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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
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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40-18-165
Section 40-18-165 Distribution of property generally. (a) A distribution of property
made by an Alabama S corporation with respect to its stock to which, but for this article,
Section 40-18-36 would apply shall be treated in the manner provided in subsection
(b) or (c) of this section, whichever applies. (b) In the case of a distribution described
in subsection (a) of this section by an Alabama S corporation which has no accumulated
earnings and profits: (1) The distribution shall not be included in gross income to the extent
that it does not exceed the adjusted basis of the stock. (2) If the amount of the distribution
exceeds the adjusted basis of the stock, such excess shall be treated as gain from the sale
or exchange of property. (c) In the case of a distribution described in subsection (a) of
this section by an Alabama S corporation which has accumulated earnings and profits:
(1) That portion of the distribution which does not exceed the accumulated adjustments account
shall be...
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40-18-162
Section 40-18-162 Determination of tax of shareholder. (a) In determining the tax of
a shareholder for the shareholder's taxable year in which the taxable year of the Alabama
S corporation ends, or for the final taxable year of a shareholder who dies or of a trust
or estate that terminates before the end of the corporation's taxable year, there shall be
taken into account the shareholder's pro rata share of the corporation's: (1) Items of income,
including tax-exempt income, loss, deduction, or credit the separate treatment of which could
affect the liability for tax of any shareholder, including charitable contributions, and (2)
Nonseparately computed income or loss. The term "nonseparately computed income or loss"
means gross income minus the deductions allowed to the corporation under this article, determined
by excluding all items described in subdivision (1) of this subsection. (b) The character
of any item included in a shareholder's pro rata share under subsection (a) of this...
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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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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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-14A-22.htm - 11K - Match Info - Similar pages
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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40-14A-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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40-14A-33
Section 40-14A-33 (Repealed for taxable years beginning on or after January 1, 2002.)
Definition of initial taxable shares base. (a) Determine the sum of the following as of the
first day of the corporation's taxable year: (1) The outstanding capital stock and any additional
paid-in capital, but without reduction for treasury stock; and (2) 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. (b) From the amount determined under subsection (a), deduct: (1)
The book value of goods, wares, and merchandise held for sale; (2) The book value of the investment
by the taxpayer in the equity of other corporations doing business in Alabama. This subdivision
shall not apply if the taxpayer is a dealer in securities subject to 26 U.S.C. §1236. (3)
Federal obligations. a. For a taxpayer who does not hold federal...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-14A-33.htm - 4K - Match Info - Similar pages
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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