Partnerships and partners shall report final federal adjustments arising from a partnership-level audit or an administrative adjustment request and make required payments pursuant to the provisions of this article and shall not be required to comply with the provisions of § 58.1-311. This section shall not apply to adjustments required to be reported for federal income tax purposes pursuant to § 6225(a)(2) of the Internal Revenue Code and shall not apply to the distributive share of adjustments that have been reported as required under § 58.1-311.

Terms Used In Virginia Code 58.1-397

  • Administrative adjustment request: means an administrative adjustment request filed by a partnership pursuant to § 6227 of the Internal Revenue Code. See Virginia Code 58.1-396
  • Partnership-level audit: means an examination by the Internal Revenue Service at the partnership level pursuant to Subchapter C, 26 U. See Virginia Code 58.1-396

2020, c. 1030.

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