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40-18-175
Section 40-18-175 Tax imposed when passive investment income of corporation having subchapter
C earnings and profits exceeds 25 percent of gross receipts. (a) If for the taxable year an
Alabama S corporation has accumulated earnings and profits at the close of the taxable year
derived from years during which the corporation was an Alabama C corporation, and gross receipts
more than 25 percent of which are passive investment income, then there is imposed a tax on
the income of the corporation for the taxable year. The tax shall be computed by multiplying
the excess net passive income by five percent. (b) (1) For purposes of this section: a. Except
as provided in paragraph b below, the term "excess net passive income" means an
amount which bears the same ratio to the net passive income for the taxable year as (i) the
amount by which the passive investment income for the taxable year exceeds 25 percent of the
gross receipts for the taxable year, bears to (ii) the passive investment income...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-175.htm - 3K - Match Info - Similar pages
40-14A-23
Section 40-14A-23 Definition of net worth. (a) Net worth of corporation. The net worth of a
corporation shall equal the aggregate net amount of the following items determined as of the
first day of the corporation's taxable year and adjusted as required in this article: (1)
In the case of a corporation, the sum of the following: a. The issued capital stock and any
additional paid-in capital, without reduction for treasury stock; and b. 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, and (2) In the case of an entity taxed as a corporation under this
article that does not issue stock, the difference between the book value of the entity's assets
and liabilities, but not less than zero. (b) Net worth of limited liability entities. The
net worth of a limited liability entity shall be an amount equal to the...
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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...
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40-18-162
Section 40-18-162 Determination of tax of shareholder. (a) In determining the tax of a shareholder
for the shareholder's taxable year in which the taxable year of the Alabama S corporation
ends, or for the final taxable year of a shareholder who dies or of a trust or estate that
terminates before the end of the corporation's taxable year, there shall be taken into account
the shareholder's pro rata share of the corporation's: (1) Items of income, including tax-exempt
income, loss, deduction, or credit the separate treatment of which could affect the liability
for tax of any shareholder, including charitable contributions, and (2) Nonseparately computed
income or loss. The term "nonseparately computed income or loss" means gross income
minus the deductions allowed to the corporation under this article, determined by excluding
all items described in subdivision (1) of this subsection. (b) The character of any item included
in a shareholder's pro rata share under subsection (a) of this...
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40-18-21
Section 40-18-21 Credits for taxes paid on income from sources outside the state and for job
development fees. (a)(1) For the purpose of ascertaining the income tax due under the provisions
of this chapter by individual residents of Alabama whose gross income, as defined herein,
is derived from sources both within and outside the State of Alabama, there shall be allowed
a credit against the amount of tax found to be due by such resident, on account of income
derived from outside the State of Alabama, the amount of income tax actually paid by such
resident to any state or territory on account of business transacted or property held, directly
or indirectly, outside the State of Alabama. Resident individual owners of Subchapter K entities,
Alabama S corporations, and beneficiaries of estates or trusts who include their proportionate
share of the income arising from one or more of these entities in their Alabama gross income
shall be allowed a credit for their proportionate share of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-21.htm - 7K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-14A-22.htm - 11K - Match Info - Similar pages
40-14A-1
Section 40-14A-1 Definitions. For purposes of this chapter, the following terms shall mean:
(a) ALABAMA S CORPORATION. An S corporation defined under Section 40-18-160. (b) C CORPORATION.
A corporation other than an Alabama S corporation. (c) CODE. The Internal Revenue Code of
1986, as amended from time to time. (d) CORPORATION. An entity, including a limited liability
company electing to be taxed as a corporation for federal income tax purposes, through which
business can be conducted while offering limited liability to the owners of the entity with
respect to some or all of the obligations of the entity, other than a limited liability entity
or a disregarded entity. The term "corporation" shall include but not be limited
to the following: Corporations, professional corporations, joint stock companies, unincorporated
professional associations, real estate investment trusts, limited liability companies electing
to be taxed as corporations for federal income tax purposes, and all...
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40-14A-34
Section 40-14A-34 (Repealed for taxable years beginning on or after January 1, 2002.) Definition
of taxable shares base. The taxable shares base shall be determined as follows: (a) Multiply
the corporation's initial taxable shares base by the apportionment factor used to apportion
the corporation's income to Alabama for purposes of the Alabama income tax in accordance with
Chapter 18 or that would be used if the corporation were subject to income tax under Chapter
18. (b) From the amount determined in subsection (a), deduct the following: (1) The book value
of all devices, facilities, or structures, and all identifiable components or materials for
use therein, that are located in Alabama and are acquired or constructed primarily for the
control, reduction, or elimination of air, ground, or water pollution or radiological hazards
where such pollution or radiological hazards result from or would be caused by activities
of the taxpayer in Alabama; (2) The net amount invested by the...
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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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-14A-33.htm - 4K - Match Info - Similar pages
40-18-1
Section 40-18-1 Definitions. For the purpose of this chapter, the following terms shall have
the respective meanings ascribed by this section: (1) ADVANCED FOSSIL-BASED GENERATION. The
production of electricity from fossil-based generation with the use of technology or efficiency
improvements to control or reduce carbon emissions, including but not limited to, technologies
described in 26 U.S.C. § 48A(f), as such provision existed on December 31, 2007. (2) ALTERNATIVE
ENERGY RESOURCES. Coal gasification or liquefaction, nuclear, and advanced fossil-based generation.
(3) BIOMASS. Animals and plants, and the waste, by-products, or derivatives of either, including,
but not limited to, the materials described in 26 U.S.C. §§ 45(c)(2), 45(c)(3), 45K(c)(3),
or 48B(c)(4). (4) BUSINESS TRUST. Any entity which is a business trust for federal income
tax purposes. (5) CAPTIVE REIT. Any REIT whose shares or certificates of beneficial interest
are not regularly traded on an established...
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