W. Va. Code R. § 110-23-14

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 110-23-14 - Requirements Concerning Returns, Notices, Records And Statements

14.1. General. -- The Tax Commissioner may require any person to make such returns, render such statements, or keep such records, as the Tax Commissioner may deem sufficient to show whether or not such person is liable for tax under the Business Franchise Tax Act.

14.2. As a part of a full and complete tax return, the taxpayer shall provide:

14.2.1. A copy of pages one (1) through four (4) of its signed federal corporation income tax return or its signed federal partnership income tax return, as filed with the Internal Revenue Service for the taxable year; and

14.2.2. If a consolidated federal income tax return was filed for the taxable year:

14.2.2.1. Supporting schedules showing the consolidation of its income statement and balance sheet, including schedules supporting any eliminations and adjustments made to the income statement and balance sheet;

14.2.2.2. A copy of Federal Form 851 as filed with the Internal Revenue Service and supporting schedules displaying subsidiary corporations in which the taxpayer has stock ownership; and

14.2.2.3. A signed statement explaining the relationship and differences, if any, between the income statement and the balance sheet reported for federal consolidated filing purposes and the income statement and the balance sheet reported to the State of West Virginia under the tax imposed by Section '11-23-1 et seq. of the West Virginia Code.

14.3. Notice of qualification as a receiver, trustee, assignee or other fiduciary. -- Every receiver, trustee in bankruptcy, assignee for benefit of creditors, or other like fiduciary shall give notice of his qualification as such to the Tax Commissioner.

14.4 In circumstances where a remittance (or remittances) of tax accompanying, or relating to a combined tax return for both the business franchise tax and the corporation net income tax is paid to the Tax Department, whether in the form of separate checks for each tax or in the form of a single check or in any other form, the remittance or remittances of tax shall first be applied against the taxpayer's corporation net income tax liability, and only after the corporation net income tax liability has been fully satisfied will the remainder of the said remittance or remittances then be applied against the business franchise tax liability.

W. Va. Code R. § 110-23-14