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40-15B-6
Section 40-15B-6 Insulated property: advancement of tax. (a) In this section: (1) "Advanced
fraction" means a fraction that has as its numerator the amount of the advanced tax and
as its denominator the value of the interests in insulated property to which that tax is attributable.
(2) "Advanced tax" means the aggregate amount of estate tax attributable to interests
in insulated property which is required to be advanced by uninsulated holders under subsection
(c). (3) "Insulated property" means property subject to a time-limited interest
which is included in the apportionable estate but is unavailable for payment of an estate
tax because of impossibility or impracticability. (4) "Uninsulated holder" means
a person who has an interest in uninsulated property. (5) "Uninsulated property"
means property included in the apportionable estate other than insulated property. (b) If
an estate tax is to be advanced pursuant to subsection (c) by persons holding interests in
uninsulated property...
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40-18-17
Section 40-18-17 Items not deductible. In computing net income, no deduction shall in any case
be allowed in respect of personal, living, or family expense; any amount paid out for new
buildings or for permanent improvements or betterment made to increase the value of any property
or estate; any amount expended in restoring property or in making good the exhaustion thereof,
for which an allowance is or has been made; or premiums paid on any life insurance policy
covering the life of any officer or employee or of any person financially interested in any
trade or business carried on by the taxpayer when the taxpayer is directly or indirectly a
beneficiary under such policy. (Acts 1935, No. 194, p. 256; Code 1940, T. 51, §387.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-17.htm - 1K - Match Info - Similar pages
10A-8A-4.01
Section 10A-8A-4.01 Partner's rights and duties. (a) Each partner is deemed to have an account
that is: (1) credited with an amount equal to the money plus the value of any other property,
net of the amount of any liabilities, the partner contributes to the partnership and the partner's
share of the partnership profits; and (2) charged with an amount equal to the money plus the
value of any other property, net of the amount of any liabilities, distributed by the partnership
to the partner and the partner's share of the partnership losses provided that a partner shall
not be charged with any share of partnership loss attributable to a debt, obligation, or liability
for which the partner is not personally liable under Section 10A-8A-3.06 unless the loss is
satisfied out of partnership assets. (b) Each partner is entitled to an equal share of the
partnership profits and, subject to the limitations in subsection (a)(2) of this section,
is chargeable with a share of the partnership losses...
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45-8-240.31
Section 45-8-240.31 Delinquent taxes statement; list of delinquent properties; newspaper notice;
trial and decree of sale; fees; reports. (a) After the first day of January, the Tax Collector
of Calhoun County shall mail a statement to all delinquent taxpayers addressed to the party
in whose name the property was assessed, showing a brief description of the property, and
the amount of taxes, fees, and cost due. It shall be the duty of such party to pay the taxes
and fees assessed and charged against the property. The failure to comply with the requirement
of this section, or the failure to receive the statement shall not invalidate a sale of the
property for taxes, nor invalidate the title of any property sold for taxes. (b)(1) Within
the time allowed by law, it shall be the duty of the tax collector to furnish the judge of
probate a list of all property on which the entire amount of taxes have not been paid, which
list shall show the name of the person to whom the property was...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8-240.31.htm - 7K - Match Info - Similar pages
6-10-100
Section 6-10-100 Proceedings to set apart exemptions when administration not granted on decedent's
estate within 60 days after death - Generally. (a) When the property, real or personal, owned
by a decedent at the time of his death does not exceed in amount and value the exemption allowed
in favor of his or her surviving spouse and minor child or children, or either, and no administration
is granted on his estate within 60 days after his death, the probate court of the county in
which he resided at the time of his death, upon the application of the surviving spouse or,
if there is no surviving spouse or he or she does not act, upon the application of a suitable
person who shall be appointed by the judge of probate as the next friend of such minor child
or children, verified by oath and setting forth such facts, as well as the names, condition,
and residence, if known, of the heirs of the decedent other than the minor children of the
decedent, must appoint two commissioners, who shall...
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15-13-152
Section 15-13-152 Qualification for property bail. The qualifications for property bail are
that each surety be a resident of the state, and an owner of real property therein, and that
any property pledged shall be worth, exclusive of all encumbrances and homestead exemptions
presently against the property, the amount expressed in the appearance bond. Any proper approving
officer, in approving property bail, may allow more than one person to justify severally as
bail in amounts less than that expressed in the appearance bond, provided the whole be equivalent
to the amount in the appearance bond. The worth shall not be determined by the assessed value
of the property but shall be calculated, determined, and evaluated in the manner set forth
in the affidavit described in part (A) of this section. If the property owner(s) claim a homestead
exemption in the affidavit then they shall also execute the waiver of a homestead exemption
form as provided in part (B) below. The affidavit shall be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/15-13-152.htm - 9K - Match Info - Similar pages
35-6A-6
Section 35-6A-6 Determination of value of property; appraisal; notice and hearing. (a) Except
as otherwise provided in subsection (b) and subsection (c), if the court determines that the
property that is the subject of a partition action is heirs property, the court shall determine
the fair market value of the property by ordering an appraisal pursuant to subsection (d).
(b) If all cotenants have agreed to the value of the property or to another method of valuation,
the court shall adopt that value or the value produced by the agreed method of valuation.
(c) If the court determines that the evidentiary value of an appraisal is outweighed by the
cost of the appraisal, the court, after an evidentiary hearing, shall determine the fair market
value of the property and send notice to the parties of the value. (d) If the court orders
an appraisal, the court shall appoint a disinterested real estate appraiser licensed in this
state to determine the fair market value of the property assuming...
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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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10A-10-1.15
Section 10A-10-1.15 Merger. (a) For purposes of this section, the following words shall have
the respective meanings ascribed to them: (1) ALABAMA REAL ESTATE INVESTMENT TRUST. A real
estate investment trust organized in compliance with the provisions of this chapter. (2) BUSINESS
TRUST. a. An entity described in Section 10A-16-1.01. b. An unincorporated trust or association,
including an Alabama real estate investment trust, a common-law trust, or a Massachusetts
trust, which is engaged in business and in which property is acquired, held, managed, administered,
controlled, invested, or disposed of for the benefit and profit of any person who may become
a holder of a transferable unit of beneficial interest in the trust. (3) DOMESTIC LIMITED
LIABILITY COMPANY. A limited liability company as defined under the Alabama Limited Liability
Company Law. (4) DOMESTIC LIMITED PARTNERSHIP. A limited partnership as defined under the
Alabama Limited Partnership Law. (5) FOREIGN BUSINESS TRUST. A...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-10-1.15.htm - 10K - Match Info - Similar pages
2-10-66
Section 2-10-66 Exchange of stock. Whenever an association organized under this article with
preferred capital stock shall purchase the stock or any property or any interest in any property
of any person, firm, corporation or association, it may discharge the obligations so incurred,
wholly or in part, by exchanging for the acquired interest shares of its preferred capital
stock to an amount which at par value would equal a fair market value of the stock or interest
so purchased, as determined by the board of directors. In that case the transfer to the association
of the stock or interest purchased shall be equivalent to payment in cash for the shares of
stock issued. (Acts 1921, Ex. Sess., No. 31, p. 38; Code 1923, §7144; Code 1940, T. 2, §102.)...
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