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40-18-25.2
Section 40-18-25.2 Estates and trusts - Deductions from gross income of net operating loss.
(a) Nothing in Act 2006-114 shall be construed to change or otherwise affect a taxpayer's
liability relating to a tax year beginning prior to the effective date of Act 2006-114. (b)
Should: (1) any trust which is described in Section 40-18-25(b), or (2) any business trust,
as such term is defined in Section 40-18-1(1), which is classified as a disregarded entity
for federal income tax purposes, be taxed separately from its owner or owners during tax years
prior to the effective date of Act 2006-114, any net operating loss of such trust existing
on December 31, 2004, shall be allowed as a deduction from the gross income, or net income,
of the owner or owners of the trust in a tax year beginning after December 31, 2004. (c) The
deduction allowed in subsection (b) to the owner or owners of the trust shall be in an amount
not to exceed the greater of the following amounts: (1) the amount which is...
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40-18-35.1
Section 40-18-35.1 Carry forward of net operating losses. In computing the taxable income of
corporations subject to income tax as outlined in Section 40-18-35, there shall be allowed,
in addition to the deductions specified therein, a deduction for the sum of the net operating
losses which may be carried forward to the taxable year for which the net income of the corporation
is being computed. (1) The term "net operating loss" for the purposes of this section
means the excess of the deductions (other than the deduction allowed by this subdivision)
allowed by this chapter during a taxable year of the corporation over the corporation's gross
income during that taxable year. For purposes of this paragraph, the corporation's gross income
and allowable deductions shall be determined under the provisions of this chapter applicable
to the year in which the net operating loss arises. (2) A net operating loss shall be carried
forward to the earliest subsequent taxable year in which the...
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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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-1.htm - 11K - Match Info - Similar pages
40-18-39
Section 40-18-39 Corporate returns. (a) Except as provided in subsection (c), every corporation,
joint stock company, or association subject to income tax under this chapter shall file a
return with the Department of Revenue for each taxable year, stating specifically the items
of its gross income and the deductions and credits allowed by this chapter. In cases where
receivers, trustees in bankruptcy, or assignees are operating the property or business of
corporations, such receivers, trustees, or assignees shall file returns for such corporations
in the same manner and form as corporations are required to file returns. Any tax due on the
basis of such returns filed by receivers, trustees, or assignees shall be collected in the
same manner as if collected from the corporations of whose business or property they have
custody and control. Returns shall be filed by the same date as the corresponding federal
income tax returns are required to be filed as provided under federal law. The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-39.htm - 15K - Match Info - Similar pages
40-14A-25
Section 40-14A-25 Filing of returns. (a) Every taxpayer shall file a privilege tax return,
which shall include the public record disclosures required by Section 10-2B-16.22, with the
department for every taxable year for which it is subject to the tax levied by this article.
A disregarded entity that is owned by an individual, general partnership, or other entity
not subject to the tax levied by this article shall file a return and pay the tax levied on
it by this article. Except as provided in Section 40-14A-22(f) (4), the return required by
this section is due no later than the corresponding federal income tax return as required
to be filed as provided under federal law. In the case of a taxpayer's initial return, two
and one half months after the taxpayer comes into existence, qualifies or registers to do
business, or commences doing business in Alabama as the case may be. A disregarded entity
that is required to file a return by this section shall file the return not later than the...
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16-13-98
Section 16-13-98 Preference and payment of warrants and care of fund. All warrants issued hereunder
by a county or city board of education shall be payable solely from the county or city board
of education's apportioned share of the proceeds of the special tax in respect of which they
were issued, but this shall not prohibit their payment from any other funds which may be available
therefor under any other provision of law; provided, that in no event shall such warrants
be payable from such other funds if the effect thereof would be to subject such warrants to
any constitutional debt limit or to any constitutional requirement that they be authorized
by vote of the qualified voters. All warrants issued hereunder shall be preferred claims against
the county or city board of education's apportioned share of said tax as herein provided.
All valid pledges of the said tax heretofore made, whether made to secure warrants or otherwise,
shall remain valid and effective, and successive pledges...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-13-98.htm - 4K - Match Info - Similar pages
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...
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25-4-10
Section 25-4-10 Employment. (a) Subject to other provisions of this chapter, "employment"
means: (1) Any service performed prior to January 1, 1978, which was employment as defined
in this section prior to such date and, subject to the other provisions of this section, services
performed for remuneration after December 31, 1977, including service in interstate commerce,
by: a. Any officer of a corporation; or b. Any individual who, under the usual common law
rules applicable in determining the employer-employee relationship, has the status of an employee;
or c. Any individual other than an individual who is an employee under paragraphs a. or b.
of this subdivision (1) who performs services for remuneration for any person: 1. As an agent-driver
or commission-driver engaged in distributing meat products, bakery products, beverages (other
than milk) or laundry or dry cleaning services for a principal; 2. As a traveling or city
salesman engaged upon a full-time basis in the solicitation on...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-4-10.htm - 38K - Match Info - Similar pages
11-65-2
Section 11-65-2 Definitions. (a) The following words and phrases used in this chapter, and
others evidently intended as the equivalent thereof, shall, unless the context clearly indicates
otherwise, have the following respective meanings: (1) ALABAMA-BRED. When this term is used
with reference to a horse, it means a horse which is registered in the registry designated
and administered by a commission in accordance with such rules concerning domicile and registration
requirements as may be established by such commission and which is either (i) foaled from
a mare domiciled in the state during the 10-year period beginning with January 1, 1991, or
(ii) sired by an Alabama stallion and foaled from a mare domiciled in the state at any time
after the expiration of such 10-year period. (2) ALABAMA STALLION. A stallion which is standing
in the state at the time he is bred to the dam of an Alabama-bred horse, which is registered
with a commission, and which is owned or leased by a resident of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-65-2.htm - 17K - Match Info - Similar pages
40-16-10
Section 40-16-10 Computation of net income of financial institutions. (a) In computing the
net income of financial institutions subject to the tax imposed by this chapter, there shall
be allowed, in addition to the deductions specified therein, a deduction for the sum of the
net operating losses which may be carried forward to the taxable year for which the net income
of the financial institution is being computed. (1) The term "net operating loss"
for the purposes of this chapter means the amount by which net income of the financial institution,
before the deduction allowed by this section, with respect to a taxable year is less than
zero. For purposes of this section, the financial institution's net income shall be determined
under this chapter applicable to the year in which the net operating loss arises. (2) A net
operating loss shall be carried forward to the earliest subsequent taxable year in which the
financial institution has net income greater than zero, determined without...
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