58.1-500 - Declarations of estimated income tax required; contents, etc. - Virginia Statutes

§ 58.1-500. Declarations of estimated income tax required; contents, etc.

A. Every corporation subject to taxation under this chapter shall make adeclaration of estimated tax for the taxable year if its income tax imposedby this chapter, for such taxable year, reduced by any credits allowableagainst the tax, can reasonably be expected to exceed $1,000.

B. For purposes of this article, "estimated tax" means the amount which thecorporation estimates as the amount of the income tax imposed by this chapterfor the taxable year less the amount which the corporation estimates as thesum of any credits allowable against the tax.

C. The declaration shall contain such pertinent information as theCommissioner may by forms or regulations prescribe.

D. A corporation may make amendments of a declaration filed during thetaxable year under regulations prescribed by the Tax Commissioner, notexceeding the number specified in § 58.1-501.

E. A corporation with a taxable year of less than twelve months shall make adeclaration in accordance with regulations prescribed by the Tax Commissioner.

(Code 1950, § 58-151.36; 1968, c. 14; 1970, c. 588; 1984, c. 675.)