58.1-444 - Several liability of affiliated corporations. - Virginia Statutes

§ 58.1-444. Several liability of affiliated corporations.

Each affiliated corporation which was included in the consolidated return forany part of the consolidated return year shall be jointly and severallyliable for the tax for such year computed in accordance with § 58.1-442 andregulations prescribed by the Department for the filing of the consolidatedreturn for such year.

No agreement entered into by one or more members of the affiliated group withany other member of such group or with any other person shall in any casehave 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.)