Tax Type
Corporation Income Tax
Description
DISC adjustment
Topic
Taxable Income
Date Issued
03-21-1986
March 21, 1986
Re: §58.1-1821 Application/Corporation Income Tax
§58.1-446 Adjustment for DISC
Dear *****************
In your letter of October 18, 1985, you protest the assessment of additional tax attributable to inclusion of DISC income for 1983.
In a September 10, 1984 decision in the General Electric case, the court ruled against the Department's position on DISC income. The Department has appealed this decision to the Virginia Supreme Court. Accordingly, there is no final decision in the General Electric case at this time.
Please be advised that you may preserve your judicial rights by filing a protective claim for refund under 58.1-1824 after payment of the assessment. Pursuant to that section I would be able to hold your refund claim without action pending a final decision in General Electric.
Accordingly, your application for correction of the assessment dated *********** is denied.
Sincerely,
W. H. Forst
Tax Commissioner
Rulings of the Tax Commissioner