40-18-174
Section 40-18-174 Tax imposed on certain built-in gains. (a) If for any taxable year beginning in the recognition period an Alabama S corporation has a net recognized built-in gain, there is hereby imposed a tax (computed under subsection (b)) on the income of such corporation for such taxable year. (b)(1) The amount of the tax imposed by subsection (a) shall be computed by multiplying five percent by the net recognized built-in gain of the Alabama S corporation for the taxable year. (2) Notwithstanding Section 40-18-168, any net operating loss carryforward which would be deductible except for Section 40-18-168 and which arose in a taxable year for which the corporation was not an Alabama S corporation, shall be allowed as a deduction against the net recognized built-in gain of the Alabama S corporation for the taxable year. For purposes of determining the amount of any such loss which may be carried to subsequent taxable years, the net recognized built-in gain shall be treated as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-174.htm - 7K - Match Info - Similar pages
10A-20-7.11
Section 10A-20-7.11 Loans to corporation by members. Each member of the corporation shall make loans to the corporation as and when called upon by it to do so on the terms and other conditions as shall be approved from time to time by the board of directors, subject to the following conditions: (1) All loan limits shall be established at the one thousand dollars ($1,000) amount nearest to the amount computed in accordance with the provisions of this section. (2) No loan to the corporation shall be made if immediately thereafter the total amount of the obligations of the corporation would exceed 50 times the amount then paid in on the outstanding capital stock of the corporation. (3) The total amount outstanding on loans to the corporation made by any member at any one time, when added to the amount of the investment in the capital stock of the corporation then held by the member, shall not exceed: a. Twenty percent of the total amount then outstanding on loans to the corporation by all...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-20-7.11.htm - 3K - Match Info - Similar pages
40-12-253
Section 40-12-253 Ad valorem taxation of motor vehicles. (a) Effective January 1, 2000, ad valorem taxes on motor vehicles shall be assessed and the tax collected forward on a current basis to coincide with the collection of motor vehicle license taxes and registration fees. (1) Ad valorem taxes on motor vehicles shall become due and payable on the first day of the registration renewal month of the owner, the date the motor vehicle enters the State of Alabama, the date the motor vehicle is removed from the inventory of a dealer, or the date on which the motor vehicle is otherwise determined to be taxable, whichever comes first. Ad valorem taxes on motor vehicles shall become delinquent on the first day of the month following the registration renewal month for the owner or as otherwise provided by law. (2) Ad valorem tax on motor vehicles shall be collected through the last day of the month which precedes the assigned registration renewal month for the owner as provided in Section...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-12-253.htm - 12K - Match Info - Similar pages
40-18-16
Section 40-18-16 Depreciation. (a) Basis for depreciation. The basis upon which exhaustion, wear and tear, depreciation and obsolescence are to be allowed shall be such reasonable allowance as may be determined by the Department of Revenue on the adjusted basis provided in Section 40-18-6 for the purpose of determining the gain or loss upon sale or other disposition of such property. (b) Basis for depletion. (1) GENERAL RULE. The basis upon which depletion is to be allowed shall be such reasonable allowance as may be determined by the Department of Revenue on the adjusted basis provided in Section 40-18-6 for the purpose of determining the gain or loss upon the sale or other disposition of such property, except as provided in subdivision (2) of this subsection. (2) AMOUNT. In the case of oil and gas wells, the allowance for depletion shall be 12 percent of the gross income from the property during the taxable year, excluding from such gross income an amount equal to any rents or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-16.htm - 1K - Match Info - Similar pages
40-18-175
Section 40-18-175 Tax imposed when passive investment income of corporation having subchapter C earnings and profits exceeds 25 percent of gross receipts. (a) If for the taxable year an Alabama S corporation has accumulated earnings and profits at the close of the taxable year derived from years during which the corporation was an Alabama C corporation, and gross receipts more than 25 percent of which are passive investment income, then there is imposed a tax on the income of the corporation for the taxable year. The tax shall be computed by multiplying the excess net passive income by five percent. (b) (1) For purposes of this section: a. Except as provided in paragraph b below, the term "excess net passive income" means an amount which bears the same ratio to the net passive income for the taxable year as (i) the amount by which the passive investment income for the taxable year exceeds 25 percent of the gross receipts for the taxable year, bears to (ii) the passive investment income...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-175.htm - 3K - Match Info - Similar pages
41-10-727
Section 41-10-727 Definitions. As used in this division, the following words shall have the following meanings: (1) DEPARTMENT. The Department of Revenue. (2) EMPLOYEE. An employee, as defined in the Internal Revenue Code, as amended from time to time; except that any individual providing services to an employer on an hourly, part-time, full-time, salaried, or contractual basis shall be considered an employee for purposes of this division. (3) EMPLOYER. An employer, as defined in the Internal Revenue Code, as amended from time to time, that is either a general contractor or subcontractor that primarily holds itself out for hire to the general public as a general contractor or subcontractor and who receives more than five percent of its annual gross revenue from business described in either North American Industry Classification System (NAICS) Code 236, 237, or 238 of the United States Department of Commerce in effect as of January 1, 2009. This definition does not apply to or include...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-727.htm - 3K - Match Info - Similar pages
45-11-244.02
Section 45-11-244.02 Authorization of levy of sales tax. (a) The governing body of the county is authorized to levy and impose in the county, in addition to all other taxes of every kind now imposed by law, and to collect as herein provided, a privilege or license tax against the person on account of the business activities and in the amount to be determined by the application of rates against gross sales, or gross receipts, as the case may be, as follows: (1) Upon every person, firm, or corporation, (including the State of Alabama, the University of Alabama, Auburn University, and all other institutions of higher learning in the state, whether such institutions be denominational, state, county, or municipal institutions, and any association or other agency or instrumentality of such institutions) engaged, or continuing within the county in the business of selling at retail any tangible personal property whatsoever, including merchandise and commodities of every kind and character,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-11-244.02.htm - 9K - Match Info - Similar pages
45-11-245.02
Section 45-11-245.02 Authorization of levy of sales tax. (a) The governing body of the county is authorized to levy and impose in the county, in addition to all other taxes of every kind now imposed by law, and to collect as herein provided, a privilege or license tax against the person on account of the business activities and in the amount to be determined by the application of rates against gross sales, or gross receipts, as the case may be, as follows: (1) Upon every person, firm, or corporation, (including the State of Alabama, the University of Alabama, Auburn University, and all other institutions of higher learning in the state, whether such institutions be denominational, state, county, or municipal institutions, and any association or other agency or instrumentality of such institutions) engaged, or continuing within the county in the business of selling at retail any tangible personal property whatsoever, including merchandise and commodities of every kind and character,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-11-245.02.htm - 9K - Match Info - Similar pages
45-22-243.91
Section 45-22-243.91 Levy of sales tax. (a) There is levied and imposed in the county, in addition to all other taxes of every kind now imposed by law, and shall be collected as herein provided, a privilege or license tax on account of the business activities and in the amount to be determined by the application of rates against gross sales or gross receipt, as the case may be, as follows: (1) Upon every person, firm, or corporation (not including the State of Alabama or the Alabama Alcoholic Beverage Control Board or ABC stores) engaged or continuing within the county in the business of selling at retail any tangible personal property whatsoever, including merchandise and commodities of every kind and character (not including, however, bonds or other evidence of debt or stocks), an amount equal to one percent of the gross proceeds of sales of the business, except where a different amount is expressly provided herein; provided, however, that any person engaging or continuing in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-22-243.91.htm - 7K - Match Info - Similar pages
45-35-244.01
Section 45-35-244.01 Levy of privilege or license tax. There is hereby levied, for the period of time provided for herein, in addition to all other taxes of every kind now imposed by law, and shall be collected as herein provided a privilege or license tax on account of the business activities and in the amount to be determined by the application of rates against gross sales or gross receipts, as the case may be, as follows: (1) Upon every person, firm, or corporation, including the State of Alabama, the University of Alabama, Auburn University, and all other institutions of higher learning in the state, whether such institutions be denominational, state, county, or municipal institutions, and any association or other agency or instrumentality of such institutions, engaged or continuing within the county in the business of selling at retail any tangible personal property whatsoever, including merchandise and commodities of every kind and character, not including, however, bonds or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-35-244.01.htm - 7K - Match Info - Similar pages
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