40-14A-22
Section 40-14A-22 Levy and amount of tax. (a) Levy of tax. There is hereby levied an
annual privilege tax on every corporation, limited liability entity, and disregarded entity
doing business in Alabama, or organized, incorporated, qualified, or registered under the
laws of Alabama. The tax shall accrue as of January 1 of every taxable year, or in the case
of a taxpayer organized, incorporated, qualified, or registered during the year, or doing
business in Alabama for the first time, as of the date the taxpayer is organized, incorporated,
registered, or qualifies to do business, or begins to do business in Alabama, as the case
may be. The taxpayer shall be liable for the tax levied by this article for each year beginning
before the taxpayer has been dissolved or otherwise ceased to exist or has withdrawn or forfeited
its qualification to do business in Alabama. The amount of the tax due shall be determined
by multiplying the taxpayer's net worth in Alabama by the rate determined in...
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40-14A-23
Section 40-14A-23 Definition of net worth. (a) Net worth of corporation. The net worth
of a corporation shall equal the aggregate net amount of the following items determined as
of the first day of the corporation's taxable year and adjusted as required in this article:
(1) In the case of a corporation, the sum of the following: a. The issued capital stock and
any additional paid-in capital, without reduction for treasury stock; and b. Retained earnings,
but not less than zero, which shall include any amounts designated for the payment of dividends
until the amounts are definitely and irrevocably placed to the credit of stockholders subject
to withdrawal on demand, and (2) In the case of an entity taxed as a corporation under this
article that does not issue stock, the difference between the book value of the entity's assets
and liabilities, but not less than zero. (b) Net worth of limited liability entities. The
net worth of a limited liability entity shall be an amount equal to the...
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40-14A-1
Section 40-14A-1 Definitions. For purposes of this chapter, the following terms shall
mean: (a) ALABAMA S CORPORATION. An S corporation defined under Section 40-18-160.
(b) C CORPORATION. A corporation other than an Alabama S corporation. (c) CODE. The Internal
Revenue Code of 1986, as amended from time to time. (d) CORPORATION. An entity, including
a limited liability company electing to be taxed as a corporation for federal income tax purposes,
through which business can be conducted while offering limited liability to the owners of
the entity with respect to some or all of the obligations of the entity, other than a limited
liability entity or a disregarded entity. The term "corporation" shall include but
not be limited to the following: Corporations, professional corporations, joint stock companies,
unincorporated professional associations, real estate investment trusts, limited liability
companies electing to be taxed as corporations for federal income tax purposes, and all...

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40-18-30
Section 40-18-30 Return when accounting period changes. (a) Taxpayer filing separate
returns. If a taxpayer, with the approval of the Department of Revenue, changes the basis
of computing taxable income from the fiscal year to the calendar year, a separate return shall
be filed for the period between the close of the last fiscal year for which return shall be
made and the following December 31. If the change is made from the calendar year to the fiscal
year, a separate return shall be filed for the period between the close of the last calendar
year for which return was filed and the date designated as the close of the last fiscal year.
If the change is made from one fiscal year to another fiscal year, a separate return shall
be filed for the period between the close of the former fiscal year and the date designated
as the close of the new fiscal year. If a taxpayer filing the taxpayer's first return for
income tax keeps accounts on the basis of a fiscal year, the taxpayer shall file a...
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40-16-4
Section 40-16-4 Levy; reporting of tax; promulgation of rules. (a)(1) Every such financial
institution engaging in any of the following businesses: (i) Banking; (ii) Conducting the
business of a financial institution as defined in this chapter; (iii) Conducting a credit
card business through the issuance of credit cards to Alabama residents or businesses; or
(iv) Conducting a business employing moneyed capital coming into competition with the business
of national banks shall pay to the state annually for each taxable year an excise tax measured
by its net income allocated and apportioned for the taxable year at the rate of six and one-half
percent of the net income. (2) For purposes of the excise tax imposed by this chapter, any
financial institution which has income from business activity that is taxable both within
and without this state shall allocate and apportion its net income as provided in rules which
shall be prescribed by the Department of Revenue, provided that such rules...
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40-14A-25
Section 40-14A-25 Filing of returns. (a) Every taxpayer shall file a privilege tax return,
which shall include the public record disclosures required by Section 10-2B-16.22,
with the department for every taxable year for which it is subject to the tax levied by this
article. A disregarded entity that is owned by an individual, general partnership, or other
entity not subject to the tax levied by this article shall file a return and pay the tax levied
on it by this article. Except as provided in Section 40-14A-22(f) (4), the return required
by this section is due no later than the corresponding federal income tax return as
required to be filed as provided under federal law. In the case of a taxpayer's initial return,
two and one half months after the taxpayer comes into existence, qualifies or registers to
do business, or commences doing business in Alabama as the case may be. A disregarded entity
that is required to file a return by this section shall file the return not later than
the...
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40-16-3
Section 40-16-3 Returns. (a) Every financial institution, no later than the due date,
including applicable extensions, for its corresponding federal income tax or federal information
return, shall make and file with the Department of Revenue a return, signed under the penalties
of perjury by its cashier, treasurer, or other authorized officer or employee, if a corporation,
or by a person or authorized employee in charge of the conduct of the business to be taxed
if an individual, firm, association, or other legal entity, in such form as may be prescribed
by the Department of Revenue, giving such detailed information as the Department of Revenue
may in its opinion require to determine the net income of the financial institution for the
taxable year, by the net income of which the excise tax is to be measured. (b) Qualified corporate
groups, as in this chapter defined, shall have the option to file one excise tax return on
a consolidated basis or to file separate returns. Qualified...
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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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40-18-164
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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40-18-6
Section 40-18-6 Gain or loss - Basis of property; adjusted basis. (a) Basis (unadjusted)
of property. The basis of property shall be the cost of the property with the following exceptions:
(1) INVENTORY VALUE. If the property should have been included in the last inventory, the
basis shall be the last inventory value thereof. (2) GIFT or TRANSFER IN TRUST. If the property
was acquired by gift or by a transfer in trust the basis shall be determined in accordance
with 26 U.S.C. § 1015. If property was acquired by gift or transfer in trust on or after
December 31, 1932 and prior to March 15, 1985, the basis shall be the fair and reasonable
market value of the property at the time of the acquisition. (3) PROPERTY TRANSMITTED AT DEATH.
If the property was acquired from a decedent, the taxpayer's basis in the property shall be
determined in accordance with 26 U.S.C. § 1014. (4) PROPERTY ACQUIRED UPON LIKE-KIND EXCHANGE.
If the property was acquired upon an exchange described in subsection...
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