Section 40-14A-1 – Definitions.

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 […]

Section 40-14A-2 – Operating Rules.

Section 40-14A-2 Operating rules. (a) The taxpayer’s net worth shall be determined for purposes of the taxes levied by this chapter in accordance with the accounting principles used in preparing the taxpayer’s financial statements reported to its owners. If the taxpayer’s financial statements are not prepared in accordance with generally accepted accounting principles, then net […]