(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.
Author: Christina Hall, Chris Sherlock, Ecta Spicer, Roy Wiggins, John H. Burgess
Statutory Authority: Code of Ala. 1975, §40-18-24.
History: Adopted June 17, 1988; filed July 27, 1988. Amended: Filed November 16, 2018; effective December 31, 2018.