Ala. Code § 40-18-172 (1975) - 'Post-termination transition period' and 'determination' defined
|Cite as:||Ala. Code § 40-18-172 (1975)|
|Currency:||Current through Act 579 of the 2018 Legislative Session|
(a) For purposes of this article, the term "post-termination transition period" means:
(1) The period beginning on the day after the last day of the corporation's last taxable year as an Alabama S corporation and ending on the later of:
a. The day which is one year after the last day.
b. The due date for filing the return for the last year as an Alabama S corporation, including extensions.
(2) The 120-day period beginning on the date of a determination pursuant to an audit of the taxpayer which follows the termination of the corporation's election to be treated as a federal S corporation and which adjusts a subchapter S item of income, loss, or deduction of the corporation arising during the S period.
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