West Virginia Code of State Rules
Agency 110 - Tax
Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT
Series 110-21G - Income Tax Paid At The Entity Level By Electing Pass-Through Entities
Section 110-21G-2 - Definitions

Universal Citation: 110 WV Code of State Rules 110-21G-2

Current through Register Vol. XLI, No. 38, September 20, 2024

2.1. General Rule. -- Unless a specific definition is provided elsewhere in this rule, or the context in which the term is used clearly requires a different meaning, the terms used in this rule have the definitions provided under W. Va. Code §§11-10-1 et seq., 11-21-1 et seq., and 11-24-1 et seq.

2.2. Terms defined.

2.2.1. The definitions set forth in W.Va. Code §11-21-3a are incorporated here by reference.

2.2.2. "Owners of qualifying pass-through entity" or "owners" means the partners of a partnership or other pass-through entity, or shareholders of an S-corporation.

2.2.3. "Partners" means a person that holds an interest directly or indirectly in a partnership or other pass-through entity. For the purposes of this rule, "person" includes, but is not limited to, any individual, firm, partnership, limited partnership, co-partnership, limited liability company, other pass-through entity, joint venture, association, corporation, municipal corporation, organization, receiver, estate, trust, guardian, executor, administrator, and any other group or combination acting as a unit.

2.2.4. "Reconciliation tax credit" means a credit that owners of an electing pass-through entity may take against their West Virginia personal income tax liability for income taxes paid by the electing pass-through entity.

Disclaimer: These regulations may not be the most recent version. West Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.