                                 CODE OF VIRGINIA

EFFECT OF ELECTION (§ 58.1-399.4)

A. If a partnership or partner makes an election pursuant to &#xA7; 58.1-399.1
or 58.1-399.3, such election shall not be revocable by such partnership or
partner. However, the Department may make a discretionary determination that
allows such election to be revoked.

B. If properly reported and paid by the audited partnership or tiered partner,
the amount determined pursuant to &#xA7; 58.1-399.1 or 58.1-399.3 shall be
treated as paid in lieu of taxes owed by a direct or indirect partner, to the
extent applicable, on the final federal adjustments. A direct partner or
indirect partner shall be prohibited from claiming any subtraction, deduction,
credit, or refund for such amount. This section shall not prohibit a partner
that is a direct partner and a resident partner from (i) claiming a credit
against taxes paid to Virginia pursuant to &#xA7; 58.1-332 or (ii) claiming a
credit for any amount paid by the audited partnership or tiered partner on the
resident partner&#8217;s behalf to another jurisdiction in accordance with the
provisions of &#xA7; 58.1-332.

HISTORY: 2020, c. 1030.