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40-18-168
Section 40-18-168 "Carryforward" and "carryback" provisions. No
carryforward and no carryback arising for a taxable year for which a corporation is not an
Alabama S corporation may be carried to a taxable year which such corporation is an Alabama
S corporation. No carryforward and no carryback shall arise at the corporate level for a taxable
year for which a corporation is an Alabama S corporation. Nothing in this section shall
prevent treating a taxable year for which a corporation is an Alabama S corporation as a taxable
year for purposes of determining the number of taxable years to which an item may be carried
back or carried forward. (Code 1975, §40-14-98; Acts 1984, 1st Ex. Sess., No. 84-756, p.
121, §9.)...
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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...
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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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40-18-15.2
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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27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus
Lines Insurance Multi-State Compliance Compact Act is enacted into law and entered into with
all jurisdictions mutually adopting the compact in the form substantially as follows: PREAMBLE
WHEREAS, with regard to Non-Admitted Insurance policies with risk exposures located in multiple
states, the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted
and Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
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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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40-16-1.2
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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16-6D-9
Section 16-6D-9 Tax credit claims; administrative accountability; verification of requirements;
rules and procedures. (a)(1) An individual taxpayer who files a state income tax return and
is not claimed as a dependent of another taxpayer, a taxpayer subject to the corporate income
tax levied by Chapter 18 of Title 40, an Alabama S corporation as defined in Section
40-18-160, or a Subchapter K entity as defined in Section 40-18-1 may claim a credit
for a contribution made to a scholarship granting organization. If the credit is claimed by
an Alabama S corporation or Subchapter K entity, the credit shall pass through to and may
be claimed by any taxpayer eligible to claim a credit under this subdivision who is a shareholder,
partner, or member thereof, based on the taxpayer's pro rata or distributive share, respectively,
of the credit. (2) The tax credit may be claimed by an individual taxpayer or a married couple
filing jointly in an amount equal to 100 percent of the total...
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10A-10-1.21
Section 10A-10-1.21 Income tax. (a) A real estate investment trust shall be subject
to the tax imposed by Section 40-18-31, provided, that for purposes of Section
40-18-33, the "net income" of a real estate investment trust shall mean "real
estate investment trust taxable income" as defined in 26 U.S.C. Section 857 as
in effect from time to time. (b) Solely for purposes of conforming federal law with Alabama
law, the "net income" of a real estate investment trust determined pursuant to subsection
(a) shall be further adjusted as follows: (1) The deduction for intercorporate dividends received
under Section 40-18-35(a) (7), shall not be allowed. (2) The deduction for dividends
paid, as defined in 26 U.S.C. Section 561, shall be allowed but (i) shall be computed
without regard to that portion of the deduction which is attributable to the amount equal
to the net income from foreclosure property as defined in 26 U.S.C. Section 857, and
(ii) shall be limited by the provisions of Section...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-10-1.21.htm - 3K - Match Info - Similar pages
40-2A-7
Section 40-2A-7 Uniform revenue procedures. (a) Maintenance of records; audit and subpoena
authority; authority to issue regulations. (1) In addition to all other recordkeeping requirements
otherwise set out in this title, taxpayers shall keep and maintain an accurate and complete
set of records, books, and other information sufficient to allow the department to determine
the correct amount of value or correct amount of any tax, license, permit, or fee administered
by the department, or other records or information as may be necessary for the proper administration
of any matters under the jurisdiction of the department. The books, records, and other information
shall be open and available for inspection by the department upon request at a reasonable
time and location. (2) The department may examine and audit the records, books, or other relevant
information maintained by any taxpayer or other person for the purpose of computing and determining
the correct amount of value or correct...
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