Document Number
89-123
Tax Type
Individual Income Tax
Description
Application for ACRS Refund
Topic
ACRS Modifications
Payment and Refund
Date Issued
04-24-1989
April 24, 1989



Re: Virginia Code §58.1-323.1
Application for ACRS Refund


Dear ***************

This is in reply to your letter dated March 14, 1989, in which you make application for refund of taxes paid on the unrecovered balance of excess cost recovery for your client,***************.

The department is in the process of finalizing regulations implementing the 1987 and 1988 legislation phasing out the ACRS modifications. Under the requirements set forth in the proposed regulations, your client appears to qualify for a refund of taxes paid on the unrecovered balance of excess cost recovery. However, any application for refund must provide sufficient documentation to demonstrate that the amount of refund requested does not exceed the amount of tax actually paid.

The refund will be limited to the amount by which
    • 1. the sum of the difference between the tax actually paid and the tax computed without the ACRS addition and ACRS subtraction for each taxable year beginning on and after January 1, 1982, and before January 1, 1988, exceeds

      2. the sum of the difference between the tax actually paid and the tax computed without the post-1987 ACRS subtraction for each taxable year beginning on and after January 1, 1988.

The department has previously determined that no interest will be paid on such a refund.

Please send a copy of this letter along with the documentation to demonstrate that the amount of refund requested does not exceed the limitation described above to:


*********************, Supervisor
                • Taxpayer Assistance Section, Audit Unit
                  P .O . Box 6-L
                  Richmond, Virginia 23282.

Sincerely,



W. H. Forst
Tax Commissioner

Rulings of the Tax Commissioner

Last Updated 08/25/2014 16:46