, as the personal representative may determine
under the circumstances. In performing enforceable contracts by the decedent to convey or
lease land, the personal representative, among other possible courses of action, may
do either of the following: a. Execute and deliver a deed of conveyance for cash...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/43-2-843.htm - 6K - Match Info - Similar pages
40-23-24
Section 40-23-24 Itinerant vendors to file bond. For the purpose of securing the payment of
any tax, penalties or interest due or which may become due under the provisions of this division,
every itinerant vendor engaged in the business of selling tangible personal property
at retail in this state is required to file a bond with the Department of Revenue, conditioned
upon the payment of any tax, penalty or interest due or to become due under this division
and upon faithful observance of the provisions of the division. Such bond shall be effective
for a period of one year from date of issuance and shall be fixed by the department in an
amount equal to the tax estimated due or to become due under the provisions of this division,
but not less than $100 nor more than $1,000, and shall have a surety or sureties satisfactory
to the department. It shall be filed with the department within 10 days after notice in writing
has been issued by the commissioner or any person designated by him in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-23-24.htm - 1K - Match Info - Similar pages
40-7-58
of the advisory committee shall be at a time and place to be determined by the chair of the
advisory committee and shall be held no later than September 30, 2014. At the initial meeting,
the advisory committee shall organize itself and shall determine the timing and frequency
of subsequent meetings. (c) The role of the advisory committee shall be limited to providing
input and recommendations on the development and functionality of the OPPAL system with relation
to the filing of business personal property tax returns utilizing the OPPAL system.
The advisory committee shall make no review of the Department of Revenue's administration
of property taxes or any other department matter beyond the OPPAL system. (d) If the Revenue
Commissioner fails to act on recommendations made by the advisory committee regarding OPPAL,
the advisory committee, by majority vote, may appeal to the Legislative Council for a determination
on whether the committee's recommendations shall be implemented. The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-7-58.htm - 3K - Match Info - Similar pages
43-8-292
that the taker of the property or interest has become finally ascertained and his interest
is indefeasibly vested. The disclaimer shall be filed in the probate court of the county in
which proceedings for the administration of the estate of the deceased owner or deceased donee
of the power have been commenced or, if they have not been commenced, in which they could
be commenced. A copy of the disclaimer shall be delivered in person or mailed by registered
or certified mail to any personal representative or other fiduciary of the decedent
or donee of the power. (b) Except as provided in subsection (c) of this section, if the property
or interest has devolved to the disclaimant under a nontestamentary instrument or contract,
the disclaimer shall be delivered or filed, as to a present interest, not later than nine
months after the effective date of the nontestamentary instrument or contract and, as to a
future interest, not later than nine months after the event determining...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/43-8-292.htm - 3K - Match Info - Similar pages
40-18-86
than the withholding tax liability as measured by the 100 percent property tax assessment of
such remaining property. (3) The seller or transferor will report the sale on an Alabama income
tax return for the current year and file it by the due date. (4) If the seller or transferor
is a corporation or limited partnership, it is registered to do business in Alabama. (b)(1)
Except as otherwise provided in this section, in the case of any sale or transfer of real
property and related tangible personal property located in Alabama by a nonresident
of Alabama, the buyer or transferee shall be required to withhold and remit to the Commissioner
of Revenue on forms provided by the commissioner a withholding tax for individual buyers or
transferees equal to three percent of the purchase price or consideration paid for the sale
or transfer, and for corporate, partnership, or unincorporated association buyers or transferees
equal to four percent of the purchase price or consideration paid for the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-86.htm - 6K - Match Info - Similar pages
5-24-1
depositor and a financial institution, and includes a checking account, savings account, time
deposit, certificate of deposit, and share account. (2) AGENT means a person authorized to
make account transactions for a party. (3) BENEFICIARY means a person named as one to whom
sums on deposit in an account are payable on request after death of all parties or for whom
a party is named as trustee. (4) DEVISEE means any person designated in a will to receive
a testamentary disposition of real or personal property. (5) FINANCIAL INSTITUTION
means an organization authorized to do business under state or federal laws relating to financial
institutions, and includes a bank, trust company, savings bank, building and loan association,
savings and loan company or association, and credit union. (6) HEIRS means those persons,
including surviving spouse, who are entitled under the statutes of intestate succession to
the property of a decedent. (7) INCLUDES or INCLUDING means includes, but not limited...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-24-1.htm - 4K - Match Info - Similar pages
40-18-25
as defined in Section 40-18-160, shall be treated as a separate trust. The net income of the
separate trust shall be computed including only the items taken into account under Section
40-18-162, gain or loss from the disposition of stock of an Alabama S corporation, and federal
income taxes and administrative expenses allocable to the income items treated under this
subdivision. The net income shall be taxed at the rate of five percent. The separate trust
shall not be allowed any personal exemption. (2) No item of income or loss shall be
apportioned to any beneficiary of the trust from the separate trust described in subdivision
(1). (3) The income taxation of the remainder of the trust that does not own the stock of
any Alabama S corporation and its beneficiaries shall be determined under subsections (a)
and (b) without regard to the income, gain, deductions, loss, or credits of the separate trust
owning stock in one or more Alabama S corporations. (e) In the case of a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-25.htm - 6K - Match Info - Similar pages
41-7A-46
and receives sales, use, and lodging tax exemption certificates, but fails to expend one hundred
fifty thousand dollars ($150,000) within a consecutive 12-month period, is liable for the
sales, use, and lodging taxes that would have been paid had the approval not been granted;
except that the company must be given a 60-day period in which to pay the sales, use, and
lodging taxes without incurring penalties. The sales, use, and lodging taxes are considered
due as of the date the tangible personal property was purchased in or brought into
Alabama for use, storage, or consumption for purposes of state sales and use taxes and due
as of the date that lodgings occur for purposes of state lodging taxes. (e) Upon completion
of a qualified production, the company shall return the sales, use, and lodging tax exemption
certificates to the department and submit a report to the office of the actual expenditures
made in Alabama in connection with the qualified production. (f) Notwithstanding Act...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-7A-46.htm - 3K - Match Info - Similar pages
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