Virginia Code 58.1-444: Several liability of affiliated corporations.
Current as of: 2024 | Check for updates
|
Other versions
Each affiliated corporation which was included in the consolidated return for any part of the consolidated return year shall be jointly and severally liable for the tax for such year computed in accordance with § 58.1-442 and regulations prescribed by the Department for the filing of the consolidated return for such year.
Terms Used In Virginia Code 58.1-444
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the Department of Taxation. See Virginia Code 58.1-1
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
No agreement entered into by one or more members of the affiliated group with any other member of such group or with any other person shall in any case have the effect of reducing the liability prescribed under this section.
Code 1950, § 58-151.080; 1971, Ex. Sess., c. 171; 1977, c. 243; 1984, c. 675.