Tax Type
Corporation Income Tax
Description
Non-Profit Organizations Exempt from Income Tax.
Topic
Taxpayers
Date Issued
03-08-1985
March 8, 1985
Dear***
The taxpayer is a nonprofit corporation exempt from federal income tax under Sec. 501(c)(3) of the Internal Revenue Code. Accordingly, the taxpayer is also exempt from Virginia income tax under Sec. 58.1-401 of the Code of Virginia except to the extent that the taxpayer has unrelated business taxable income under Sec. 512 of the Internal Revenue Code.
No Virginia Corporation Income Tax return is required unless the taxpayer has unrelated business taxable income for the taxable year.
By copy of this letter, I am forwarding your request relating to exemption from Virginia franchise taxes to the State Corporation Commission which administers the franchise tax.
Dear***
The taxpayer is a nonprofit corporation exempt from federal income tax under Sec. 501(c)(3) of the Internal Revenue Code. Accordingly, the taxpayer is also exempt from Virginia income tax under Sec. 58.1-401 of the Code of Virginia except to the extent that the taxpayer has unrelated business taxable income under Sec. 512 of the Internal Revenue Code.
No Virginia Corporation Income Tax return is required unless the taxpayer has unrelated business taxable income for the taxable year.
By copy of this letter, I am forwarding your request relating to exemption from Virginia franchise taxes to the State Corporation Commission which administers the franchise tax.
Rulings of the Tax Commissioner