Tax Type
Corporation Income Tax
Description
Adjustment for DISC
Topic
Taxable Income
Date Issued
03-27-1985
March 27, 1985
Re: §58.1-1821 Application/Corporation Income Tax
§58.1-446 Adjustment for DISC
Dear ****
In your letter of February 21, 1985 you protest the assessment of additional tax attributable to inclusion of DISC income for 1981 and 1982.
The September 10, 1984 decision in the General Electric case you cite is a letter in which the court ruled against the Department's position on DISC income. A final order has not yet been entered and when an order is entered the Department intends to appeal to the Virginia Supreme Court. Accordingly there is no final decision in the General Electric case at this time.
Please be advised that you may preserve your judicial rights by filing a protective claim for refund under 58.1-1824 after payment of the assessment. Pursuant to that section I would be able to hold your refund claim without action pending a final decision in General Electric.
Accordingly your application for correction of the assessment dated February 19, 1985 is denied.
Sincerely,
W. H. Forst
Tax Commissioner
Re: §58.1-1821 Application/Corporation Income Tax
§58.1-446 Adjustment for DISC
Dear ****
In your letter of February 21, 1985 you protest the assessment of additional tax attributable to inclusion of DISC income for 1981 and 1982.
The September 10, 1984 decision in the General Electric case you cite is a letter in which the court ruled against the Department's position on DISC income. A final order has not yet been entered and when an order is entered the Department intends to appeal to the Virginia Supreme Court. Accordingly there is no final decision in the General Electric case at this time.
Please be advised that you may preserve your judicial rights by filing a protective claim for refund under 58.1-1824 after payment of the assessment. Pursuant to that section I would be able to hold your refund claim without action pending a final decision in General Electric.
Accordingly your application for correction of the assessment dated February 19, 1985 is denied.
Sincerely,
W. H. Forst
Tax Commissioner
Rulings of the Tax Commissioner