CODE OF VIRGINIA

REPORT OF CHANGE IN FEDERAL TAXABLE INCOME (§ 58.1-311)

If the amount of any individual, estate, trust or corporate taxpayer’s
federal taxable income reported on his federal income tax return for any taxable
year is changed or corrected by the United States Internal Revenue Service or
other competent authority, or as the result of a renegotiation of a contract or
subcontract with the United States, the taxpayer shall file an amended return,
or such other form as the Department may prescribe, reporting such change or
correction in federal taxable income within one year after the final
determination of such change, correction, or renegotiation, or as otherwise
required by the Department, and shall concede the accuracy of such determination
or state wherein it is erroneous. However, if the Department has sufficient
information from which to compute the proper additional tax and the taxpayer has
paid such tax, then the taxpayer is not required to file an amended individual
income tax return. Any taxpayer filing an amended federal income tax return
shall also file within one year thereafter an amended return under this chapter
and shall give such information as the Department may require. The Department
may by regulation prescribe such exceptions to the requirements of this section
as it deems appropriate.

HISTORY: Code 1950, § 58-151.0103; 1971, Ex. Sess., c. 171; 1984, c. 675; 1992,
c. 678; 2006, c. 234.