Administrative Code

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Virginia Administrative Code
Title 23. Taxation
Agency 10. Department of Taxation
Chapter 120. Corporation Income Tax
1/27/2023

23VAC10-120-310. Reports by corporations.

A. 1. Every corporation organized under the laws of Virginia and every foreign corporation registered with the State Corporation Commission for the privilege of doing business in Virginia shall file a return with the Department of Taxation under this section. A return must be filed even if the corporation has no income from Virginia sources and no Virginia income tax is due.

2. Every corporation having income from Virginia sources shall file a return with the Department of Taxation. "Income from Virginia sources" is defined in 23VAC10-120-20. If a corporation has income from Virginia sources it shall file a return regardless of where it is organized, headquartered or from where it is managed or directed, or where its shareholders reside or whether it has registered with the State Corporation Commission for the privilege of doing business in Virginia.

3. Corporations exempt from Virginia income tax may be required to file a return even though the income from Virginia sources is exempt from income tax.

4. U.S. Public Law 86-272 (15 USC §§ 381-384) prohibits Virginia from taxing income from Virginia sources if the corporation does not have sufficient connection with Virginia. Corporations whose income from Virginia sources is not subject to tax because of P.L. 86-272 must file a return if they are registered with the State Corporation Commission for the privilege of doing business in Virginia.

5. a. Receivers appointed by a court shall file a return for a corporation if:

(i) property or business of the corporation is being operated by the receiver, or

(ii) the receivers have full custody of and control over the business or property of a corporation.

b. Returns must be filed whether the receivers are carrying on the business for which the corporation was organized or only marshalling, selling or disposing of its assets for the purpose of liquidation.

6. Trustees in dissolution, trustees in bankruptcy and assignees for the benefit of creditors shall file returns for a corporation if they are operating the property or business of the corporation. Property or business is being operated if there are any gross receipts from such property or business.

B. 1. Returns of corporations shall be filed on or before the fifteenth day of the fourth month following the close of the taxable year.

2. Extensions of time to file returns may be granted by the Department under provisions of Va. Code § 58.1-453 and the regulations thereunder.

C. 1. Returns shall be made on forms prescribed by the Department of Taxation.

2. A complete copy of the federal return shall be filed with the Virginia return. Any schedules or other information supplied to the Internal Revenue Service shall also be supplied to the Department of Taxation.

Statutory Authority

§§ 58.1-203 and 58.1-441 of the Code of Virginia.

Historical Notes

Derived from VR630-3-441, eff. January 1, 1985.

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