                                 CODE OF VIRGINIA

REPORTS BY PASS-THROUGH ENTITIES (§ 58.1-392)

A. Every pass-through entity doing business in Virginia, or having income from
Virginia sources, shall make a return to the Department of Taxation on or before
the fifteenth day of the fourth month following the close of its taxable year.
Such returns shall be made and filed in the manner prescribed by the Department.

B. The return of a pass-through entity shall be signed by any one of the owners.
An owner&#8217;s name signed on the return shall be prima facie evidence that
such owner is authorized to sign the return on behalf of the pass-through
entity.

C. The Tax Commissioner may establish an income threshold for the filing of
returns by pass-through entities and their owners. Pass-through entities and
owners with income below this threshold shall not be required to file a return.

D. Receivers, trustees in dissolution, trustees in bankruptcy, and assignees
operating the property or business of pass-through entities must make and file
returns of income for such pass-through entities. If a receiver has full custody
of and control over the business or property of a pass-through entity, he shall
be deemed to be operating such business or property, whether he is engaged in
carrying on the business for which the pass-through entity was organized or only
in marshaling, selling, or disposing of its assets for purposes of liquidation.

E. Pass-through entities may be required to file the return using an electronic
medium prescribed by the Tax Commissioner. The Tax Commissioner shall establish
a minimum number of owners for the electronic filing requirement. Waivers shall
be granted only if the Tax Commissioner finds that the requirement creates an
unreasonable burden on the pass-through entity. All requests for waivers must be
submitted to the Tax Commissioner in writing. A pass-through entity that has
fewer than the established minimum number of owners may, at such pass-through
entity&#8217;s option, file such annual return on such prescribed electronic
medium in lieu of filing the annual return on paper.

HISTORY: Code 1950, §§ 58-151.078, 58-151.084; 1971, Ex. Sess., c. 171; 1972,
c. 465; 1984, c. 675; 1988, c. 249; 2004, Sp. Sess. I, c. 3.