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43-2-332
Section 43-2-332 When distributed share kept and worked with undivided portion of estate.
When a share or shares of real or personal property of any decedent is or are set apart or
distributed to any widow, heir at law or distributee of such decedent, and it appears to the
satisfaction of the court that it is to the interest of the parties interested in the estate
that such share or shares should be kept and worked together with such estate remaining undivided,
the probate court, upon the application of the executor or administrator, and of the owner
or owners of such share or shares, may order the executor or administrator to keep such share
or shares, and work the same, together with the estate remaining undivided, for a term not
exceeding 10 years; but such order must not be granted, if in conflict with the will of the
testator. (Code 1867, §2264; Code 1876, §2604; Code 1886, §2212; Code 1896, §280; Code
1907, §2745; Code 1923, §5984; Code 1940, T. 61, §200.)...
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43-8-1
Section 43-8-1 General definitions. Subject to additional definitions contained in the
subsequent articles which are applicable to specific articles or divisions, and unless the
context otherwise requires, in this chapter, the following words shall have the following
meanings: (1) BENEFICIARY. As it relates to trust beneficiaries, includes a person who has
any present or future interest, vested or contingent, and also includes the owner of an interest
by assignment or other transfer and as it relates to a charitable trust, includes any person
entitled to enforce the trust. (2) CHILD. Includes any individual entitled to take as a child
under this chapter by intestate succession from the parent whose relationship is involved
and excludes any person who is only a stepchild, a foster child, a grandchild or any more
remote descendant. (3) COURT. The court having jurisdiction in matters relating to the affairs
of decedents. This court in Alabama is known as the probate court. (4) DAYS. That...
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43-2-645
Section 43-2-645 Refunding bonds - Required; terms and conditions. Such order must not
in any case be made, unless the applicant gives a refunding bond, with two sufficient sureties,
to be approved by the judge of probate, payable to the administrator, in double the amount
distributed to the applicant or in double the value of his share of the property directed
to be distributed, to be ascertained by the appraisement or other evidence and entered of
record, and conditioned to refund the amount directed to be paid, or to return the property
received on such distribution, or to pay the value thereof and interest on such amount or
value from the time the same was received, if the assets are insufficient to discharge the
debts and charges against the estate. (Code 1852, §1782; Code 1867, §2109; Code 1876, §2486;
Code 1886, §2203; Code 1896, §271; Code 1907, §2729; Code 1923, §5968; Code 1940, T. 61,
§370.)...
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40-2A-7
Section 40-2A-7 Uniform revenue procedures. (a) Maintenance of records; audit and subpoena
authority; authority to issue regulations. (1) In addition to all other recordkeeping requirements
otherwise set out in this title, taxpayers shall keep and maintain an accurate and complete
set of records, books, and other information sufficient to allow the department to determine
the correct amount of value or correct amount of any tax, license, permit, or fee administered
by the department, or other records or information as may be necessary for the proper administration
of any matters under the jurisdiction of the department. The books, records, and other information
shall be open and available for inspection by the department upon request at a reasonable
time and location. (2) The department may examine and audit the records, books, or other relevant
information maintained by any taxpayer or other person for the purpose of computing and determining
the correct amount of value or correct...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-2A-7.htm - 28K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-6D-9.htm - 24K - Match Info - Similar pages
27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama
hereby agrees to the following interstate compact known as the Interstate Insurance Product
Regulation Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of
joint and cooperative action among the compacting states: 1. To promote and protect the interest
of consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-60-2.htm - 45K - Match Info - Similar pages
19-5-6
Section 19-5-6 Division of qualified terminable interest property trust into separate
share trusts to effectuate allocation of grantor's, decedent's, or surviving spouse's GST
exemption; payment of estate taxes. When a grantor or decedent transfers property into a trust
for which an election is made or to be made pursuant to Section 2056(b)(7) or 2523(f)
of the Internal Revenue Code to treat such property as qualified terminable interest property
(the "QTIP trust"), and when a grantor or fiduciary makes an election pursuant to
Section 2652(a)(3) of the Internal Revenue Code to have the grantor or decedent creating
such QTIP trust deemed to be the transferor of a portion, but not all, of such QTIP trust
for GST purposes, and when a grantor or fiduciary makes an allocation pursuant to Section
2631 of the Internal Revenue Code of any portion of such grantor's or decedent's GST exemption
to such portion of the QTIP trust for which a Section 2652(a)(3) election is made or
to be made, or to...
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27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus
Lines Insurance Multi-State Compliance Compact Act is enacted into law and entered into with
all jurisdictions mutually adopting the compact in the form substantially as follows: PREAMBLE
WHEREAS, with regard to Non-Admitted Insurance policies with risk exposures located in multiple
states, the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted
and Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-61-1.htm - 62K - Match Info - Similar pages
43-2-551
Section 43-2-551 Making succeeding executor or administrator party to settlement. The
remaining or succeeding executor or administrator of the estate of the decedent, if there
be one, must be made a party to such settlement and, if a resident of this state, must have
personal notice of the time of making the same served on him at least 10 days before the day
appointed therefor. (Code 1867, §2166; Code 1876, §2538; Code 1886, §2174; Code 1896, §242;
Code 1907, §2693; Code 1923, §5926; Code 1940, T. 61, §321.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/43-2-551.htm - 851 bytes - Match Info - Similar pages
19-3A-201
Section 19-3A-201 Determination and distribution of net income. After the decedent's
death, in the case of a decedent's estate, or after an income interest in a trust ends, the
following rules apply: (a) If property is specifically given to a beneficiary by will or by
trust, then the fiduciary of the decedent's estate or of the terminating income interest shall
distribute the net income and net principal receipts to the beneficiary who is to receive
the specifically given property, subject to the following rules: (1) The net income and principal
receipts from the specifically given property are determined by including all of the amounts
the fiduciary receives or pays with respect to the specifically given property, whether such
amounts accrued or became due before, on, or after the date of the decedent's death or the
date upon which an income interest in a trust terminates, and by making a reasonable provision
for amounts that the fiduciary believes the decedent's estate or terminating...
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