Section 40-18-31.1 – Election for Foreign Corporations to Classify Dividend Income From Certain Subsidiaries as Business or Nonbusiness Income.
Section 40-18-31.1 Election for foreign corporations to classify dividend income from certain subsidiaries as business or nonbusiness income. Repealed by Act 99-664, effective Dec. 31, 2000. (Acts 1995, No. 95-591, p. 1251, §1.)
Section 40-18-31.2 – Factor Presence Nexus Standard for Business Activity.
Section 40-18-31.2 Factor presence nexus standard for business activity. (a)(1) Individuals who are residents or domiciliaries of this state and business entities that are organized or commercially domiciled in this state have substantial nexus with this state. (2) Nonresident individuals and business entities organized outside of the state that are doing business in this state […]
Section 40-18-32 – Corporate Income Tax – Exemptions.
Section 40-18-32 Corporate income tax – Exemptions. With the exception of unrelated business taxable income determined in accordance with 26 U.S.C. § 512, the tax imposed by Section 40-18-31 shall not apply to the organizations referred to in 26 U.S.C. § 501(a), and the following entities: (1) Farmers and other mutual hail, cyclone, or fire […]
Section 40-18-33 – Corporate Income Tax – Taxable Income.
Section 40-18-33 Corporate income tax – Taxable income. In the case of a corporation subject to the tax imposed by Section 40-18-31, the term “taxable income” means federal taxable income without the benefit of federal net operating losses plus the additions prescribed and less the deductions and adjustments allowed by this chapter and as allocated […]
Section 40-18-34 – Additions Required by Corporations.
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 […]
Section 40-18-35 – Deductions Allowed to Corporations.
Section 40-18-35 Deductions allowed to corporations. (a) The following items shall be deducted from federal taxable income for purposes of computing taxable income under this chapter: (1) Refunds of state and local income taxes. (2) Federal income tax paid or accrued during the taxpayer’s taxable year. The portion of federal income tax deductible by a […]
Section 40-18-35.1 – Carry Forward of Net Operating Losses.
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 […]
Section 40-18-35.2 – Deductions From Federal Taxable for Amounts Included in Income Under 26 u.s.c. § 951a, Etc.
Section 40-18-35.2 Deductions from federal taxable for amounts included in income under 26 U.S.C. § 951A, etc. All amounts included in income under 26 U.S.C. § 951A shall be deducted from federal taxable income for purposes of computing taxable income under this chapter. However, any amount subtracted under this section is allowed only to the […]
Section 40-18-25.1 – Estates and Trusts – Exemptions.
Section 40-18-25.1 Estates and trusts – Exemptions. (a) Trusts shall be exempt from the tax imposed by this chapter if they are exempt from federal income tax under 26 U.S.C. § 501 (relating to exempt organizations), § 401 (relating to pension and profit sharing trusts), § 408 and § 408A (relating to individual retirement accounts […]
Section 40-18-35.3 – Deductions From Federal Taxable for Amounts Included in Income Under 26 u.s.c. § 118(b)(2).
Section 40-18-35.3 Deductions from federal taxable for amounts included in income under 26 U.S.C. § 118(b)(2). The amount of any contribution by the State of Alabama or any political subdivision thereof computed in accordance with 26 U.S.C. § 118(b)(2), to the extent that the amount is included in the corporation’s federal taxable income pursuant to […]