Source: https://vacode.org/58.1-302/
Timestamp: 2020-07-10 19:34:02
Document Index: 523181653

Matched Legal Cases: ['§ 58', '§ 58', '§ 989', '§ 861', '§ 861', '§ 163', '§ 318', '§ 318', '§ 318', '§ 1563', '§ 1563', '§ 58', '§ 58', '§ 58', '§ 58', '§ 58', '§ 58', '§ 67', '§ 58', '§ 58']

Definitions (§ 58.1-302)—Virginia Decoded - Virginia Decoded
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§ 58.1-302
“Affiliated” means two or more corporations subject to Virginia income taxes whose relationship to each other is such that (i) one corporation owns at least 80 percent of the voting stock of the other or others or (ii) at least 80 percent of the voting stock of two or more corporations is owned by the same interests.”Compensation” means wages, salaries, commissions and any other form of remuneration paid or accrued to employees for personal services.”Corporation” includes associations, joint stock companies and insurance companies.”Domicile” means the permanent place of residence of a taxpayer and the place to which he intends to return even though he may actually reside elsewhere. In determining domicile, consideration may be given to the applicant’s expressed intent, conduct, and all attendant circumstances including, but not limited to, financial independence, business pursuits, employment, income sources, residence for federal income tax purposes, marital status, residence of parents, spouse and children, if any, leasehold, sites of personal and real property owned by the applicant, motor vehicle and other personal property registration, residence for purposes of voting as proven by registration to vote, if any, and such other factors as may reasonably be deemed necessary to determine the person’s domicile.
“Foreign source income” means:
5. The amount of an individual’s share of net income attributable to a foreign source qualified business unit of an electing small business corporation (S corporation). For purposes of this subsection, qualified business unit shall be defined by § 989 of the Internal Revenue Code, and the source of such income shall be determined in accordance with §§ 861, 862 and 987 of the Internal Revenue Code.
In determining the source of “foreign source income,” the provisions of §§ 861, 862, and 863 of the Internal Revenue Code shall be applied except as specifically provided in subsection 5 above.”Income and deductions from Virginia sources” includes:
“Income tax return preparer” means any person who prepares for compensation, or who employs one or more persons to prepare for compensation, any return of tax imposed by this chapter or any claim for refund of tax. For purposes of the preceding sentence, the preparation for compensation of any portion of a return or claim for refund shall be treated as if it were the preparation of the return or claim for refund. A person shall not be an “income tax return preparer” merely because the person:
“Individual” means all natural persons whether married or unmarried and fiduciaries acting for natural persons, but not fiduciaries acting for trusts or estates.”Intangible expenses and costs” means:
“Intangible property” means patents, patent applications, trade names, trademarks, service marks, copyrights and similar types of intangible assets.”Interest expenses and costs” means amounts directly or indirectly allowed as deductions under § 163 of the Internal Revenue Code for purposes of determining taxable income under the Internal Revenue Code to the extent such expenses and costs are directly or indirectly for, related to, or in connection with the direct or indirect acquisition, use, maintenance, management, ownership, sale, exchange, lease, transfer, or disposition of intangible property.”Nonresident estate or trust” means an estate or trust which is not a resident estate or trust.”Related entity” means:
1. A stockholder who is an individual, or a member of the stockholder’s family enumerated in § 318 of the Internal Revenue Code, if the stockholder and the members of the stockholder’s family own, directly, indirectly, beneficially or constructively, in the aggregate, at least 50 percent of the value of the taxpayer’s outstanding stock;
2. A stockholder, or a stockholder’s partnership, limited liability company, estate, trust or corporation, if the stockholder and the stockholder’s partnerships, limited liability companies, estates, trusts and corporations own directly, indirectly, beneficially or constructively, in the aggregate, at least 50 percent of the value of the taxpayer’s outstanding stock; or
3. A corporation, or a party related to the corporation in a manner that would require an attribution of stock from the corporation to the party or from the party to the corporation under the attribution rules of § 318 of the Internal Revenue Code, if the taxpayer owns, directly, indirectly, beneficially or constructively, at least 50 percent of the value of the corporation’s outstanding stock. The attribution rules of § 318 of the Internal Revenue Code shall apply for purposes of determining whether the ownership requirements of this subdivision have been met.
“Related member” means a person that, with respect to the taxpayer during all or any portion of the taxable year, is a related entity, a component member as defined in § 1563(b) of the Internal Revenue Code, or is a person to or from whom there is attribution of stock ownership in accordance with § 1563(e) of the Internal Revenue Code.”Resident” applies only to natural persons and includes, for the purpose of determining liability for the taxes imposed by this chapter upon the income of any taxable year every person domiciled in Virginia at any time during the taxable year and every other person who, for an aggregate of more than 183 days of the taxable year, maintained his place of abode within Virginia, whether domiciled in Virginia or not. The word “resident” shall not include any member of the United States Congress who is domiciled in another state.”Resident estate or trust” means:
“Sales” means all gross receipts of the corporation not allocated under § 58.1-407, except the sale or other disposition of intangible property shall include only the net gain realized from the transaction.”State” means for purposes of Article 10 of this chapter any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or possession of the United States, and any foreign country.”Trust” or “estate” means a trust or estate, or a fiduciary thereof, which is required to file a fiduciary income tax return under the laws of the United States.”Virginia fiduciary adjustment” means the net amount of the applicable modifications described in § 58.1-322 (including subsection E thereof if the estate or trust is a beneficiary of another estate or trust) which relate to items of income, gain, loss or deduction of an estate or trust. The fiduciary adjustment shall not include the modification in subsection D of § 58.1-322, except that the amount of state income taxes excluded from federal taxable income shall be included. The fiduciary adjustment shall also include the modification in subsection D of § 58.1-322, regarding the deduction for the purchase of a prepaid tuition contract or contribution to a savings trust account.
If you’re reading this for anything important, you should double-check its accuracy—read § 58.1-302 on the official Code of Virginia website.
BRAILEY v. Com. (COA, 12/22/09)
. . . Any income tax preparer, as defined in [Code] § 58.1-302, who knowingly and willfully aids or . . .
HB2029: Income tax, state; changes definition of resident estate or trust. (failed)
HB2526: Income tax, state; changes definition of resident estate or trust. (passed)
SB1205: Income tax, state; changes definition of resident estate or trust. (passed)
§ § 67-1000. (Contingent effective date -- see Editor's note) Definitions
§ 58.1-348.1 Fraudulent assistance; penalty
§ 58.1-442 Separate, combined or consolidated returns of affiliated corporations