|
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-15B-6.htm - 3K - Match Info - Similar pages
40-18-1
Section 40-18-1 Definitions. For the purpose of this chapter, the following terms shall
have the respective meanings ascribed by this section: (1) ADVANCED FOSSIL-BASED GENERATION.
The production of electricity from fossil-based generation with the use of technology or efficiency
improvements to control or reduce carbon emissions, including but not limited to, technologies
described in 26 U.S.C. § 48A(f), as such provision existed on December 31, 2007. (2) ALTERNATIVE
ENERGY RESOURCES. Coal gasification or liquefaction, nuclear, and advanced fossil-based generation.
(3) BIOMASS. Animals and plants, and the waste, by-products, or derivatives of either, including,
but not limited to, the materials described in 26 U.S.C. §§ 45(c)(2), 45(c)(3), 45K(c)(3),
or 48B(c)(4). (4) BUSINESS TRUST. Any entity which is a business trust for federal income
tax purposes. (5) CAPTIVE REIT. Any REIT whose shares or certificates of beneficial interest
are not regularly traded on an established...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-1.htm - 11K - Match Info - Similar pages
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,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-27-1.htm - 42K - Match Info - Similar pages
40-18-15
Section 40-18-15 Deductions for individuals generally. (a) No deduction shall be allowed
for any losses, expenses, or interest deferred or disallowed pursuant to 26 U.S.C. § 267
or for any cost required to be capitalized in accordance with 26 U.S.C. § 263A; otherwise,
there shall be allowed as deductions: (1) All ordinary and necessary expenses paid or incurred
during the taxable year in carrying on any trade or business, as determined in accordance
with 26 U.S.C. § 162. (2) Interest paid or accrued within the taxable year on indebtedness,
limited to the amount allowable as an interest deduction for federal income tax purposes in
the corresponding tax year or period pursuant to the provisions of 26 U.S.C. §§ 163, 264,
and 265. (3) The following taxes paid or accrued within the taxable year: a. Income taxes,
Federal Insurance Contribution Act taxes, taxes on self-employment income and estate and gift
taxes imposed by authority of the United States or any possession of the United...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-15.htm - 18K - Match Info - Similar pages
40-15B-2
Section 40-15B-2 Definitions. In this chapter: (1) "Apportionable estate"
means the value of the gross estate as finally determined for purposes of the estate tax to
be apportioned reduced by: (A) any claim or expense allowable as a deduction for purposes
of the tax; (B) the value of any interest in property that, for purposes of the tax, qualifies
for a marital or charitable deduction or otherwise is deductible or is exempt; and (C) any
amount added to the decedent's gross estate because of a gift tax on transfers made before
death. (2) "Estate tax" means a federal, state, or foreign tax imposed because of
the death of an individual and interest and penalties associated with the tax. The term does
not include an inheritance tax, income tax, or generation-skipping transfer tax other than
a generation-skipping transfer tax incurred on a direct skip taking effect at death. (3) "Gross
estate" means, with respect to an estate tax, all interests in property subject to the
tax. (4) "Person"...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-15B-2.htm - 2K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-15B-7.htm - 1K - Match Info - Similar pages
40-15B-9
Section 40-15B-9 Collection of estate tax by fiduciary. (a) A fiduciary responsible
for payment of an estate tax may collect from any person the tax apportioned to and the tax
required to be advanced by the person. (b) Except as otherwise provided in Section
40-15B-6, any estate tax due from a person that cannot be collected from the person may be
collected by the fiduciary from other persons in the following order of priority: (1) any
person having an interest in the apportionable estate which is not exonerated from the tax;
(2) any other person having an interest in the apportionable estate; (3) any person having
an interest in the gross estate. (c) A domiciliary fiduciary may recover from an ancillary
personal representative the estate tax apportioned to the property controlled by the ancillary
personal representative. (d) The total tax collected from a person pursuant to this chapter
may not exceed the value of the person's interest. (Act 2007-283, p. 501, §9.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-15B-9.htm - 1K - Match Info - Similar pages
40-22-1
Section 40-22-1 Deeds, bills of sale, etc. (a) Except as set out in subsection (b),
no deed, bill of sale, or other instrument of like character which conveys any real or personal
property within this state or which conveys any interest in any such property shall be received
for record unless the privilege or license tax is paid prior to the instrument being offered
for record as provided in subsection (c). (b) No privilege or license tax shall be required
for any of the following: (1) The transfer of mortgages on real or personal property within
this state upon which the mortgage tax has been paid. (2) Deeds or instruments executed for
a nominal consideration for the purpose of perfecting the title to real estate. (3) The re-recordation
of corrected mortgages, deeds, or instruments executed for the purpose of perfecting the title
to real or personal property, specifically, but not limited to, corrections of maturity dates
thereof, and deeds and other instruments or conveyances,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-22-1.htm - 9K - Match Info - Similar pages
40-22-2
Section 40-22-2 Mortgages, deeds of trust, etc., generally. No mortgage, deed of trust,
contract of conditional sale, or other instrument of like character which is given to secure
the payment of any debt which conveys any real or personal property situated within this state
or any interest therein or any security agreement or financing statement provided for by the
Uniform Commercial Code, except a security agreement or a financing statement relating solely
to security interests in accounts, contract rights, or general intangibles, as such terms
are defined in the Uniform Commercial Code, and except for the re-recordation of corrected
mortgages, deeds, or instruments executed for the purpose of perfecting the title to real
or personal property, specifically, but not limited to, corrections of maturity dates thereof,
shall be received for record or for filing in the office of any probate judge of this state
unless the following privilege or license taxes shall have been paid upon such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-22-2.htm - 16K - Match Info - Similar pages
26-2A-20
Section 26-2A-20 General definitions. As used in this chapter the following terms shall
have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) CLAIMS. In respect of a protected person, includes liabilities of the protected person,
whether arising in contract, tort, or otherwise, and liabilities of the estate which arise
at or after the appointment of a conservator, including expenses of administration. (2) CONSERVATOR.
A person who is appointed by a court to manage the estate of a protected person and includes
a limited conservator described in Section 26-2A-148(a). (3) COURT. A probate court
of this state. (4) COURT REPRESENTATIVE. A person appointed in a guardianship or protective
proceeding who is trained in law, nursing, or social work, is an officer, employee, or special
appointee of the court, and has no personal interest in the proceeding. (5) DISABILITY. Cause
for a protective order as described in Section 26-2A-130. (6) ESTATE. Includes...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/26-2A-20.htm - 4K - Match Info - Similar pages
|