15 AAC 21.050. Net taxable income

(a) A taxpayer's 5.4-percent tax and 4-percent surtax under AS 43.21 and this chapter for a year are on the taxpayer's net taxable income for that year as determined under (b) of this section, except that the surtax will be computed on that net taxable income minus the surtax exemption specified in 15 AAC 21.060.

(b) A taxpayer's net taxable income for a year is that taxpayer's taxable production income under 15 AAC 21.100 for that year, plus that taxpayer's taxable oil pipeline income under 15 AAC 21.300 for that year, plus that taxpayer's taxable gas pipeline income under 15 AAC 21.400 for that year, plus that taxpayer's taxable apportioned income under 15 AAC 21.500 for that year, and minus all net losses of that taxpayer that are being carried back or carried forward to that year from one or more other tax years in accordance with 15 AAC 21.070. If the taxpayer's income under one or more of 15 AAC 21.100, 15 AAC 21.300, 15 AAC 21.400 and 15 AAC 21.500 reflects a loss, the total of the losses under those sections is offset against the total gain (if any) under the rest of those sections.

History: Eff. 2/22/79, Register 69

Authority: AS 43.05.080

Art. IV, бї 18

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