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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Section 40-14A-33 (Repealed for taxable years beginning on or after January 1, 2002.)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...
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40-15B-2
Section 40-15B-2 Definitions. In this chapter: (1) "Apportionable estate"
means the value of the gross estate as finally determined for purposes of the estate tax to
be apportioned reduced by: (A) any claim or expense allowable as a deduction for purposes
of the tax; (B) the value of any interest in property that, for purposes of the tax, qualifies
for a marital or charitable deduction or otherwise is deductible or is exempt; and (C) any
amount added to the decedent's gross estate because of a gift tax on transfers made before
death. (2) "Estate tax" means a federal, state, or foreign tax imposed because of
the death of an individual and interest and penalties associated with the tax. The term does
not include an inheritance tax, income tax, or generation-skipping transfer tax other than
a generation-skipping transfer tax incurred on a direct skip taking effect at death. (3) "Gross
estate" means, with respect to an estate tax, all interests in property subject to the
tax. (4) "Person"...
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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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40-18-16
Section 40-18-16 Depreciation. (a) Basis for depreciation. The basis upon which exhaustion,
wear and tear, depreciation and obsolescence are to be allowed shall be such reasonable allowance
as may be determined by the Department of Revenue on the adjusted basis provided in Section
40-18-6 for the purpose of determining the gain or loss upon sale or other disposition of
such property. (b) Basis for depletion. (1) GENERAL RULE. The basis upon which depletion is
to be allowed shall be such reasonable allowance as may be determined by the Department of
Revenue on the adjusted basis provided in Section 40-18-6 for the purpose of determining
the gain or loss upon the sale or other disposition of such property, except as provided in
subdivision (2) of this subsection. (2) AMOUNT. In the case of oil and gas wells, the allowance
for depletion shall be 12 percent of the gross income from the property during the taxable
year, excluding from such gross income an amount equal to any rents or...
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40-18-172
Section 40-18-172 "Post-termination transition period" and "determination"
defined. (a) For purposes of this article, the term "post-termination transition period"
means: (1) The period beginning on the day after the last day of the corporation's last taxable
year as an Alabama S corporation and ending on the later of: a. The day which is one year
after the last day. b. The due date for filing the return for the last year as an Alabama
S corporation, including extensions. (2) The 120-day period beginning on the date of a determination
pursuant to an audit of the taxpayer which follows the termination of the corporation's election
to be treated as a federal S corporation and which adjusts a subchapter S item of income,
loss, or deduction of the corporation arising during the S period. (3) The 120-day period
beginning on the date of a determination that the corporation's election under 26 U.S.C. §
1362 had terminated for a previous taxable year. (b) For purposes of subsection (a), 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...
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11-50-532
Section 11-50-532 Dissolution. When all obligations incurred by the corporation and
all bonds issued by it shall have been paid in full or provision for payment thereof shall
have been made by appropriate, segregation and deposit of funds sufficient for such purposes,
then and in such event the corporation may be dissolved by resolution adopted by vote of a
majority of the board, which resolution shall set out the plan of dissolution and shall designate
three directors who shall act as trustees in dissolution of the corporation. A copy of such
resolution, duly certified by the secretary of the corporation under its seal, shall be filed
with the Secretary of State, and, if it shows compliance with the foregoing requirements,
it shall be recorded by the Secretary of State with the certificate of incorporation. Upon
such filing and recording the corporation shall thereupon stand dissolved, and the trustees
in dissolution named in such resolution shall thereupon proceed to wind up the...
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16-6D-9
Section 16-6D-9 Tax credit claims; administrative accountability; verification of requirements;
rules and procedures. (a)(1) An individual taxpayer who files a state income tax return and
is not claimed as a dependent of another taxpayer, a taxpayer subject to the corporate income
tax levied by Chapter 18 of Title 40, an Alabama S corporation as defined in Section
40-18-160, or a Subchapter K entity as defined in Section 40-18-1 may claim a credit
for a contribution made to a scholarship granting organization. If the credit is claimed by
an Alabama S corporation or Subchapter K entity, the credit shall pass through to and may
be claimed by any taxpayer eligible to claim a credit under this subdivision who is a shareholder,
partner, or member thereof, based on the taxpayer's pro rata or distributive share, respectively,
of the credit. (2) The tax credit may be claimed by an individual taxpayer or a married couple
filing jointly in an amount equal to 100 percent of the total...
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23-6-9
Section 23-6-9 Disposition of bond proceeds; industrial access road and bridge construction
account; refunding bonds; contracts for construction, etc., of roads and bridges; performance
of work done without contract; property acquired by corporation; roads and bridges constructed
to be part of public highway system; appropriation for road and bridge construction. The proceeds
of all bonds, other than refunding bonds, issued by the corporation, remaining after paying
the expenses of their issuance, shall be turned into the treasury, shall be carried in a special
industrial access road and bridge construction account, and shall be available to be drawn
upon by the corporation, upon the approval of the State Department of Transportation and the
Governor, but solely for the purpose of constructing, reconstructing, and relocating industrial
access roads and bridges and work incidental or related thereto, including the acquisition
of property necessary therefor. Moneys on deposit in the...
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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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