Alabama Administrative Code
Title 810 - ALABAMA DEPARTMENT OF REVENUE
Chapter 810-3-24 - TAXATION OF PARTNERSHIPS
Section 810-3-24-.02 - Computation Of Partnership Income (Or Loss)
Universal Citation: AL Admin Code R 810-3-24-.02
Current through Register Vol. 42, No. 11, August 30, 2024
(1) The net income of a partnership is computed in the same manner as that of an individual, except:
(a) no deduction is allowed for a personal
exemption or credit for dependents as provided in §
40-18-19,
and
(b) no deduction is allowed for
charitable contributions or gift made in accordance with §
40-18-15(a)(10),
and
(c) no deduction is allowed for
a net operating loss carryback or carryforward as provided in §
40-18-15(a)(16),
and
(d) no deduction is allowed for
the additional itemized deductions provided for individuals in §
40-18-15,
and
(e) no deduction is allowed for
the optional standard deduction provided in §
40-18-15(b).
(2) A partnership doing business in Alabama and at least one other state must compute income attributable to Alabama in the manner provided in Rule 810-27-1-.02.
Authors: Christina Hall, Chris Sherlock, Ecta Spicer, Roy Wiggins, John H. Burgess
Statutory Authority: Code of Ala. 1975, § 40-18-24.
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