West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-21C - Method of Claiming the Qualified Rehabilitated Buildings Investment Credit › Section 110-21C-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. General Rule.
				-- Unless a specific definition is provided in subsection 2.2 of this section,
				or the context in which the term is used clearly requires a different meaning,
				the terms used in this rule have the definitions provided under W. Va. Code
				§§
									11-10-1 et
				seq.,
				11-21-1 et
				seq. and
				11-24-1 et
				seq.
2.2. Terms defined.
2.2.a. "C corporation" means a corporation
				which is not an S corporation for federal income tax purposes.
2.2.b. "Corporation" means any entity taxed
				as a corporation for federal income tax purposes.
2.2.c. "Credit" means the tax credit for
				qualified rehabilitated building investment authorized by W. Va. Code
				§§
										11-21-8a,
				11-24-23a,
				and
				11-21-8g.
2.2.d. "General partnership" means a
				partnership other than a "limited partnership" as defined in this
				subsection.
2.2.e. "General
				partner" means a person who has been admitted to a limited partnership as a
				general partner in accordance with the partnership agreement and is named in
				the certificate of limited partnership as a general partner.
2.2.f. "Limited liability company" means a
				limited liability company or foreign limited liability company as defined in W.
				Va. Code §
										31B-1-101 which is
				taxable as a partnership, and includes a professional limited liability company
				as defined in W. Va. Code §
										31B-13-1301.
2.2.g. "Limited liability partnership" means
				a "registered limited liability partnership" or "foreign limited liability
				partnership" as defined in W. Va. Code §
										47B-1-1.
2.2.h. "Limited partner" means a person who
				has been admitted to a limited partnership as a limited partner in accordance
				with the partnership agreement.
2.2.i. "Limited partnership" means a
				partnership formed by two or more persons under the laws of this State and
				having one or more general partners and one or more limited partners.
2.2.j. "Multiple owners of property" or
				"owners" means persons (other than shareholders of a C corporation) having an
				ownership interest in a qualified rehabilitated building who are eligible to
				claim the credit for qualified rehabilitated buildings investment.
2.2.k. "Member" means a member of a limited
				liability company.
2.2.l.
				"Operating agreement" means the agreement described in W. Va. Code §
										31B-1-103
				concerning the relationship among the members, managers and limited liability
				company. "Operating agreement" includes amendments to the agreement pursuant to
				W. Va. Code §
										31B-1-101(16).
2.2.m. "Partner" means a member of a
				partnership, including a limited partner or a general partner of a limited
				partnership.
2.2.n. "Partnership"
				means a partnership as defined in Section 761 of the Internal Revenue Code of
				1986, as amended, and includes a general partnership, a limited partnership,
				and a limited liability partnership.
2.2.o. "Partnership agreement" means any
				valid agreement, written or oral, of the partners as to the affairs of a
				partnership and the conduct of its business.
2.2.p. "Partnership interest" means a
				partner's share of the profits and losses of a partnership and the right to
				receive distributions of partnership asset.
2.2.q. "Shareholder" means a shareholder of
				an S corporation, and does not include a shareholder of a C
				corporation.
2.2.r. "S corporation"
				means a small business corporation for which a valid election under subchapter
				S of the Internal Revenue Code is in effect for the taxable period. All other
				corporations are C corporations.
2.2.s. "Taxpayer" means the person or entity
				who made the qualified rehabilitation expenditures eligible for credit under W.
				Va. Code §§
										11-21-8a,
				11-21-8g,
				or
				11-24-23a
				as well as the person or entity who acquires tax credits pursuant to W. Va.
				Code §§
										11-21-8h
				or
				11-24-23g.