Section 155. Credit against estimated tax liability

Latest version.

If the annual income tax return shows that the estate or trust is entitled to a refund of income tax by reason of overestimating and overpaying estimated tax the fiduciary may elect to have all or a portion of such refund applied to the payment of estimated tax liability for the following taxable year.

Historical Notes

Derived from VR630-5-491 § 7, eff. February 2, 1989.

Statutory Authority

§§ 58.1-203 and 58.1-491 of the Code of Virginia.

                    
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