§ 40-18-160 General provisions
§ 40-18-161 Determination of taxable income
§ 40-18-162 Determination of tax of shareholder
§ 40-18-163 Adjustments for services rendered or capital furnished by spouse, etc., of shareholder or beneficiary
§ 40-18-164 Increase or decrease in basis of shareholder’s stock; special rules
§ 40-18-165 Distribution of property generally
§ 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
§ 40-18-167 Applicability of chapter
§ 40-18-168 “Carryforward” and “carryback” provisions
§ 40-18-169 Adjustments to earnings and profits
§ 40-18-170 Circumstances under which corporation treated as partnership; “two-percent shareholder” defined
§ 40-18-171 Determination of shareholder’s pro rata share; “affected shareholders” defined
§ 40-18-172 “Post-termination transition period” and “determination” defined
§ 40-18-173 Interpretation of article generally
§ 40-18-174 Tax imposed on certain built-in gains
§ 40-18-175 Tax imposed when passive investment income of corporation having subchapter C earnings and profits exceeds 25 percent of gross receipts
§ 40-18-176 Nonresident shareholder composite returns
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Terms Used In Alabama Code > Title 40 > Chapter 18 > Article 6 - Alabama S Corporations

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bequest: Property gifted by will.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Decedent: A deceased person.
  • Devise: To gift property by will.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • following: means next after. See Alabama Code 1-1-1
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lineal descendant: Direct descendant of the same ancestors.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • preceding: means next before. See Alabama Code 1-1-1
  • property: includes both real and personal property. See Alabama Code 1-1-1
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
  • 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