Tax Type
Individual Income Tax
Description
Interest and dividend income received through a mutual fund
Topic
Subtractions and Exclusions
Taxable Income
Date Issued
04-24-1989
April 24, 1989
Re: Request for Ruling: Individual Income Tax
Dear******************
This will reply to your letter dated March 20, 1989 in which you request a ruling regarding the information necessary to substantiate the amount of interest or dividends received from a regulated investment company (mutual fund) which invests in obligations both taxable and exempt by Virginia that must be reported on the Virginia individual income tax return.
The department issued a ruling letter dated February 21, 1989 regarding what information is necessary to document a subtraction from federal adjusted gross income for interest or dividends received from a regulated investment company (copy enclosed). This ruling is also applicable to the documentation necessary to substantiate the portion of income received from a mutual fund which is exempt for federal purposes that must be added to federal adjusted gross income in arriving at Virginia taxable income.
If you have any further questions regarding this matter, please contact the department.
Sincerely,
W. H. Forst
Tax Commissioner
Rulings of the Tax Commissioner