Throughout the week, we highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons. Read the recent alerts below or visit the archive.
Alabama Opinion Allows Intercompany Interest Expense Exception under Income Tax Addback Statute On July 28, 2022 the Alabama Tax Tribunal (Tribunal) issued an opinion overturning an Alabama Department of Revenue audit adjustment to a taxpayer’s net operating losses related to the add back of intercompany interest expenses paid to a related party based in a foreign country.
This Multistate Tax Alert summarizes the Tribunal’s opinion and provides some taxpayer considerations. [Issued: September 6, 2022] More
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