Ask Reggi Your Question Now
Can you summarize 23 VAAC Agency 10, Chapter 330?
Department of Taxation > Bank Franchise Tax
Short Summary
The provided legal document content consists of two sections related to the Bank Franchise Tax in Virginia. The first section governs the deductions that can be made from gross capital for bank franchise tax purposes. It outlines the various items that can be deducted, including the assessed value of real estate, the book value of certain tangible personal property, the capital attributable to qualifying U.S. government obligations, and the amount of capital accounts of certain bank subsidiaries. The document provides specific rules and limitations for each deduction category. It also explains how to compute the deduction for U.S. obligations and addresses the deduction of retained earnings and surplus of certain subsidiaries. The second section governs the computation of net capital for banks and trust companies. It provides instructions for adding various accounts such as preferred stock, common stock, surplus, undivided profits, and reserves, and deducting assessed value of real estate, book value of certain tangible personal property, capital attributed to U.S. government obligations, capital accounts of bank subsidiaries, reserve for marketable securities valuation, and the value of goodwill. The document defines terms used in the computation, such as capital stock, surplus, undivided profits, and gross capital. It also provides instructions for calculating the reserve for loan losses and the applicable deferred tax. Additionally, it explains the treatment of valuation reserve for marketable securities and defines the official report of condition and goodwill. These documents apply to banks subject to the bank franchise tax in Virginia and provide the necessary guidance for determining the deductions and computation of net capital for tax purposes.
Whom does it apply to?
Banks subject to the bank franchise tax in Virginia
What does it govern?
Deductions that can be made from gross capital for bank franchise tax purposes, computation of net capital for banks and trust companies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Virginia