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40-15B-5
Section 40-15B-5 Credits and deferrals. Except as otherwise provided in Sections 40-15B-6 and
40-15B-7, the following rules apply to credits and deferrals of estate taxes: (1) A credit
resulting from the payment of gift taxes or from estate taxes paid on property previously
taxed inures ratably to the benefit of all persons to which the estate tax is apportioned.
(2) A credit for state or foreign estate taxes inures ratably to the benefit of all persons
to which the estate tax is apportioned, except that the amount of a credit for a state or
foreign tax paid by a beneficiary of the property on which the state or foreign tax was imposed,
directly or by a charge against the property, inures to the benefit of the beneficiary. (3)
If payment of a portion of an estate tax is deferred because of the inclusion in the gross
estate of a particular interest in property, the benefit of the deferral inures ratably to
the persons to which the estate tax attributable to the interest is apportioned....
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40-15B-4
Section 40-15B-4 Statutory apportionment of estate taxes. To the extent that apportionment
of an estate tax is not controlled by an instrument described in Section 40-15B-3 and except
as otherwise provided in Sections 40-15B-6 and 40-15B-7, the following rules apply: (1) Subject
to paragraphs (2), (3), and (4), the estate tax is apportioned ratably to each person that
has an interest in the apportionable estate. (2) A generation-skipping transfer tax incurred
on a direct skip taking effect at death is charged to the person to whom the interest in property
is transferred. (3) If property is included in the decedent's gross estate because of Section
2044 of the Internal Revenue Code of 1986 or any similar estate tax provision, the difference
between the total estate tax for which the decedent's estate is liable and the amount of estate
tax for which the decedent's estate would have been liable if the property had not been included
in the decedent's gross estate is apportioned ratably...
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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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40-15B-6
Section 40-15B-6 Insulated property: advancement of tax. (a) In this section: (1) "Advanced
fraction" means a fraction that has as its numerator the amount of the advanced tax and
as its denominator the value of the interests in insulated property to which that tax is attributable.
(2) "Advanced tax" means the aggregate amount of estate tax attributable to interests
in insulated property which is required to be advanced by uninsulated holders under subsection
(c). (3) "Insulated property" means property subject to a time-limited interest
which is included in the apportionable estate but is unavailable for payment of an estate
tax because of impossibility or impracticability. (4) "Uninsulated holder" means
a person who has an interest in uninsulated property. (5) "Uninsulated property"
means property included in the apportionable estate other than insulated property. (b) If
an estate tax is to be advanced pursuant to subsection (c) by persons holding interests in
uninsulated property...
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40-4-2
Section 40-4-2 Amount and payment of commissions. The tax assessor shall be entitled to receive
from the tax collector, out of the first money collected by him, giving duplicate receipts
therefor, one of which receipts shall be forwarded to the Comptroller by the tax collector,
the following commissions: In counties where the collections, not including taxes on real
estate bid in by the state at tax sales and taxes which would be due on property except for
the provisions of the law exempting homesteads from state taxes, do not exceed $12,000, the
rate shall be 10 percent on the first $5,000, five percent on the next $4,000 and four percent
on the remainder. The commission herein provided for is to be calculated on collections for
real property and personal property, except motor vehicles, for the general fund of the state
and county. In counties where collections, not including taxes on property bid in by the state
at tax sales and taxes which would be due on property except for the...
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40-18-25
Section 40-18-25 Estates and trusts. (a) For purposes of this chapter, the income and deductions,
including the distribution deduction, of estates and trusts shall be determined in accordance
with Subchapter J of Chapter 1 of Subtitle A of the Internal Revenue Code, 26 U.S.C. ยง641
et seq., relating to estates, trusts, beneficiaries, and decedents, except as otherwise provided
in this section. (1) The income and deductions shall be increased by any items that are includable
or deductible by an individual in computing Alabama income tax but are not includable or not
deductible by an individual in computing federal income tax. (2) The income and deductions
shall be decreased by any items that are not includable or not deductible by an individual
in computing Alabama income tax but are includable or deductible by an individual in computing
federal income tax. (b) For purposes of this chapter, the income and deductions of beneficiaries
of estates and trusts, and persons who are treated as...
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26-2A-152
Section 26-2A-152 Powers of conservator in administration. (a) Subject to limitation provided
in Section 26-2A-154, a conservator shall have all of the powers conferred in this section
and any additional powers now or hereafter conferred by law on trustees in this state. In
addition, a conservator of the estate of an unmarried minor as to whom no one has parental
rights, has the powers of a guardian of a minor described in Section 26-2A-78 until the minor
attains the age of 19 years, or the disabilities of nonage have been removed, but the parental
rights so conferred on a conservator do not preclude appointment of a guardian as provided
in Division 1 of this article. (b) A conservator without court authorization or confirmation
may invest and reinvest funds of the estate as would a trustee. (c) A conservator, acting
as a fiduciary in efforts to accomplish the purpose of the appointment, may act without court
authorization or confirmation, to (1) Collect, hold, and retain assets of the...
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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...
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19-3B-816
Section 19-3B-816 Specific powers of trustee. (a) Without limiting the authority conferred
by Section 19-3B-815, a trustee may: (1) collect trust property and accept or reject additions
to the trust property from a settlor or any other person, including, but not being limited
to, the authority to receive, collect, hold, and retain common or preferred stock or other
interests in the trustee or any related party; (2) acquire or sell property, for cash or on
credit, at public or private sale; (3) exchange, partition, or otherwise change the character
of trust property; (4) deposit trust money in an account in a regulated financial-service
institution; (5) borrow money, with or without security, and mortgage or pledge trust property
for a period within or extending beyond the duration of the trust; (6) with respect to an
interest in a proprietorship, partnership, limited liability company, business trust, corporation,
or other form of business or enterprise, continue the business or other...
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40-27-1
Section 40-27-1 Compact adopted; terms. The following Multistate Tax Compact is hereby approved,
adopted and enacted into law by the State of Alabama: Multistate Tax Compact Article I. Purposes.
The purposes of this compact are to: 1. Facilitate proper determination of state and local
tax liability of multistate taxpayers, including the equitable apportionment of tax bases
and settlement of apportionment disputes. 2. Promote uniformity or compatibility in significant
components of tax systems. 3. Facilitate taxpayer convenience and compliance in the filing
of tax returns and in other phases of tax administration. 4. Avoid duplicative taxation. Article
II. Definitions. As used in this compact: 1. "State" means a state of the United
States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession
of the United States. 2. "Subdivision" means any governmental unit or special district
of a state. 3. "Taxpayer" means any corporation, partnership, firm,...
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