40-18-14.2
Section 40-18-14.2 Adjusted gross income. (a) The term "adjusted gross income,"
as used in this section, shall mean the gross income as defined by Section 40-18-14,
minus the following deductions: (1) The deductions allowed by this chapter, other than the
net operating loss deduction allowed under Section 40-18-15.2, which are attributable
to a trade or business carried on by the taxpayer if the trade or business does not consist
of the performance of services by the taxpayer as an employee; (2) The deduction allowed by
this chapter for travel expenses of Alabama state legislators while away from home to the
extent reimbursed by the State of Alabama; (3) The deductions allowed by this chapter which
consist of expenses paid or incurred by the taxpayer in connection with the performance by
him or her of services as an employee, to the extent reimbursed by his or her employer; (4)
The deductions allowed by this chapter attributable to property held for the production of
rents or...
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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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40-18-15
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...
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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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40-18-15.2
Section 40-18-15.2 Net operating loss. Individuals may calculate a net operating loss
from a trade or business and apply the net operating loss against prior taxable income or
future taxable income pursuant to this section. (1) For purposes of this section,
the term "net operating loss" means the excess of the deductions allowed by this
chapter over the gross income. The excess shall be computed with the modifications specified
in subdivision (5). (2) A net operating loss may be carried back to each of the two taxable
years preceding the taxable year of the loss. A net operating loss carryover may be carried
to each of the 15 years following the taxable year of the loss. (3) The entire amount of the
net operating loss for any taxable year (hereinafter referred to as the "loss year")
shall be carried to the earliest of the taxable years to which, by reason of subdivision (2)
that loss may be carried. The portion of the loss which shall be carried to each of the other
taxable years shall...
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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. §641 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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40-18-161
Section 40-18-161 Determination of taxable income. (a) The taxable income of an Alabama
S corporation shall be determined in the same manner as in the case of an individual except
that the items determined in subdivision (1), subsection (a) of Section 40-18-162 shall
be separately stated, and the following deductions shall not be allowed: (1) Personal exemptions
otherwise allowed by Section 40-18-19. (2) Charitable contributions otherwise allowed
by Section 40-18-15, subdivision (a)(10). (3) The net operating loss deduction otherwise
allowed by Section 40-18-15, subdivision (a)(16). (4) Medical expenses otherwise allowed
by Section 40-18-15, subdivision (a)(13). (5) Alimony otherwise allowed by Section
40-18-15, subdivision (a)(18). (6) The deduction for certain expenses of producing income
and determining taxes otherwise allowed by Section 40-18-15, subdivision (a)(14). (7)
Contributions to individual retirement accounts otherwise allowed by Section 40-18-15,
subdivision (a)(11). (8)...
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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...
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40-18-164
Section 40-18-164 Increase or decrease in basis of shareholder's stock; special rules.
(a) The basis of each shareholder's stock in an Alabama S corporation shall be increased for
any period by the sum of the following items determined with respect to that shareholder for
the period: (1) The items of income described in subdivision (1) of subsection (a) of Section
40-18-162. (2) Any nonseparately computed income determined under subdivision (2) of subsection
(a) of Section 40-18-162. (3) The excess of the deductions for depletion over the basis
of the property subject to depletion. (b) The basis of each shareholder's stock in an Alabama
S corporation shall be decreased for any period, but not below zero, by the sum of the following
items determined with respect to the shareholder for the period: (1) Distributions by the
corporation which were not includable in the income of the shareholder by reason of Section
40-18-165. (2) The items of loss and deduction described in subdivision (1)...
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40-18-27
Section 40-18-27 Individual taxpayer's returns; liability of innocent spouse. (a) Every
taxpayer having gross income before the deductions allowed by this chapter for the taxable
year exceeding the sum of the allowable standard deduction as provided in Section 40-18-15
and the personal exemption as provided in Section 40-18-19, as allowed for his or her
respective filing status, shall each year file with the Department of Revenue a return stating
specifically the items of gross income, the deductions and credits allowed by this chapter,
the place of residence, and post office address. (b) A taxpayer other than a resident shall
not be entitled to the deductions authorized by Sections 40-18-15 and 40-18-15.2 unless the
taxpayer files a complete return showing the gross income of the taxpayer both from within
and outside the state. Included on every income tax return shall be the name, address, and
Social Security number or preparer taxpayer identification number of the person who...
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