Ala. Admin. Code r. 810-3-8-.06

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

Section 810-3-8-.06 - Involuntary Conversions

For transactions occurring after December 31, 1984, if a taxpayer makes a valid election under 26 U.S.C. § 1033 (relating to involuntary conversions) for federal income tax purposes, the amount of gain recognized for Alabama income tax purposes shall be determined according to 26 U.S.C. § 1033. For interpretation of federal statutes adopted by the Alabama Legislature see Rule 810-3-1.1.01, Operating Rules.

Authors: Edward F. Cutter, CPA

Amended: June 17, 1988; filed July 27, 1988. Amended: Filed September 18, 1996; effective October 23, 1996. Repealed and New Rule: Filed April 28, 1999; effective June 2, 1999.

Statutory Authority:Code of Ala. 1975, §§ 40-18-8, 40-18-57.