                                 CODE OF VIRGINIA

TIERED PARTNERS (§ 58.1-399.2)

A. The following categories of partners shall be subject to the reporting and
payment requirements specified in § 58.1-399, entitled to make elections as
provided in § 58.1-399.1, and entitled to elect an alternative reporting and
payment method as provided in § 58.1-399.3:

   1. Any direct tiered partner of an audited partnership;

   2. Any indirect tiered partner of an audited partnership; and

   3. Any partner of a partner specified in subdivision 1 or 2.

B. A partner subject to the provisions of subsection A shall make required
reports and payments no later than 90 days after the time for filing and
providing statements to tiered partners and their partners pursuant to the
provisions of &#xA7; 6226 of the Internal Revenue Code and any regulations
promulgated thereunder. The Department may establish procedures and deadlines
for reports and payments required pursuant to this section.

HISTORY: 2020, c. 1030.