Alabama Form 1120-S (Schedule M-3) 2019-2025

Alabama Form 1120-S (Schedule M-3): What You Should Know

A) Income Tax — Enter the net income from all sources to Alabama, even if the entire amount was earned in a foreign country, even if only part of the amount was earned abroad. If the taxpayer earned the income outside Alabama and then brought it back home in Alabama, the Alabama tax may be claimed as a credit against foreign earned income tax. (b) Gains — Include only the net gains from the sale (other than the sale of securities) of an Alabama stock owned by the  corporation, and from a sale of a foreign corporation in which the corporation has an interest. If you have no Alabama stock at the time of sale, report only the sales price of the foreign stock. Net losses earned outside the United States but brought back to the United States should be included as foreign exchange transactions or capital gains. Royalties and Fees — Do not include in this amount any royalties or fees from goods or services (including the sale of the goods or services to the corporation) received from non-Alabama sources. Taxable interest received from non-Alabama sources should be reported on Schedule F, lines 31 through 37. (d) Capital Gains, Losses, and Deduction Expenses — Report capital gains and losses from the disposition of the Alabama stock as follows. Gains — Enter the net capital gain from the disposition, other than a gain from the sale or exchange of the stock within the same calendar year, net of capital losses. Losses — This includes all gains or losses on the disposition of a foreign stock, whether the gain is realized on or the other side of a branch or corporate change in the ownership of the stock. The gains should be entered on line 34 on Schedule M-3. Losses — Report the taxable income (other than the gain on the sale or exchange of the stock) from the disposition of a foreign stock, whether the disposition is within or outside the same calendar year. Include in the Alabama capital gain or loss the capital losses. (e) Capital Gain or Loss — Withholding. If the Alabama stock is acquired by the corporation in a taxable exchange or a capital gain is realized from the disposition of the Alabama stock without paying any taxes in the United States, enter that gain or loss on the line in section 1 of Form 1120, line 17.

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