A. A corporate taxpayer's taxable year under this chapter shall be the sameas his taxable year for federal income tax purposes.
B. If a taxpayer's taxable year is changed for federal income tax purposes,his taxable year for purposes of this chapter shall be similarly changed. Ifa taxable year of less than twelve months results from a change of taxableyear, the Virginia taxable income shall be prorated under regulations of theDepartment.
C. A taxpayer's method of accounting under this chapter shall be the same ashis method of accounting for federal income tax purposes. In the absence ofany method of accounting for federal income tax purposes, Virginia taxableincome shall be computed under such method as in the opinion of the TaxCommissioner clearly reflects income.
D. If a taxpayer's method of accounting is changed for federal income taxpurposes, his method of accounting for purposes of this chapter shall besimilarly changed. If a taxpayer's method of accounting is changed, otherthan from an accrual to an installment method, any additional tax whichresults from adjustments determined to be necessary solely by reason of thechange shall not be greater than if such adjustments were ratably allocatedand included for the taxable year of the change and the preceding taxableyears, not in excess of two, during which the taxpayer used the method ofaccounting from which the change is made. If a taxpayer's method ofaccounting is changed from an accrual to an installment method, anyadditional tax for the year of such change of method and for any subsequentyear which is attributable to the receipt of installment payments properlyaccrued in a prior year, shall be reduced by the portion of tax for any priortaxable year attributable to the accrual of such installment payments, inaccordance with regulations of the Department.
E. In computing a taxpayer's Virginia taxable income for any taxable yearunder a method of accounting different from the method under which thetaxpayer's Virginia taxable income was computed, there shall be taken intoaccount those adjustments which are determined, under regulations prescribedby the Department of Taxation, to be necessary solely by reason of change inorder to prevent amounts from being duplicated or omitted.
F. Notwithstanding any of the other provisions of this section, anyaccounting adjustments made for federal income tax purposes for any taxableyear shall be applied in computing the taxpayer's taxable income for suchyear.
(Code 1950, § 58-151.061; 1971, Ex. Sess., c. 171; 1984, c. 675.)
A. A corporate taxpayer's taxable year under this chapter shall be the sameas his taxable year for federal income tax purposes.
B. If a taxpayer's taxable year is changed for federal income tax purposes,his taxable year for purposes of this chapter shall be similarly changed. Ifa taxable year of less than twelve months results from a change of taxableyear, the Virginia taxable income shall be prorated under regulations of theDepartment.
C. A taxpayer's method of accounting under this chapter shall be the same ashis method of accounting for federal income tax purposes. In the absence ofany method of accounting for federal income tax purposes, Virginia taxableincome shall be computed under such method as in the opinion of the TaxCommissioner clearly reflects income.
D. If a taxpayer's method of accounting is changed for federal income taxpurposes, his method of accounting for purposes of this chapter shall besimilarly changed. If a taxpayer's method of accounting is changed, otherthan from an accrual to an installment method, any additional tax whichresults from adjustments determined to be necessary solely by reason of thechange shall not be greater than if such adjustments were ratably allocatedand included for the taxable year of the change and the preceding taxableyears, not in excess of two, during which the taxpayer used the method ofaccounting from which the change is made. If a taxpayer's method ofaccounting is changed from an accrual to an installment method, anyadditional tax for the year of such change of method and for any subsequentyear which is attributable to the receipt of installment payments properlyaccrued in a prior year, shall be reduced by the portion of tax for any priortaxable year attributable to the accrual of such installment payments, inaccordance with regulations of the Department.
E. In computing a taxpayer's Virginia taxable income for any taxable yearunder a method of accounting different from the method under which thetaxpayer's Virginia taxable income was computed, there shall be taken intoaccount those adjustments which are determined, under regulations prescribedby the Department of Taxation, to be necessary solely by reason of change inorder to prevent amounts from being duplicated or omitted.
F. Notwithstanding any of the other provisions of this section, anyaccounting adjustments made for federal income tax purposes for any taxableyear shall be applied in computing the taxpayer's taxable income for suchyear.
(Code 1950, § 58-151.061; 1971, Ex. Sess., c. 171; 1984, c. 675.)
A. A corporate taxpayer's taxable year under this chapter shall be the sameas his taxable year for federal income tax purposes.
B. If a taxpayer's taxable year is changed for federal income tax purposes,his taxable year for purposes of this chapter shall be similarly changed. Ifa taxable year of less than twelve months results from a change of taxableyear, the Virginia taxable income shall be prorated under regulations of theDepartment.
C. A taxpayer's method of accounting under this chapter shall be the same ashis method of accounting for federal income tax purposes. In the absence ofany method of accounting for federal income tax purposes, Virginia taxableincome shall be computed under such method as in the opinion of the TaxCommissioner clearly reflects income.
D. If a taxpayer's method of accounting is changed for federal income taxpurposes, his method of accounting for purposes of this chapter shall besimilarly changed. If a taxpayer's method of accounting is changed, otherthan from an accrual to an installment method, any additional tax whichresults from adjustments determined to be necessary solely by reason of thechange shall not be greater than if such adjustments were ratably allocatedand included for the taxable year of the change and the preceding taxableyears, not in excess of two, during which the taxpayer used the method ofaccounting from which the change is made. If a taxpayer's method ofaccounting is changed from an accrual to an installment method, anyadditional tax for the year of such change of method and for any subsequentyear which is attributable to the receipt of installment payments properlyaccrued in a prior year, shall be reduced by the portion of tax for any priortaxable year attributable to the accrual of such installment payments, inaccordance with regulations of the Department.
E. In computing a taxpayer's Virginia taxable income for any taxable yearunder a method of accounting different from the method under which thetaxpayer's Virginia taxable income was computed, there shall be taken intoaccount those adjustments which are determined, under regulations prescribedby the Department of Taxation, to be necessary solely by reason of change inorder to prevent amounts from being duplicated or omitted.
F. Notwithstanding any of the other provisions of this section, anyaccounting adjustments made for federal income tax purposes for any taxableyear shall be applied in computing the taxpayer's taxable income for suchyear.
(Code 1950, § 58-151.061; 1971, Ex. Sess., c. 171; 1984, c. 675.)
