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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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40-18-162
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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40-18-445
Section 40-18-445 (Effective for tax returns due on or after January 1, 2018) Enforcement.
(a) The department may investigate the actions of any income tax return preparer filing Alabama
income tax returns and may bar or suspend an income tax return preparer from filing returns
with the department for good cause, subject to the appeal rights under Chapter 2A of this
title. (b) In addition to all other penalties provided by law, any person violating this act
by failing to provide his or her PTIN shall pay a civil penalty to the department in the amount
of $50 per offense, but not to exceed $25,000 per calendar year; however, no penalty shall
be imposed if the failure is due to reasonable cause and not due to willful neglect, as determined
by the department. (Act 2017-363, §6.)...
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40-14A-35
Section 40-14A-35 (Repealed for taxable years beginning on or after January 1, 2002.) Filing
of returns. (a) Every corporation organized, incorporated, qualified, or registered under
Alabama law or doing business in Alabama as of the first day of a calendar year shall file
a return with the department. The return is due not later than March 15 of each year or, in
the case of a taxpayer not in existence, not qualifying to do business, or not doing business
in Alabama on January 1 of the taxable year, two and one-half months after the taxpayer either
comes into existence, qualifies or registers to do business, or commences doing business in
Alabama. In cases where receivers, trustees in bankruptcy, or assignees are operating the
property or business of taxpayers, those receivers, trustees, or assignees shall file returns
for the taxpayers in the same manner and form as the taxpayers are required to file returns.
Any tax due on the basis of returns filed by receivers, trustees, or...
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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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40-18-163
Section 40-18-163 Adjustments for services rendered or capital furnished by spouse, etc., of
shareholder or beneficiary. If an individual who is the spouse or lineal descendant or ancestor
of one or more shareholders of an Alabama S corporation or who is a spouse, a lineal descendant
or ancestor of a beneficiary of a trust which is a shareholder of an Alabama S corporation
renders services for the corporation or furnishes capital to the corporation without receiving
reasonable compensation therefor, the Department of Revenue shall make such adjustments in
the items taken into account by such individual and such shareholders as may be necessary
in order to reflect the value of such services or capital. (Code 1975, §40-14-93; Acts 1984,
1st Ex. Sess., No. 84-756, p. 121, §4.)...
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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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40-18-2
Section 40-18-2 Levied; persons and subjects taxable generally. (a) In addition to all other
taxes now imposed by law, there is hereby levied and imposed a tax on the taxable income,
as defined in this chapter, which tax shall be assessed, collected, and paid annually at the
rate specified herein and for each taxable year as hereinafter provided. Persons and subjects
taxable under this chapter are: (1) Every individual residing in Alabama. (2) Every corporation
domiciled in Alabama or licensed or qualified to transact business in Alabama. (3) Every corporation
doing business in Alabama or deriving income from sources within Alabama, including income
from property located in Alabama. (4) Every nonresident estate or nonresident trust receiving
income from property owned or business transacted in Alabama. (5) Every resident estate and
resident trust. (6) Every nonresident individual receiving income from property owned or business
transacted in Alabama. (b) Every natural person domiciled...
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40-18-24.3
Section 40-18-24.3 Taxation on distributive share of interest, dividends, etc., of nonresident
member of qualified investment partnership. (a) Notwithstanding any other provision of this
chapter to the contrary, including Sections 40-18-2 and 40-18-24.2, no income tax shall be
due the State of Alabama from a nonresident member of a qualified investment partnership,
or from the qualified investment partnership itself, with respect to the nonresident member's
distributive share of interest, dividends, distributions, or gains and losses from qualifying
investment securities owned by the entity, as long as the nonresident member does not actively
participate in the day-to-day management of the entity. Provided, however, that in the event
a qualified investment partnership invests in the qualifying investment securities of an entity
that is majority owned by a nonresident member of the qualified investment partnership, income
tax shall be due by such nonresident member with respect to the...
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41-7A-42
Section 41-7A-42 Definitions. For purposes of this article, the following terms shall have
the following meanings: (1) COMPANY. A corporation, partnership, limited liability company,
or any other business entity. (2) DEPARTMENT. The Alabama Department of Revenue. (3) ENTERTAINMENT
INDUSTRY. Those persons or entities engaged in the production of entertainment content as
defined under paragraph a. of subdivision (8). (4) EXPENDED IN ALABAMA. In the case of tangible
property, property which is acquired or leased from a source within the State of Alabama;
in the case of services, services performed for a qualified production project in the State
of Alabama. (5) OFFICE. The Alabama Film Office. (6) PAYROLL. All salary, wages, and other
compensation, including related benefits, including specifically, but not limited to, compensation
and benefits provided to resident and nonresident producers, directors, writers, actors, and
other personnel involved in qualified production projects in...
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