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40-16-1.2
Section 40-16-1.2 Additional items included in federal taxable income; items deducted from
federal taxable income. (a) The following items shall be added to federal taxable income for
purposes of computing net income under this chapter: (1) The tax due under this chapter that
is deducted in computing federal taxable income. (2) State and local taxes that are deducted
for purposes of calculating federal taxable income for which a credit is claimed under Section
40-16-8, to the extent the credit is utilized to reduce the tax owed under this chapter. (3)
Refunds of federal income taxes deducted in prior tax periods for purposes of computing the
tax due under this chapter. (4) Dividends received from a corporation in which the taxpayer
owns less than 20 percent of the stock, by vote and value, but only to the extent the dividends
are properly deducted in computing taxable income for federal income tax purposes. (5) State,
county, and municipal interest income from loans and securities that...
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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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40-18-34
Section 40-18-34 Additions required by corporations. The following items shall be added to
federal taxable income for purposes of computing taxable income under this chapter: (a) State
and local income taxes that are deductible in computing federal taxable income. (b) Interest
on obligations of state or local governments other than Alabama that is excludable from gross
income for federal income tax purposes. (c) Refunds of federal income taxes deducted. (d)
Dividends received from a corporation in which the taxpayer owns less than 20% of the stock
(by vote and value), but only to the extent such dividends are properly deducted in computing
taxable income for federal income tax purposes. (Acts 1935, No. 194, p. 256; Code 1940, T.
51, §401; Acts 1975, No. 1195, p. 2348, §1; Acts 1985, No. 85-515, §15; Act 98-502, p.
1083, §1; Act 99-664, 2nd Sp. Sess., p. 124, §1; Act 2000-702, p. 1425, §1.)...
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40-18-39
Section 40-18-39 Corporate returns. (a) Except as provided in subsection (c), every corporation,
joint stock company, or association subject to income tax under this chapter shall file a
return with the Department of Revenue for each taxable year, stating specifically the items
of its gross income and the deductions and credits allowed by this chapter. In cases where
receivers, trustees in bankruptcy, or assignees are operating the property or business of
corporations, such receivers, trustees, or assignees shall file returns for such corporations
in the same manner and form as corporations are required to file returns. Any tax due on the
basis of such returns filed by receivers, trustees, or assignees shall be collected in the
same manner as if collected from the corporations of whose business or property they have
custody and control. Returns shall be filed by the same date as the corresponding federal
income tax returns are required to be filed as provided under federal law. The...
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40-2A-7
years from the date the return is filed with the department, whichever is later. This subparagraph
shall not apply to any corporation unless dissolution is completed within 18 months of the
date of the written notice. e. If a taxpayer has made the election provided in subsection
(d) or (e) of Section 40-18-8, a preliminary assessment based on the gain realized as a result
of the involuntary conversion [in the case of subsection (d) of Section 40-18-8] or a rollover
of gain on the sale of a personal residence [as provided in subsection (e) of Section
40-18-8] may be entered within three years from the date the taxpayer notified the department
of the replacement of the property in accordance with subsection (d) or (e) of Section 40-18-8,
as the case may be, or of his or her intention not to replace the property. f. If a taxpayer
has validly elected to have the provisions of subdivision (a) (7) of Section 40-18-6 and subsection
(l) of Section 40-18-8 apply to an acquisition of stock...
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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...
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40-16-1.3
Section 40-16-1.3 Net income of credit unions. (a) With respect to credit unions only, net
income means financial statement income which is the final net income amount, total revenue
less total expenses, calculated for financial statement purposes and reported to the Internal
Revenue Service as a tax exempt organization and to the Alabama Credit Union Administration
or other government regulatory authority as appropriate, less the subtractions specified in
subsection (b) and as allocated and apportioned to Alabama according to rules adopted by the
Department of Revenue pursuant to Section 40-16-4. (b) Subtractions. The following items shall
be subtracted from financial statement income for purposes of computing the net income of
a credit union under this chapter: (1) Dividends received from other credit unions and credit
union service organizations as defined by federal law and the regulations of the National
Credit Union Administration. (2) In lieu of deductions for losses or bad...
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40-16-10
Section 40-16-10 Computation of net income of financial institutions. (a) In computing the
net income of financial institutions subject to the tax imposed by this chapter, there shall
be allowed, in addition to the deductions specified therein, a deduction for the sum of the
net operating losses which may be carried forward to the taxable year for which the net income
of the financial institution is being computed. (1) The term "net operating loss"
for the purposes of this chapter means the amount by which net income of the financial institution,
before the deduction allowed by this section, with respect to a taxable year is less than
zero. For purposes of this section, the financial institution's net income shall be determined
under this chapter applicable to the year in which the net operating loss arises. (2) A net
operating loss shall be carried forward to the earliest subsequent taxable year in which the
financial institution has net income greater than zero, determined without...
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40-18-15
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 States. b. State and local, and foreign, occupational license taxes, and contributions
to state unemployment funds. c. State and local, and foreign, real property taxes. d. State
and local personal property taxes. e. The generation-skipping transfer (GST) tax imposed
on income distributions by 26 U.S.C. § 2601. f. The taxes described in paragraphs c., d.,
and e. shall be deductible only to the extent that the taxes are deductible for federal income
tax purposes under 26 U.S.C. § 164 (relating to taxes). g. In addition, there shall be allowed
as a deduction, state and local, and foreign taxes, except income taxes, and taxes imposed
by authority of the United States or any possession...
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40-18-35.1
Section 40-18-35.1 Carry forward of net operating losses. In computing the taxable income of
corporations subject to income tax as outlined in Section 40-18-35, there shall be allowed,
in addition to the deductions specified therein, a deduction for the sum of the net operating
losses which may be carried forward to the taxable year for which the net income of the corporation
is being computed. (1) The term "net operating loss" for the purposes of this section
means the excess of the deductions (other than the deduction allowed by this subdivision)
allowed by this chapter during a taxable year of the corporation over the corporation's gross
income during that taxable year. For purposes of this paragraph, the corporation's gross income
and allowable deductions shall be determined under the provisions of this chapter applicable
to the year in which the net operating loss arises. (2) A net operating loss shall be carried
forward to the earliest subsequent taxable year in which the...
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