Tax Type
Bank Franchise Tax
Description
Assessed value for real estate
Topic
Basis of Tax
Date Issued
09-26-1984
- September 26, 1984
Ruling Request: Bank Franchise Tax-
-
-
-
-
- Section 58-485.08, Code of Virginia
-
-
-
-
Dear ****
This will acknowledge receipt of your letter in which you request a ruling concerning the Department's interpretation of Section 58-485.08, Code of Virginia. In your letter you state that you filed your bank franchise tax return with *****, Commissioner of the Revenue, and that both ***** and the Department take exception to the amount you filed as the assessed value of real estate for bank franchise tax purposes. You request a ruling on the following:
For purposes of the real estate deduction, what is considered the most recent assessment made prior to January one of the current bank franchise tax year? ***** addressed this question to the Attorney General and I am enclosing the reply dated May 9, 1984. Please note that on page 3 of the Attorney General's letter the conclusion is that for the 1984 bank franchise tax return, the correct bank deduction for the assessed value of real estate which is otherwise taxed in Virginia and owned or occupied by the bank is the 1983 land book value. On the basis of the information available, I concur with the Attorney General's determination.
Sincerely,
W. H. Forst
State Tax Commissioner -
Rulings of the Tax Commissioner