|
40-18-312
Section 40-18-312 Distributions from catastrophe savings account; additional tax. (a) A distribution
from a catastrophe savings account must be included in the income of the taxpayer unless the
amount of the distribution is used to cover qualified catastrophe expenses. (b) No amount
is included in income, pursuant to subsection (a), if the qualified catastrophe expenses of
the taxpayer during the taxable year are equal to or greater than the aggregate distributions
during the taxable year. (c) If aggregate distributions exceed the qualified catastrophe expenses
during the taxable year, the amount otherwise included in income must be reduced by the amount
of the distributions for qualified catastrophe expenses. (d)(1) The tax paid pursuant to Section
40-18-5, attributable to a taxable distribution must be increased by two and one-half percent
of the amount which is includable in income. (2) This additional tax does not apply if any
of the following occur: a. The taxpayer no longer owns...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-312.htm - 2K - Match Info - Similar pages
40-18-15.7
Section 40-18-15.7 (Effective for tax years beginning after December 31, 2017) Optional increased
standard deduction for qualified persons. (a) A person qualifying for the optional increased
standard deduction is an Alabama resident, single person, or married persons filing a joint
return that meet all of the following criteria: (1) Alabama gross income of less than one
hundred thousand dollars ($100,000). (2) Zero dollars ($0) of non-wage income. (3) Has no
dependents or is not claiming any expense or deduction associated with any dependents. (4)
Does not claim any itemized deductions. (5) Does not claim any adjustments to income as prescribed
in Section 40-18-14.2. (6) Does not claim the federal income tax deduction as provided in
Section 40-18-15. (7) Does not claim any credits that are available to offset any portion
of the tax levied in this chapter. (8) Is not required to make estimated payments as provided
for in Sections 40-18-80. (9) Is not claiming any gain or loss as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-15.7.htm - 3K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-165.htm - 2K - Match Info - Similar pages
40-18-86
Section 40-18-86 Sale or transfer of real property and associated tangible property by nonresidents.
(a) As used in this section, the term nonresident of Alabama shall include individuals, trusts,
partnerships, corporations, and unincorporated organizations. Any seller or transferor who
meets all of the following conditions and who provides the buyer or transferee with an affidavit
signed under oath swearing or affirming that all of the following conditions are met will
be deemed a resident for purposes of this section: (1) The seller or transferor has filed
Alabama income tax returns or appropriate extensions have been received for the two income
tax years immediately preceding the year of sale. (2) The seller or transferor is in business
in Alabama and will continue substantially the same business in Alabama after the sale or
the seller or transferor has real property remaining in the state at the time of closing of
equal or greater value than the withholding tax liability as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-86.htm - 6K - Match Info - Similar pages
40-15-2
Section 40-15-2 Amount of tax. Subject to the exception hereinafter stated, there is hereby
levied and imposed upon all net estates passing by will, devise or under the intestate laws
of the State of Alabama, or otherwise, which are lawfully subject to the imposition of an
estate tax by the State of Alabama, a tax equal to the full amount of state tax permissible
when levied by and paid to the State of Alabama as a credit or deduction in computing any
federal estate tax payable by such estate according to the act of Congress in effect, on the
date of the death of the decedent, taxing such estate with respect to the items subject to
taxation in Alabama. The tax hereby imposed shall not exceed in the aggregate amounts which
may by any law of the United States be allowed to be credited against or deducted from such
federal estate tax. The estate tax hereby levied shall be levied only so long as and during
the time an inheritance or estate tax is enforced by the United States against...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-15-2.htm - 1K - Match Info - Similar pages
40-18-13
Section 40-18-13 Computation of income. (a) Income shall be computed on the basis of the same
taxable year and in accordance with the same method of accounting that the taxpayer properly
employs for federal income tax purposes. If no such method of accounting has been employed
or if the method so employed does not clearly reflect income, computation shall be made upon
such basis and in such manner as in the opinion of the Department of Revenue, and consistent
with federal income tax treatment, does clearly reflect income. If the taxpayer has no annual
accounting period or does not keep proper books of account, the income shall be computed on
the basis of the calendar year. (b) In the case of a partnership, Alabama S corporation, or
personal service corporation electing a taxable year under 26 U.S.C. §444, this section shall
be applied without regard to the requirement to make payments under 26 U.S.C. §7519. (Acts
1935, No. 194. p. 256; Code 1940, T. 51, §383; Acts 1990, No. 90-583,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-13.htm - 1K - Match Info - Similar pages
40-18-15.4
Section 40-18-15.4 Deductions for certain retrofitting or upgrades to homes - Residence in
Alabama Insurance Underwriting Association zone. (a) An individual taxpayer, whose legal residence
is located in an Alabama Insurance Underwriting Association zone pursuant to Section 27-1-17,
shall be allowed a deduction from taxable income, regardless of whether the taxpayer itemizes
his or her income tax deductions, in calculating the income tax imposed pursuant to Section
40-18-5, for certain retrofit costs as described in this section. The deduction shall be allowed
for the costs incurred to retrofit, as specified in Section 27-31D-2, a structure qualifying
as the legal residence of a taxpayer to make the residence more resistant to loss due to a
hurricane, tornado, or other catastrophic windstorm event. (b) In order to qualify for the
state income tax deduction allowed pursuant to this section, the costs may not include ordinary
repair or replacement of existing items, and shall be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-15.4.htm - 2K - Match Info - Similar pages
41-6-53
Section 41-6-53 Gifts deemed gifts to state; deduction of amount of gift for income tax purposes.
Every gift to the Department of Archives and History payable into the fund, whether or not
the use thereof is prescribed by the donor or the gift is designated as a memorial to a specified
person, shall be deemed a gift to the State of Alabama. The donor in computing his net income
for state income tax purposes for the year in which he makes the gift may deduct the amount
of the gift from his gross income as authorized in Section 40-18-15. (Acts 1967, No. 522,
p. 1252, §4.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-6-53.htm - 882 bytes - Match Info - Similar pages
43-2-697
Section 43-2-697 Notice to Medicaid Agency of appointment as personal representative or filing
of petition under Section 43-2-692. (a) The personal representative, or person filing to initiate
a proceeding in accordance with the Alabama Small Estates Act, Division 10 of this article,
shall give notice of his or her appointment, or the filing of a petition in accordance with
Section 43-2-692, to the Medicaid Agency. The notice shall include all of the following information:
(1) The full legal name of the deceased. (2) The date of birth of the deceased. (3) The date
of death of the deceased. (4) The Social Security number of the deceased. (5) The marital
status of the deceased at the time of death. (6) The name, address, and phone number of the
spouse of the deceased, if applicable. (7) The court in which a probate estate has been opened.
(8) The probate case number. (9) The date on which letters testamentary or letters of administration
were issued by the probate court. (10) The name,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/43-2-697.htm - 5K - Match Info - Similar pages
28-3-74
Section 28-3-74 Distribution of net profits from proceeds of stores. (a) The net profits derived
from the proceeds of the Alabama liquor stores in each fiscal year, including all tax levied
upon the selling price of all spirituous or vinous liquors, less all cost and expense of collecting
said tax, up to and including $2,000,000, shall be paid out and applied as follows: (1) Fifty
percent shall be covered into the General Fund of the Treasury of the state; (2) Nineteen
percent shall be covered into the Treasury of the state to the credit of the State Department
of Human Resources to be used, and the same is hereby appropriated exclusively, for old age
assistance and for other purposes of the State Department of Human Resources; (3) Ten percent
shall be covered into the Treasury of the state to the credit of the wet counties of the state
and shall be divided equally among each of said counties and shall be paid to them and shall
be covered by them into their respective general funds;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/28-3-74.htm - 6K - Match Info - Similar pages
|