Tax Type
Corporation Income Tax
Description
Extension of time for filing returns; Due date of short period return.
Topic
Returns and Payments
Date Issued
03-25-1998
March 25, 1998
Dear***************
This will respond to your letter of January 27, 1998, in which you request guidance related to a short period Virginia corporation income for ***** (The ``Taxpayer') for the short period January 1, 1997 through July 31, 1997.
FACTS
The Taxpayer files as part of a consolidated return for federal income tax purposes and separately for Virginia purposes. On July 31, 1997, the Taxpayer's assets were contributed to a joint venture requiring a short period return to be filed for the first seven months of the year. You request clarification as to the due date of the short period return for Virginia tax purposes.
RULING
Code of Virginia Sec. 58.1-440 requires corporations to use the same taxable year for Virginia tax purposes as for federal tax purposes. Accordingly, when a short period return is required for federal tax purposes, a similar return must be filed for Virginia tax purposes.
Code of Virginia Sec. 58.1-441 requires Virginia income tax returns to be filed on or before the fifteenth day of the fourth month following the close of the taxable year, and such returns may be subject to the provisions of Code of Virginia Sec. 58.1-453.
In the instant case, the return due date for the short period return would be as follows. The short year return for the taxable year ending July 31, 1997, would normally be due on November 15, 1997. However, Code of Virginia Sec. 58.1-453 grants an extension of 30 days after the federal due date, as extended, or six months, whichever is later, provided a Virginia extension is filed by the Taxpayer. The Taxpayer did not timely file a Virginia extension by the original due date of the return, consequently the due date of the short period return remains November 15, 1997.
If you have any questions regarding this ruling, please contact ***** of the Office of Tax Policy at *****.
Dear***************
This will respond to your letter of January 27, 1998, in which you request guidance related to a short period Virginia corporation income for ***** (The ``Taxpayer') for the short period January 1, 1997 through July 31, 1997.
FACTS
The Taxpayer files as part of a consolidated return for federal income tax purposes and separately for Virginia purposes. On July 31, 1997, the Taxpayer's assets were contributed to a joint venture requiring a short period return to be filed for the first seven months of the year. You request clarification as to the due date of the short period return for Virginia tax purposes.
RULING
Code of Virginia Sec. 58.1-440 requires corporations to use the same taxable year for Virginia tax purposes as for federal tax purposes. Accordingly, when a short period return is required for federal tax purposes, a similar return must be filed for Virginia tax purposes.
Code of Virginia Sec. 58.1-441 requires Virginia income tax returns to be filed on or before the fifteenth day of the fourth month following the close of the taxable year, and such returns may be subject to the provisions of Code of Virginia Sec. 58.1-453.
In the instant case, the return due date for the short period return would be as follows. The short year return for the taxable year ending July 31, 1997, would normally be due on November 15, 1997. However, Code of Virginia Sec. 58.1-453 grants an extension of 30 days after the federal due date, as extended, or six months, whichever is later, provided a Virginia extension is filed by the Taxpayer. The Taxpayer did not timely file a Virginia extension by the original due date of the return, consequently the due date of the short period return remains November 15, 1997.
If you have any questions regarding this ruling, please contact ***** of the Office of Tax Policy at *****.
Rulings of the Tax Commissioner