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40-18-166
Section 40-18-166 "Accumulated adjustments account" defined; application generally;
"S period" defined; applicability of subdivision (c)(1) of Section 40-18-165
to certain distributions; "affected shareholder" defined. (a)(1) Except as provided
in subsection (b), for purposes of this article, the term "accumulated adjustments account"
means an account of the Alabama S corporation which is adjusted for the S period in a manner
similar to the adjustments under Section 40-18-164 hereof including subdivision (4)
of subsection (c), except that no adjustment shall be made for income and related expenses
which are exempt from tax under this chapter and the phrase "but not below zero"
shall be disregarded in Section 40-18-164(c)(2)a. (2) In the case of any redemption
which is treated as an exchange under Section 40-18-36, the adjustment in the accumulated
adjustments account shall be an amount which bears the same ratio to the balance in the account
as the number of shares redeemed in such...
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40-14A-34
Section 40-14A-34 (Repealed for taxable years beginning on or after January 1, 2002.)
Definition of taxable shares base. The taxable shares base shall be determined as follows:
(a) Multiply the corporation's initial taxable shares base by the apportionment factor used
to apportion the corporation's income to Alabama for purposes of the Alabama income tax in
accordance with Chapter 18 or that would be used if the corporation were subject to income
tax under Chapter 18. (b) From the amount determined in subsection (a), deduct the following:
(1) The book value of all devices, facilities, or structures, and all identifiable components
or materials for use therein, that are located in Alabama and are acquired or constructed
primarily for the control, reduction, or elimination of air, ground, or water pollution or
radiological hazards where such pollution or radiological hazards result from or would be
caused by activities of the taxpayer in Alabama; (2) The net amount invested by the...
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11-65-2
Section 11-65-2 Definitions. (a) The following words and phrases used in this chapter,
and others evidently intended as the equivalent thereof, shall, unless the context clearly
indicates otherwise, have the following respective meanings: (1) ALABAMA-BRED. When this term
is used with reference to a horse, it means a horse which is registered in the registry designated
and administered by a commission in accordance with such rules concerning domicile and registration
requirements as may be established by such commission and which is either (i) foaled from
a mare domiciled in the state during the 10-year period beginning with January 1, 1991, or
(ii) sired by an Alabama stallion and foaled from a mare domiciled in the state at any time
after the expiration of such 10-year period. (2) ALABAMA STALLION. A stallion which is standing
in the state at the time he is bred to the dam of an Alabama-bred horse, which is registered
with a commission, and which is owned or leased by a resident of...
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40-14A-24
Section 40-14A-24 Net worth in Alabama. (a) A taxpayer's net worth in Alabama shall
be determined by apportioning the taxpayer's net worth computed under Section 40-14A-23
in the same manner as prescribed for apportioning income during the determination period for
purposes of the income tax levied by Chapter 18, or the manner in which the income would be
apportioned if the taxpayer were subject to the income tax, or for the purposes of the financial
institution excise tax levied by Chapter 16; provided, however, that the net worth of insurers
subject to the insurance premium tax levied by Chapter 4A of Title 27 shall be apportioned
on the basis of the ratio of the insurer's Alabama premium income to its nationwide total
direct premiums as reflected on schedule T of the insurer's annual statement filed with the
Commissioner of Insurance for the then immediately preceding calendar year. (b) There shall
be deducted from the amount of net worth in Alabama as determined in accordance with...
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40-18-21
Section 40-18-21 Credits for taxes paid on income from sources outside the state and
for job development fees. (a)(1) For the purpose of ascertaining the income tax due under
the provisions of this chapter by individual residents of Alabama whose gross income, as defined
herein, is derived from sources both within and outside the State of Alabama, there shall
be allowed a credit against the amount of tax found to be due by such resident, on account
of income derived from outside the State of Alabama, the amount of income tax actually paid
by such resident to any state or territory on account of business transacted or property held,
directly or indirectly, outside the State of Alabama. Resident individual owners of Subchapter
K entities, Alabama S corporations, and beneficiaries of estates or trusts who include their
proportionate share of the income arising from one or more of these entities in their Alabama
gross income shall be allowed a credit for their proportionate share of the...
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45-37-123.01
Section 45-37-123.01 Definitions. For the purposes of this part, the following terms
shall have the following meanings: (1) ACT. The act adding this part, to be called the General
Retirement System for Employees of Jefferson County Act. (2) ACTIVE MEMBER. An individual
who currently is employed by the county or other entities set forth in subdivision (20) and
is making employee contributions to the system. (3) ACTUARIAL EQUIVALENT. Effective July 30,
1984, or such other dates as set forth in Exhibit A, which is maintained in the office of
the pension board, a form of benefit differing in time, period, or manner of payment from
a specific benefit provided under the plan but having the same value when computed using the
mortality tables, the interest rate, and any other assumptions last adopted by the pension
board, which assumptions shall clearly preclude any discretion in the determination of the
amount of a member's benefit. (4) ACTUARIAL GAIN. As defined in Section...
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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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45-9-243.40
Section 45-9-243.40 Privilege or license tax. (a) The following words, terms, and phrases,
when used in this section, shall have the meanings ascribed to them in this subsection,
except where the context clearly indicates a different meaning: (1) PERSON. Any natural person,
firm, partnership, association, corporation, receiver, trust, estate, or other entity, or
any other group or combination of any thereof acting as a unit. (2) COUNTY. Chambers County,
Alabama. (3) BUSINESS. All activities engaged in, or caused to be engaged in, by any person
with the object of gain, profit, benefit, or advantage, either direct or indirect to such
person. (4) GROSS PROCEEDS. The value proceeding or accruing from the leasing or rental of
tangible personal property, without any deduction on account of the cost of the property so
leased or rented, the cost of materials used, labor, or service cost, interest paid or any
other expenses whatsoever, and without any deduction on account of loss and shall also...
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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,...
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40-18-172
Section 40-18-172 "Post-termination transition period" and "determination"
defined. (a) For purposes of this article, the term "post-termination transition period"
means: (1) The period beginning on the day after the last day of the corporation's last taxable
year as an Alabama S corporation and ending on the later of: a. The day which is one year
after the last day. b. The due date for filing the return for the last year as an Alabama
S corporation, including extensions. (2) The 120-day period beginning on the date of a determination
pursuant to an audit of the taxpayer which follows the termination of the corporation's election
to be treated as a federal S corporation and which adjusts a subchapter S item of income,
loss, or deduction of the corporation arising during the S period. (3) The 120-day period
beginning on the date of a determination that the corporation's election under 26 U.S.C. ยง
1362 had terminated for a previous taxable year. (b) For purposes of subsection (a), the...
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