58.1-311 - Report of change in federal taxable income.
§ 58.1-311. Report of change in federal taxable income.
If the amount of any individual, estate, trust or corporate taxpayer'sfederal taxable income reported on his federal income tax return for anytaxable year is changed or corrected by the United States Internal RevenueService or other competent authority, or as the result of a renegotiation ofa contract or subcontract with the United States, the taxpayer shall file anamended return, or such other form as the Department may prescribe, reportingsuch change or correction in federal taxable income within one year after thefinal determination of such change, correction, or renegotiation, or asotherwise required by the Department, and shall concede the accuracy of suchdetermination or state wherein it is erroneous. However, if the Departmenthas sufficient information from which to compute the proper additional taxand the taxpayer has paid such tax, then the taxpayer is not required to filean amended individual income tax return. Any taxpayer filing an amendedfederal income tax return shall also file within one year thereafter anamended return under this chapter and shall give such information as theDepartment may require. The Department may by regulation prescribe suchexceptions to the requirements of this section as it deems appropriate.
(Code 1950, § 58-151.0103; 1971, Ex. Sess., c. 171; 1984, c. 675; 1992, c.678; 2006, c. 234.)