Virginia Code 58.1-399.6: De minimis exception.
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The Department may establish a de minimis tax liability amount. If a partner or partnership has a tax liability less than such amount, the Department may exempt such partner or partnership from the reporting and payment requirements of this article.
Terms Used In Virginia Code 58.1-399.6
- Department: means the Department of Taxation. See Virginia Code 58.1-1
- Exempt: means , with respect to a partner, that such partner is exempt from Virginia income taxation. See Virginia Code 58.1-396
- Partner: means a person that holds an interest directly or indirectly in a partnership or pass-through entity. See Virginia Code 58.1-396
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: means an entity subject to taxation under Subchapter K, Virginia Code 58.1-396
2020, c. 1030.