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.

Author:     Edward F. Cutter, CPA.
Authority: §§40-18-8, 40-18-57, Code of Alabama 1975.
History:    Adopted September 30, 1982. Amended June 17, 1988; filed with LRS July 27, 1988. Amended: Filed
                September 18, 1996, effective October 23, 1996. Amended: Filed April 28, 1999, effective June 2, 1999.