Tax Type
Individual Income Tax
Description
Exchange of stock
Topic
Taxability of Persons and Transactions
Date Issued
02-29-1984
February 29, 1984
Re: Request for Ruling
Dear ***********************
I have reviewed the facts set forth in your ruling request dated January 27, 1984 and your ruling request to the Internal Revenue Service along with the favorable ruling issued by the Internal Revenue Service on February 15, 1984. Based upon these representations:
No Virginia taxable income will arise to the shareholders of **** as a result of the exchange of **** stock for **** common stock, except to the extent that the exchange results in the recognition of taxable income for Federal income tax purposes.
Sincerely,
W. H. Forst
State Tax Commissioner
Rulings of the Tax Commissioner