Alabama Code 40-18-35.2. Deductions from federal taxable for amounts included in income under 26 U.S.C. Section 951A, etc
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Terms Used In Alabama Code 40-18-35.2
- year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1
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 extent such amount is not deductible in determining federal taxable income. As to any amount subtracted under this section, there shall be added to such taxable income all expenses deducted under any section of 26 U.S.C. on the taxpayer’s return for the taxable year which are attributable, directly or indirectly, to such subtracted amount. The deduction provided by 26 U.S.C. § 250 shall apply only to the extent the same income was included in Alabama taxable income under this chapter.