Alabama Administrative Code
Title 810 - ALABAMA DEPARTMENT OF REVENUE
Chapter 810-3-25 - ESTATES AND TRUSTS
Section 810-3-25-.01 - Taxable Income Of Estates And Trusts, For Taxable Years Beginning Prior To January 1, 2005
Current through Register Vol. 42, No. 11, August 30, 2024
(1) The tax imposed by Chapter 18, Title 40, Code of Ala. 1975, shall apply to the income of estates or of any kind of property held in trust, including:
(2) The net income, or taxable income, of an estate or trust is computed in the same manner as that of an individual, with the exception that the deduction for amounts paid or permanently put aside for a charitable purpose shall be allowed to the extent specified in 26 U.S.C. § 642(c). For interpretation of federal statutes adopted by the Alabama legislature, see Rule 810-3-1.1 -.01, Operating Rules.
(3) The Subchapter J and Business Trust Conformity Act, Act 2006-114, was passed by the Alabama Legislature effective for taxable years beginning after December 31, 2004 -please refer to the regulations promulgated to implement the new act.
Authors: Ron Bedsole, Ed Cutter, CPA
Statutory Authority: Code of Ala. 1975, §§ 40-2A-7(a)(5), 40-18-25.