Alabama Code 2-6-123. Federal income taxation
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Alabama Code 2-6-123
- 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.
- United States: includes the territories thereof and the District of Columbia. See Alabama Code 1-1-1
The corporation shall have the power to make payments to the United States of America as the directors deem necessary to cause the interest on any bonds of the corporation to be and remain exempt from federal income taxation. The corporation shall have the power to make agreements respecting the investment of funds of the corporation necessary in order that the interest income on bonds of the corporation be and remain exempt from federal income taxation.