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40-18-14.2
Section 40-18-14.2 Adjusted gross income. (a) The term "adjusted gross income," as
used in this section, shall mean the gross income as defined by Section 40-18-14, minus the
following deductions: (1) The deductions allowed by this chapter, other than the net operating
loss deduction allowed under Section 40-18-15.2, which are attributable to a trade or business
carried on by the taxpayer if the trade or business does not consist of the performance of
services by the taxpayer as an employee; (2) The deduction allowed by this chapter for travel
expenses of Alabama state legislators while away from home to the extent reimbursed by the
State of Alabama; (3) The deductions allowed by this chapter which consist of expenses paid
or incurred by the taxpayer in connection with the performance by him or her of services as
an employee, to the extent reimbursed by his or her employer; (4) The deductions allowed by
this chapter attributable to property held for the production of rents or...
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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...
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40-18-161
Section 40-18-161 Determination of taxable income. (a) The taxable income of an Alabama S corporation
shall be determined in the same manner as in the case of an individual except that the items
determined in subdivision (1), subsection (a) of Section 40-18-162 shall be separately stated,
and the following deductions shall not be allowed: (1) Personal exemptions otherwise allowed
by Section 40-18-19. (2) Charitable contributions otherwise allowed by Section 40-18-15, subdivision
(a)(10). (3) The net operating loss deduction otherwise allowed by Section 40-18-15, subdivision
(a)(16). (4) Medical expenses otherwise allowed by Section 40-18-15, subdivision (a)(13).
(5) Alimony otherwise allowed by Section 40-18-15, subdivision (a)(18). (6) The deduction
for certain expenses of producing income and determining taxes otherwise allowed by Section
40-18-15, subdivision (a)(14). (7) Contributions to individual retirement accounts otherwise
allowed by Section 40-18-15, subdivision (a)(11). (8)...
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5-12A-15
Section 5-12A-15 Taxation. A common trust fund, whether established, maintained, and administered
pursuant to the requirements of this chapter or established, maintained, administered, and
invested in without regard to the requirements and limitations of this chapter, as provided
in Section 5-12A-13, shall not be subject to taxation under any income tax law of the State
of Alabama. The computation of gain, loss, basis, taxable income, taxable loss, and other
income tax treatment of a common trust fund and its participants, shall be determined in accordance
with 26 U.S.C. §584, as amended from time to time. Every trust institution maintaining a
common trust fund shall make a return under oath for each fiscal year stating specifically
with respect to the fund the items of gross income and the deductions allowed by law, and
shall include in the return the names and addresses of the participants entitled to share
in the net income of the fund and the amount of the proportionate share of...
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45-27-246.30
Section 45-27-246.30 Trust fund. (a) The Legislature recognizes that there has been a certain
windfall to Escambia County paid during the fiscal year 1983-84 and arising under the oil
and gas severance tax levied under provisions of Section 40-20-2, and distributed under Section
40-20-8. The legislative intent of this section is to establish a trust fund, the corpus of
which is to be composed of four million dollars ($4,000,000) from the oil and gas severance
tax paid to Escambia County during the fiscal year of 1983-84 together with 20 percent of
the annual income thereon each year during the existence of this trust beginning with the
fiscal year 1984-85. (b) Subject to any limitation of the Constitution of Alabama of 1901,
or of any general law of this state, the Escambia County Commission shall establish a trust
fund which shall be entitled the Escambia County Oil and Gas Severance Trust and which shall
hereafter in this section be referred to as the trust. The Escambia County...
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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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40-16-3
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
Section 40-18-15 Deductions for individuals generally. (a) No deduction shall be allowed for
any losses, expenses, or interest deferred or disallowed pursuant to 26 U.S.C. § 267 or for
any cost required to be capitalized in accordance with 26 U.S.C. § 263A; otherwise, there
shall be allowed as deductions: (1) All ordinary and necessary expenses paid or incurred during
the taxable year in carrying on any trade or business, as determined in accordance with 26
U.S.C. § 162. (2) Interest paid or accrued within the taxable year on indebtedness, limited
to the amount allowable as an interest deduction for federal income tax purposes in the corresponding
tax year or period pursuant to the provisions of 26 U.S.C. §§ 163, 264, and 265. (3) The
following taxes paid or accrued within the taxable year: a. Income taxes, Federal Insurance
Contribution Act taxes, taxes on self-employment income and estate and gift taxes imposed
by authority of the United States or any possession of the United...
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40-2A-8
Section 40-2A-8 Procedures governing denial or revocation of licenses, permits, and certificates
of title; procedures for contesting any other act or failure to act; appeals. (a) The department
shall notify a taxpayer in writing of any act or proposed act or refusal to act concerning
the denial or revocation of a license, permit, or certificate of title concerning which the
taxpayer has any interest. The notice must be mailed by either first-class U.S. mail, U.S.
mail with delivery confirmation, or certified U.S. mail to the taxpayer's last known address.
Any taxpayer aggrieved by any act or proposed act or refusal to act concerning the denial
or revocation of a license, permit, or certificate of title by the department shall be entitled
to file a notice of appeal from such act or proposed act or refusal to act with the Alabama
Tax Tribunal. Such notice of appeal must be filed within 30 days of the date notice of such
act or refusal to act is mailed to the taxpayer, and such appeal, if...
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19-3A-102
Section 19-3A-102 Definitions. As used in this chapter, the following terms are defined as
follows: (1) ACCOUNTING PERIOD. A calendar year unless another 12-month period is selected
by a fiduciary. The term includes a portion of a calendar year or other 12-month period that
begins when an income interest begins or ends when an income interest ends. (2) BENEFICIARY.
Includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case
of a trust, an income beneficiary and a remainder beneficiary. (3) FIDUCIARY. A personal representative
or a trustee. The term includes an executor, administrator, successor personal representative,
special administrator, and a person performing substantially the same function. (4) INCOME.
Money or property that a fiduciary receives as current return from a principal asset. The
term also includes a portion of receipts from a sale, exchange, or liquidation of a principal
asset, to the extent provided in Article 4. (5) INCOME...
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