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

23VAC10-120-321. Separate return; description; filing.

A. Description. A separate return shows only the income, expenses, gains, losses, allocable income, and apportionment factors of the filing corporation. All affairs of other members of the affiliated group are ignored unless § 58.1-446 of the Code of Virginia applies.

B. Filing. If the affiliated group filed a consolidated federal return and the filing corporation files a separate Virginia return, a complete copy of the federal consolidated return must be filed with the Virginia return. If the federal return is so voluminous that it is impractical to file a complete copy with the Virginia return, the complete federal return must be made available to the department upon request. A worksheet must accompany the federal consolidated return, showing the adjustments and eliminations for consolidation in form similar to that set forth in 23VAC10-120-322 C.

Statutory Authority

§§ 58.1-203 and 58.1-442 of the Code of Virginia.

Historical Notes

Derived from VR630-3-442 § 2, eff. January 1, 1985; amended, eff. March 10, 1993.

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