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40-18-15
Section 40-18-15 Deductions for individuals generally. (a) No deduction shall be allowed for
any losses, expenses, or interest deferred or disallowed pursuant to 26 U.S.C. § 267 or for
any cost required to be capitalized in accordance with 26 U.S.C. § 263A; otherwise, there
shall be allowed as deductions: (1) All ordinary and necessary expenses paid or incurred during
the taxable year in carrying on any trade or business, as determined in accordance with 26
U.S.C. § 162. (2) Interest paid or accrued within the taxable year on indebtedness, limited
to the amount allowable as an interest deduction for federal income tax purposes in the corresponding
tax year or period pursuant to the provisions of 26 U.S.C. §§ 163, 264, and 265. (3) The
following taxes paid or accrued within the taxable year: a. Income taxes, Federal Insurance
Contribution Act taxes, taxes on self-employment income and estate and gift taxes imposed
by authority of the United States or any possession of the United...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-15.htm - 18K - Match Info - Similar pages
40-18-34
Section 40-18-34 Additions required by corporations. The following items shall be added to
federal taxable income for purposes of computing taxable income under this chapter: (a) State
and local income taxes that are deductible in computing federal taxable income. (b) Interest
on obligations of state or local governments other than Alabama that is excludable from gross
income for federal income tax purposes. (c) Refunds of federal income taxes deducted. (d)
Dividends received from a corporation in which the taxpayer owns less than 20% of the stock
(by vote and value), but only to the extent such dividends are properly deducted in computing
taxable income for federal income tax purposes. (Acts 1935, No. 194, p. 256; Code 1940, T.
51, §401; Acts 1975, No. 1195, p. 2348, §1; Acts 1985, No. 85-515, §15; Act 98-502, p.
1083, §1; Act 99-664, 2nd Sp. Sess., p. 124, §1; Act 2000-702, p. 1425, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-34.htm - 1K - Match Info - Similar pages
45-13-231
Section 45-13-231 Jail canteen; inmate telephone system; Sheriff's Jail Fund. (a) The Sheriff
of Clarke County or the authorized agents of the sheriff may operate a jail canteen and inmate
telephone system within the confines of the county jail to serve the needs of the jail population.
After the costs and operating expenses are deducted from the income, excluding any income
from fees paid for the boarding and feeding of prisoners, the net revenues shall be deposited
in the Sheriff's Jail Fund. (b)(1) The sheriff shall establish and maintain a Sheriff's Jail
Fund in a bank located in Clarke County. (2) The sheriff shall keep an account of all jail
canteen and inmate telephone system sales and transactions and the Sheriff's Jail Fund for
annual audit by the Department of Examiners of Public Accounts. The jail canteen and inmate
telephone system account and fund shall be audited at the same time other accounts of the
sheriff are audited. The Department of Examiners of Public Accounts...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-13-231.htm - 2K - Match Info - Similar pages
40-27-1.1
Section 40-27-1.1 "Business income" defined. Notwithstanding any other provision
of law to the contrary and specifically, Section 40-27-1, for purposes of Article IV of the
Multistate Tax Compact, the term "business income" means income arising from transactions
or activity in the course of the taxpayer's trade or business; or income from tangible or
intangible property if the acquisition, management, or disposition of the property constitute
integral parts of the taxpayer's trade or business operations; or gain or loss resulting from
the sale, exchange, or other disposition of real property or of tangible or intangible personal
property, if the property while owned by the taxpayer was operationally related to the taxpayer's
trade or business carried on in Alabama or operationally related to sources within Alabama,
or the property was operationally related to sources outside this state and to the taxpayer's
trade or business carried on in Alabama; or gain or loss resulting from the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-27-1.1.htm - 1K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-166.htm - 2K - 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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-14A-1.htm - 7K - Match Info - Similar pages
40-16-11
Section 40-16-11 Transition rules for Financial Institution Excise Tax Reform Act of 2019.
This section provides for transition rules for the implementation of the Financial Institution
Excise Tax Reform Act of 2019. (1) Act 2019-284 imposes for the first time a system of prepaid
estimated tax payments patterned after the federal system and transitions the Financial Institution
Excise Tax from the current post-payment system. To account for this transition, the Department
of Revenue shall waive both penalties and interest attributable to underpayments of estimated
tax payments occurring within the first two applicable tax years and not attributable to an
intentional disregard of the law. (2) Act 2019-284's conformity of the depreciation deduction
allowed in the calculation of the tax due under this chapter with the corollary deduction
allowed for federal income tax purposes, as well as the act's express rejection of the federal
Tax Cuts and Jobs Act of 2017's (i) limitations on the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-16-11.htm - 4K - Match Info - Similar pages
45-3-231.20
Section 45-3-231.20 Jail canteen and inmate telephone system; Sheriff's Jail Fund; accounting
and use of proceeds. (a) The Sheriff of Barbour County or the authorized agents of the sheriff
may operate a jail canteen and inmate telephone system within the confines of the county jail
to serve the needs of the jail population. After the costs and operating expenses are deducted
from the income, excluding any income from fees paid for the boarding and feeding of prisoners,
the net revenues shall be deposited in the Sheriff's Jail Fund. (b) The sheriff shall establish
and maintain a Sheriff's Jail Fund in a bank located in Barbour County. (c) The sheriff shall
keep an account of all jail canteen and inmate telephone system sales and transactions and
the Sheriff's Jail Fund for annual audit by the Department of Examiners of Public Accounts.
The jail canteen and inmate telephone system account and fund shall be audited at the same
time other accounts of the sheriff are audited. The Department...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-3-231.20.htm - 2K - Match Info - Similar pages
40-18-176
Section 40-18-176 Nonresident shareholder composite returns. (a) The Department of Revenue
shall permit an Alabama S corporation to file composite returns and to make composite payments
on behalf of some or all of its nonresident shareholders if there are one or more nonresident
shareholders during any part of the taxable year. The Department of Revenue may permit composite
returns and payments to be made by an Alabama S corporation on behalf of its resident shareholders.
(b) For purposes of this section, a "composite return" means an informational return
similar in form to U.S. Treasury Department Schedule K-1 containing information concerning
one or more Alabama S corporation shareholder's respective shares of income, deductions and
losses passed through to them by virtue of their status as shareholders of an Alabama S corporation,
any credit to which the shareholder is entitled to claim by virtue of the Alabama S corporation's
payment of tax on his or her behalf pursuant to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-176.htm - 3K - Match Info - Similar pages
41-10-36
Section 41-10-36 Definitions. Unless the context requires otherwise, the terms defined in this
section shall have the following meanings for purposes of this division: (1) AFFECTED BOND.
Any obligation or portion thereof which is required under the terms of the code to receive
an allocation of the state ceiling as a condition for the exclusion of interest on such obligation
from the gross income of the recipient thereof for federal income tax purposes. (2) ALLOCATION.
An allocation of a portion of the state ceiling issued by the authority pursuant to the provisions
of this division. (3) APPLICATION. An application for an allocation, submitted by an issuer
under the provisions of this division. (4) APPLICATION FOR CARRYFORWARD ALLOCATION. Any application
filed with the authority seeking an elective carryforward of unused limitation for a "carryforward
purpose" as defined in Section 146(f)(5) of the code. (5) AUTHORITY. The State Industrial
Development Authority, a public corporation of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-36.htm - 5K - Match Info - Similar pages
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