Form 20c - Corporation Income Tax Return - 2001 Page 2
ADVERTISEMENT
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ALABAMA 20C – 2001
Schedule A
Reconciliation Adjustments of Federal Taxable Income to Alabama Taxable Income
Acts 99-664 & 2000-702, Acts of the Alabama Legislature, redefined Alabama taxable income as federal taxable income without the benefit of federal net operating losses
plus specific additions and deductions. The changes are effective for all tax years beginning on or after January 1, 2001. The following additions and deductions reflect those
changes contained in the Acts and also contain lines to list transition adjustments to prevent double deductions or taxation for items previously accounted for on Alabama
income tax returns.
Multistate corporations should make adjustments to income for nonapportionable items in Schedule C.
ADDITIONS
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1 State and local income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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2 Federal exempt interest income (other than Alabama) on state, county and municipal obligations (everywhere). . . . . . . . . . . . . . . . . .
3 Dividends from corporations in which the taxpayer owns less than 20 percent of stock to the extent deducted on
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federal income tax return (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Federal depreciation on pollution control items previously deducted for Alabama (see instructions – Note: for years
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beginning prior to 1/1/2001) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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5 LIFO reserve recapture (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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6 Net income from foreclosure property pursuant to §10-13-21 (real estate investment trust) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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10 Total additions (add lines 1 through 9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
DEDUCTIONS
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11 Refunds of state and local income taxes (due to overpayment or over accrual on the federal return). . . . . . . . . . . . . . . . . . . . . . . . . . .
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12 Interest income earned on direct obligations of the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13 Interest income earned on obligations of Alabama or its subdivisions or instrumentalities to extent included in
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federal income tax return (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 Interest income earned on obligations issued prior to 12/31/1994 of this state or its subdivisions or instrumentalities
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pursuant to §40-9B-7, to extent included in federal income tax return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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15 Aid or assistance provided to the Alabama State Industrial Development Authority pursuant to §41-10-44.8(d) . . . . . . . . . . . . . . . . . .
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16 Expenses not deductible on federal income tax return due to election to claim a federal tax credit . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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17 Dividends described in 26 U.S.C. §78 from corporations in which taxpayer owns more than 20% of stock (see instructions) . . . . . . . .
18 Dividend income – more than 20% stock ownership (including that described in 26 U.S.C. §951) from non-U.S.
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corporations to extent div. income would be deductible under 26 U.S.C. §243 if rec’d from domestic corporations. . . . . . . . . . . . . . . .
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19 Dividends received from foreign sales corporations as determined in U.S.C. §922 (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . .
20 Interest portion of rent paid under lease agreements prior to 12/31/1994 relating to obligations of this state and its
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subdivisions pursuant to §40-9B-7(c) through (e) (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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21 Depletion on oil and gas wells only to extent depletion allowed by §40-18-16(b) exceeds federal (see instructions) . . . . . . . . . . . . . . .
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22 Deductions for dividends paid by a real estate investment trust pursuant to §10-13-21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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26 Total deductions (add lines 11 through 25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27 TOTAL RECONCILIATION ADJUSTMENTS (subtract line 26 from line 10 above)
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Enter here and on line 3, page 1 (enclose a negative amount in parentheses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Schedule B
Alabama Net Operating Loss Carryforward Calculation (40-18-35.1)
Column 1
Column 2
Column 3
Column 4
Column 5
Amount of Alabama
Amount used in years
Amount used
Remaining unused
Year of loss
net operating loss
prior to this year
this year
net operating loss
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Alabama net operating loss carryforward for future tax years.
Note: The net operating loss deduction has been suspended for only tax periods beginning during 2001. Only take this
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deduction if the 2001 return is the final return for the corporation which was dissolved or liquidated during 2001.
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