Alabama Administrative Code
Title 810 - ALABAMA DEPARTMENT OF REVENUE
Chapter 810-3-19 - EXEMPTIONS - GENERALLY
Section 810-3-19-.03 - Income Realized From A Financial Business
Universal Citation: AL Admin Code R 810-3-19-.03
Current through Register Vol. 42, No. 11, August 30, 2024
(1) Income realized in conducting a business subject to the excise tax on financial institutions imposed by § 40-16-1, et seq., and where such excise tax is paid, is excluded from gross income under the provisions of Chapter 18 of Title 40.
(2) Salaries paid by businesses subject to the financial institution excise tax, allowed as deductions to such businesses under § 40-16-1(2)(a) are included in gross income of the recipient for income tax purposes under Chapter 18.
Authors: Rebecca S. Whisenant and John H. Burgess.
Statutory Authority: Code of Ala. 1975, § 40-18-19.
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