{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-315.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-315.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-315.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-315.html"}],"law_id":74528,"edition_id":1,"section_id":74528,"structure_id":13970,"section_number":"58.1-315","catch_line":"Transitional modifications to Virginia taxable income","history":"Code 1950, \u00a7 58-151.0111; 1971, Ex. Sess., c. 171; 1972, c. 827; 1973, c. 323; 1974, c. 248; 1981, c. 402; 1984, c. 675; 2017, c. 444.","full_text":"The modifications of Virginia taxable income to be made in accordance with subdivision 2 of \u00a7 58.1-322.04 and subsection D of \u00a7 58.1-402, so long as applicable, are as follows:\n\n1\n\nThere shall be subtracted from Virginia taxable income the amount necessary to prevent the taxation under this chapter of any annuity or of any other amount of income or gain which was properly included in income or gain and was taxable under Articles 1, 2, 3, 4, 5, 6, or 7 (§§ 58-77 through 58-151) of Chapter 4 of Title 58 to the taxpayer prior to the repeal thereof, or to a decedent by reason of whose death the taxpayer acquires the right to receive the income or gain, or to a trust or estate from which the taxpayer received the income or gain.2\n\nThe carry-back of net operating losses or net capital losses to reduce taxable income of taxable years beginning prior to January 1, 1972, shall not be permitted. Where a taxpayer would have been allowed to deduct an amount as a net operating loss carry-over or net capital loss carry-over in determining taxable income for a taxable year beginning after December 31, 1971, but for the fact that such loss, or a portion of such loss, had been carried back in determining taxable income for a taxable year beginning prior to January 1, 1972, there shall be added to Virginia taxable income any amount which was actually deducted in determining taxable income as a net operating loss carry-over or net capital loss carry-over and there shall be subtracted from Virginia taxable income the amount which could have been deducted as a net operating loss carry-over or net capital loss carry-over in arriving at taxable income but for the fact that such loss, or a portion of such loss, had been carried back for federal purposes.3\n\nThere shall be added to Virginia taxable income the amount necessary to prevent the deduction under this chapter of any item which was properly deductible by the taxpayer in determining a tax under §§ 58-77 through 58-151 prior to the repeal thereof.4\n\nThere shall be subtracted from Virginia taxable income that portion of any accumulation distribution which is allocable, under the laws of the United States relating to federal income taxes, to undistributed net income of a trust for any taxable year beginning on or before December 31, 1971. The rules prescribed by such laws of the United States with reference to any such accumulation distribution shall be applied, mutatis mutandis, to allow for this limitation; and, without limiting the generality of the foregoing, the credit provided by § 58.1-370 in the case of accumulation distributions shall in no instance encompass any part of any tax paid for a taxable year beginning on or before December 31, 1971.5\n\nAs to gain or loss attributable to the sale or exchange of nondepreciable property, Virginia taxable income shall be adjusted to effect a reduction in such gain or increase in such loss by the amount by which the adjusted basis of such property, determined for Virginia income tax purposes at the close of the taxable period immediately preceding the first taxable period to which Articles 7.1 to 7.6 (§ 58-151.01 et seq.) of Title 58 applied prior to repeal thereof exceeds the adjusted basis of such property for federal income tax purposes determined at the close of the same period.6\n\nThere shall be subtracted from the Virginia taxable income of a shareholder of an electing small business corporation any amount included in his taxable income as his share of the undistributed taxable income of such corporation for any year of the corporation beginning before January 1, 1972.7\n\nThere shall be subtracted from federal taxable income amounts which would have been deductible by the corporation in computing federal taxable income but for the election of such corporation of the additional investment tax credit under § 46(a)(2)(B) of the Internal Revenue Code in effect on January 1, 1978.","order_by":null,"text":{"0":{"id":267829,"text":"The modifications of Virginia taxable income to be made in accordance with subdivision 2 of \u00a7 58.1-322.04 and subsection D of \u00a7 58.1-402, so long as applicable, are as follows:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":267830,"text":"There shall be subtracted from Virginia taxable income the amount necessary to prevent the taxation under this chapter of any annuity or of any other amount of income or gain which was properly included in income or gain and was taxable under Articles 1, 2, 3, 4, 5, 6, or 7 (§§ 58-77 through 58-151) of Chapter 4 of Title 58 to the taxpayer prior to the repeal thereof, or to a decedent by reason of whose death the taxpayer acquires the right to receive the income or gain, or to a trust or estate from which the taxpayer received the income or gain.","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":267831,"text":"The carry-back of net operating losses or net capital losses to reduce taxable income of taxable years beginning prior to January 1, 1972, shall not be permitted. Where a taxpayer would have been allowed to deduct an amount as a net operating loss carry-over or net capital loss carry-over in determining taxable income for a taxable year beginning after December 31, 1971, but for the fact that such loss, or a portion of such loss, had been carried back in determining taxable income for a taxable year beginning prior to January 1, 1972, there shall be added to Virginia taxable income any amount which was actually deducted in determining taxable income as a net operating loss carry-over or net capital loss carry-over and there shall be subtracted from Virginia taxable income the amount which could have been deducted as a net operating loss carry-over or net capital loss carry-over in arriving at taxable income but for the fact that such loss, or a portion of such loss, had been carried back for federal purposes.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":267832,"text":"There shall be added to Virginia taxable income the amount necessary to prevent the deduction under this chapter of any item which was properly deductible by the taxpayer in determining a tax under §§ 58-77 through 58-151 prior to the repeal thereof.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":267833,"text":"There shall be subtracted from Virginia taxable income that portion of any accumulation distribution which is allocable, under the laws of the United States relating to federal income taxes, to undistributed net income of a trust for any taxable year beginning on or before December 31, 1971. The rules prescribed by such laws of the United States with reference to any such accumulation distribution shall be applied, mutatis mutandis, to allow for this limitation; and, without limiting the generality of the foregoing, the credit provided by § 58.1-370 in the case of accumulation distributions shall in no instance encompass any part of any tax paid for a taxable year beginning on or before December 31, 1971.","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":267834,"text":"As to gain or loss attributable to the sale or exchange of nondepreciable property, Virginia taxable income shall be adjusted to effect a reduction in such gain or increase in such loss by the amount by which the adjusted basis of such property, determined for Virginia income tax purposes at the close of the taxable period immediately preceding the first taxable period to which Articles 7.1 to 7.6 (§ 58-151.01 et seq.) of Title 58 applied prior to repeal thereof exceeds the adjusted basis of such property for federal income tax purposes determined at the close of the same period.","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":267835,"text":"There shall be subtracted from the Virginia taxable income of a shareholder of an electing small business corporation any amount included in his taxable income as his share of the undistributed taxable income of such corporation for any year of the corporation beginning before January 1, 1972.","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":267836,"text":"There shall be subtracted from federal taxable income amounts which would have been deductible by the corporation in computing federal taxable income but for the election of such corporation of the additional investment tax credit under § 46(a)(2)(B) of the Internal Revenue Code in effect on January 1, 1978.","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6"}},"ancestry":[{"id":13970,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":13152,"metadata":{},"date_created":"2026-06-26 03:46:27","date_modified":"2026-06-26 03:46:27","permalink":{"id":253269,"object_type":"structure","relational_id":13970,"identifier":"1","token":"58.1\/I\/3\/1","url":"\/58.1\/I\/3\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13152,"edition_id":1,"name":"Income Tax","identifier":"3","label":"chapter","depth":3,"order_by":1,"parent_id":12837,"metadata":{},"date_created":"2026-06-26 03:44:21","date_modified":"2026-06-26 03:44:21","permalink":{"id":253267,"object_type":"structure","relational_id":13152,"identifier":"3","token":"58.1\/I\/3","url":"\/58.1\/I\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12837,"edition_id":1,"name":"Taxes Administered by the Department of Taxation","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:43:55","date_modified":"2026-06-26 03:43:55","permalink":{"id":252075,"object_type":"structure","relational_id":12837,"identifier":"I","token":"58.1\/I","url":"\/58.1\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12703,"edition_id":1,"name":"Taxation","identifier":"58.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":251959,"object_type":"structure","relational_id":12703,"identifier":"58.1","token":"58.1","url":"\/58.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":55031,"structure_id":13970,"section_number":"58.1-300","catch_line":"Incomes not subject to local taxation","url":"\/58.1-300\/","token":"58.1\/I\/3\/1\/58.1-300","metadata":false},{"id":75208,"structure_id":13970,"section_number":"58.1-301","catch_line":"(Applicable to taxable years beginning on and after January 1, 2023) Conformity to Internal Revenue Code","url":"\/58.1-301\/","token":"58.1\/I\/3\/1\/58.1-301","metadata":false},{"id":82538,"structure_id":13970,"section_number":"58.1-302","catch_line":"Definitions","url":"\/58.1-302\/","token":"58.1\/I\/3\/1\/58.1-302","metadata":false},{"id":76987,"structure_id":13970,"section_number":"58.1-303","catch_line":"Residency for portion of tax year","url":"\/58.1-303\/","token":"58.1\/I\/3\/1\/58.1-303","metadata":false},{"id":63944,"structure_id":13970,"section_number":"58.1-304","catch_line":"Reserved","url":"\/58.1-304\/","token":"58.1\/I\/3\/1\/58.1-304","metadata":false},{"id":80064,"structure_id":13970,"section_number":"58.1-305","catch_line":"Duties of commissioner of the revenue relating to income tax","url":"\/58.1-305\/","token":"58.1\/I\/3\/1\/58.1-305","metadata":false},{"id":81043,"structure_id":13970,"section_number":"58.1-306","catch_line":"Filing of individual, estate or trust income tax returns with the Department","url":"\/58.1-306\/","token":"58.1\/I\/3\/1\/58.1-306","metadata":false},{"id":83380,"structure_id":13970,"section_number":"58.1-307","catch_line":"Disposition of returns; handling of state income tax payments; audit","url":"\/58.1-307\/","token":"58.1\/I\/3\/1\/58.1-307","metadata":false},{"id":79816,"structure_id":13970,"section_number":"58.1-308","catch_line":"Assessment and payment of deficiency; fraud; penalties","url":"\/58.1-308\/","token":"58.1\/I\/3\/1\/58.1-308","metadata":false},{"id":87093,"structure_id":13970,"section_number":"58.1-309","catch_line":"Refund of overpayment","url":"\/58.1-309\/","token":"58.1\/I\/3\/1\/58.1-309","metadata":false},{"id":57654,"structure_id":13970,"section_number":"58.1-310","catch_line":"Examination of federal returns","url":"\/58.1-310\/","token":"58.1\/I\/3\/1\/58.1-310","metadata":false},{"id":68533,"structure_id":13970,"section_number":"58.1-311","catch_line":"Report of change in federal taxable income","url":"\/58.1-311\/","token":"58.1\/I\/3\/1\/58.1-311","metadata":false},{"id":81874,"structure_id":13970,"section_number":"58.1-311.1","catch_line":"Report of change in taxes paid to other states","url":"\/58.1-311.1\/","token":"58.1\/I\/3\/1\/58.1-311.1","metadata":false},{"id":59617,"structure_id":13970,"section_number":"58.1-311.2","catch_line":"Final determination date","url":"\/58.1-311.2\/","token":"58.1\/I\/3\/1\/58.1-311.2","metadata":false},{"id":59212,"structure_id":13970,"section_number":"58.1-312","catch_line":"Limitations on assessment","url":"\/58.1-312\/","token":"58.1\/I\/3\/1\/58.1-312","metadata":false},{"id":75424,"structure_id":13970,"section_number":"58.1-313","catch_line":"Immediate assessment where collection jeopardized by delay; notice of assessment; termination of taxable period; memorandum of lien","url":"\/58.1-313\/","token":"58.1\/I\/3\/1\/58.1-313","metadata":false},{"id":59234,"structure_id":13970,"section_number":"58.1-314","catch_line":"Lien of jeopardy assessment; notice of lien","url":"\/58.1-314\/","token":"58.1\/I\/3\/1\/58.1-314","metadata":false},{"id":74528,"structure_id":13970,"section_number":"58.1-315","catch_line":"Transitional modifications to Virginia taxable income","url":"\/58.1-315\/","token":"58.1\/I\/3\/1\/58.1-315","metadata":false},{"id":80226,"structure_id":13970,"section_number":"58.1-316","catch_line":"Information reporting on rental payments to nonresident payees; penalties","url":"\/58.1-316\/","token":"58.1\/I\/3\/1\/58.1-316","metadata":false},{"id":73613,"structure_id":13970,"section_number":"58.1-317","catch_line":"Filing of estimated tax by nonresidents upon the sale of real property; penalties","url":"\/58.1-317\/","token":"58.1\/I\/3\/1\/58.1-317","metadata":false},{"id":83774,"structure_id":13970,"section_number":"58.1-318","catch_line":"Investments eligible for tax credits","url":"\/58.1-318\/","token":"58.1\/I\/3\/1\/58.1-318","metadata":false},{"id":59801,"structure_id":13970,"section_number":"58.1-319","catch_line":"Unclaimed tax credits; report","url":"\/58.1-319\/","token":"58.1\/I\/3\/1\/58.1-319","metadata":false}],"previous_section":{"id":59234,"structure_id":13970,"section_number":"58.1-314","catch_line":"Lien of jeopardy assessment; notice of lien","url":"\/58.1-314\/","token":"58.1\/I\/3\/1\/58.1-314","metadata":false},"next_section":{"id":80226,"structure_id":13970,"section_number":"58.1-316","catch_line":"Information reporting on rental payments to nonresident payees; penalties","url":"\/58.1-316\/","token":"58.1\/I\/3\/1\/58.1-316","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-315\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 6 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1972, chapter 827; in 1973, chapter 323; in 1974, chapter 248; in 1981, chapter 402; in 1984, chapter 675; in 2017, chapter 444<\/a>.<\/p>","references":[{"id":67865,"section_number":"58.1-322.04","catch_line":"Virginia taxable income; additional modifications","order_by":null,"url":"\/58.1-322.04\/"}],"refers_to":[{"id":67865,"section_number":"58.1-322.04","catch_line":"Virginia taxable income; additional modifications","order_by":null,"url":"\/58.1-322.04\/"},{"id":84147,"section_number":"58.1-370","catch_line":"Credit to trust beneficiary receiving accumulation distribution","order_by":null,"url":"\/58.1-370\/"},{"id":56970,"section_number":"58.1-402","catch_line":"Virginia taxable income","order_by":null,"url":"\/58.1-402\/"}],"permalink":{"id":253339,"object_type":"law","relational_id":74528,"identifier":"58.1-315","token":"58.1\/I\/3\/1\/58.1-315","url":"\/58.1-315\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-315\/","token":"58.1\/I\/3\/1\/58.1-315","dublin_core":{"Title":"Transitional modifications to Virginia taxable income","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-315","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The modifications of Virginia taxable income to be made in accordance with subdivision 2 of \u00a7 58.1-322.04<\/a> and subsection D of \u00a7 58.1-402<\/a>, so long as applicable, are as follows:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> There shall be subtracted from Virginia taxable income the amount necessary to prevent the taxation under this chapter of any annuity or of any other amount of income or gain which was properly included in income or gain and was taxable under Articles 1, 2, 3, 4, 5, 6, or 7 (§§ 58-77 through 58-151) of Chapter 4 of Title 58 to the taxpayer<\/span> prior to the repeal thereof, or to a decedent by reason of whose death the taxpayer<\/span> acquires the right to receive the income or gain, or to a trust<\/span> or estate<\/span> from which the taxpayer<\/span> received the income or gain. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The carry-back of net operating losses or net capital losses to reduce taxable income of taxable years beginning prior to January 1, 1972, shall not be permitted. Where a taxpayer<\/span> would have been allowed to deduct an amount as a net operating loss carry-over or net capital loss carry-over in determining taxable income for a taxable year beginning after December 31, 1971, but for the fact<\/span> that such loss, or a portion of such loss, had been carried back in determining taxable income for a taxable year beginning prior to January 1, 1972, there shall be added to Virginia taxable income any amount which was actually deducted in determining taxable income as a net operating loss carry-over or net capital loss carry-over and there shall be subtracted from Virginia taxable income the amount which could have been deducted as a net operating loss carry-over or net capital loss carry-over in arriving at taxable income but for the fact<\/span> that such loss, or a portion of such loss, had been carried back for federal purposes. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> There shall be added to Virginia taxable income the amount necessary to prevent the deduction under this chapter of any item which was properly deductible by the taxpayer<\/span> in determining a tax under §§ 58-77 through 58-151 prior to the repeal thereof. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> There shall be subtracted from Virginia taxable income that portion of any accumulation distribution which is allocable, under the laws<\/span> of the United States relating to federal income taxes, to undistributed net income of a trust<\/span> for any taxable year beginning on or before December 31, 1971. The rules prescribed by such laws<\/span> of the United States with reference to any such accumulation distribution shall be applied, mutatis mutandis<\/span>, to allow for this limitation; and, without limiting the generality of the foregoing, the credit provided by § 58.1-370<\/a> in the case of accumulation distributions shall in no instance encompass any part of any tax paid for a taxable year beginning on or before December 31, 1971. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> As to gain or loss attributable to the sale or exchange of nondepreciable property, Virginia taxable income shall be adjusted to effect a reduction in such gain or increase in such loss by the amount by which the adjusted basis of such property, determined for Virginia income tax purposes at the close of the taxable period immediately preceding the first taxable period to which Articles 7.1 to 7.6 (§ 58-151.01 et seq.) of Title 58 applied prior to repeal thereof exceeds the adjusted basis of such property for federal income tax purposes determined at the close of the same period. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> There shall be subtracted from the Virginia taxable income of a shareholder of an electing small business corporation<\/span> any amount included in his taxable income as his share of the undistributed taxable income of such corporation<\/span> for any year of the corporation<\/span> beginning before January 1, 1972. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> There shall be subtracted from federal taxable income amounts which would have been deductible by the corporation<\/span> in computing federal taxable income but for the election of such corporation<\/span> of the additional investment tax credit under § 46(a)(2)(B) of the Internal Revenue Code in effect on January 1, 1978. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nTRANSITIONAL MODIFICATIONS TO VIRGINIA TAXABLE INCOME (\u00a7 58.1-315)\n\nThe modifications of Virginia taxable income to be made in accordance with\nsubdivision 2 of \u00a7 58.1-322.04 and subsection D of \u00a7 58.1-402, so long as\napplicable, are as follows:\n\n1. There shall be subtracted from Virginia taxable income the amount necessary\nto prevent the taxation under this chapter of any annuity or of any other amount\nof income or gain which was properly included in income or gain and was taxable\nunder Articles 1, 2, 3, 4, 5, 6, or 7 (§§ 58-77 through 58-151) of\nChapter 4 of Title 58 to the taxpayer prior to the repeal thereof, or to a\ndecedent by reason of whose death the taxpayer acquires the right to receive the\nincome or gain, or to a trust or estate from which the taxpayer received the\nincome or gain.\n\n2. The carry-back of net operating losses or net capital losses to reduce\ntaxable income of taxable years beginning prior to January 1, 1972, shall not be\npermitted. Where a taxpayer would have been allowed to deduct an amount as a net\noperating loss carry-over or net capital loss carry-over in determining taxable\nincome for a taxable year beginning after December 31, 1971, but for the fact\nthat such loss, or a portion of such loss, had been carried back in determining\ntaxable income for a taxable year beginning prior to January 1, 1972, there\nshall be added to Virginia taxable income any amount which was actually deducted\nin determining taxable income as a net operating loss carry-over or net capital\nloss carry-over and there shall be subtracted from Virginia taxable income the\namount which could have been deducted as a net operating loss carry-over or net\ncapital loss carry-over in arriving at taxable income but for the fact that such\nloss, or a portion of such loss, had been carried back for federal purposes.\n\n3. There shall be added to Virginia taxable income the amount necessary to\nprevent the deduction under this chapter of any item which was properly\ndeductible by the taxpayer in determining a tax under §§ 58-77 through\n58-151 prior to the repeal thereof.\n\n4. There shall be subtracted from Virginia taxable income that portion of any\naccumulation distribution which is allocable, under the laws of the United\nStates relating to federal income taxes, to undistributed net income of a trust\nfor any taxable year beginning on or before December 31, 1971. The rules\nprescribed by such laws of the United States with reference to any such\naccumulation distribution shall be applied, mutatis mutandis, to allow for this\nlimitation; and, without limiting the generality of the foregoing, the credit\nprovided by § 58.1-370 in the case of accumulation distributions shall in\nno instance encompass any part of any tax paid for a taxable year beginning on\nor before December 31, 1971.\n\n5. As to gain or loss attributable to the sale or exchange of nondepreciable\nproperty, Virginia taxable income shall be adjusted to effect a reduction in\nsuch gain or increase in such loss by the amount by which the adjusted basis of\nsuch property, determined for Virginia income tax purposes at the close of the\ntaxable period immediately preceding the first taxable period to which Articles\n7.1 to 7.6 (§ 58-151.01 et seq.) of Title 58 applied prior to repeal\nthereof exceeds the adjusted basis of such property for federal income tax\npurposes determined at the close of the same period.\n\n6. There shall be subtracted from the Virginia taxable income of a shareholder\nof an electing small business corporation any amount included in his taxable\nincome as his share of the undistributed taxable income of such corporation for\nany year of the corporation beginning before January 1, 1972.\n\n7. There shall be subtracted from federal taxable income amounts which would\nhave been deductible by the corporation in computing federal taxable income but\nfor the election of such corporation of the additional investment tax credit\nunder § 46(a)(2)(B) of the Internal Revenue Code in effect on January 1,\n1978.\n\nHISTORY: Code 1950, \u00a7 58-151.0111; 1971, Ex. Sess., c. 171; 1972, c. 827; 1973,\nc. 323; 1974, c. 248; 1981, c. 402; 1984, c. 675; 2017, c. 444.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}