Corporate Taxation

Will Alabama's Legislature Again be Asked to Adopt "Combined Reporting" For Corporate Income Tax Purposes?: February 9, 2010—Jeff Patterson—For the past few years, bills have been introduced in the legislature that would require certain corporations to prepare their income tax returns on a “combined” basis, i.e., to include income and apportionment data from related business entities. In 2009, HB 865 was introduced by Representative McLaughlin, and, in 2008, HB 768 was introduced by Representatives McLaughlin, Schmitz, Oden, Thomas (E), Bentley, Keahey, Graham, Irons, Thomas (J), Taylor, Hinshaw,...
Alabama Certifies Composite Return and QIP Regulations: January 15, 2010—Bruce P. Ely, Esq. and William T. Thistle II, CPA, Esq.—On Monday afternoon, January 11, the ADOR certified as final a revised set of three proposed regulations regarding composite income tax return payment requirements for Subchapter K entities with nonresident members/partners, the exemption for qualified investment partnerships (or “QIPs”), and the requirements for qualification as a QIP.