Alabama Code 40-18-44. Installment method
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Terms Used In Alabama Code 40-18-44
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
Income arising from an installment sale (including the sale by a dealer in personal property) may be reported in accordance with 26 U.S.C. § 453, provided that the amendment made to said Section 453 by the Tax Reform Act of 1984 ( Pub. L. No. 98-369), adding 26 U.S.C. § 453(i), shall not apply. The Department of Revenue shall prescribe regulations relating to the election to report on the installment method or not to report on the installment method.