Ala. Admin. Code r. 810-3-24-.02

Current through Register Vol. 43, No. 1, October 31, 2024

Section 810-3-24-.02 - Computation Of Partnership Income (Or Loss)

(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.

Ala. Admin. Code r. 810-3-24-.02

Adopted June 17, 1988; filed July 27, 1988.

Amended by Alabama Administrative Monthly Volume XXXVII, Issue No. 02, November 30, 2018, eff. 12/31/2018.

Authors: Christina Hall, Chris Sherlock, Ecta Spicer, Roy Wiggins, John H. Burgess

Statutory Authority:Code of Ala. 1975, § 40-18-24.