Alabama Code 10A-10-1.23. Treatment of corporate real estate investment trust
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Terms Used In Alabama Code 10A-10-1.23
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
A domestic or foreign corporation or any “qualified REIT subsidiary” of the domestic or foreign corporation as defined in 26 U.S.C. § 856(i), otherwise in compliance with the provisions of Chapters 1 and 2, that elects to be treated as a real estate investment trust under 26 U.S.C. § 856, as amended from time to time, shall compute its Alabama income tax in accordance with Section 10A-10-1.21.