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VA online Form Instructions 1120-S: What You Should Know

Form CIT-120 is available online at Corp.net.  There are other options available on your choice of filing a Single Form or as a joint return as specified by your state. See Corporation & Partnership Income Tax Guide. See Corporation Income Tax Guide. To qualify as a corporation for the purposes of the federal income tax as an unlimited corporation, a corporation must meet one of two exceptions: 1) the corporation is organized as an association as a sole proprietorship or partnership and the aggregate of that corporation's taxable income from all sources in West Virginia exceeds a specified threshold (not less than 3,000 for the corporation's first taxable year); or 2) the corporation is organized and operated as a corporation and is not a member of the same controlled group. To view or download the West Virginia Instructions for Form CIT-120, click here (PDF) or here (MS Office Word version). To determine whether a corporation is an “unlimited” corporation, an entity must be organized to acquire or retain property or services in West Virginia and must not be a member of the same controlled group as another limited liability company (LLC) or corporation. Also, the entity must meet the “unlimited” corporation qualification requirements described below, even if the other entity is an LLC or corporation, even if the other entity is not a limited liability company or corporation. The “unlimited” corporation qualification is a “qualified” status under U.S. tax laws, and is provided by Rule 2.102 of the West Virginia Corporation Law (“West Virginia Corporation Law”). Rule 2.102 This rule requires that the West Virginia corporation meet several requirements for the status, which include: It must have its main headquarters in West Virginia; It must have its principal place of business in West Virginia; and It must have an authorized general partner. A corporation that meets this standard requires filing a Certificate of Corporation as an Unlimited, instead of as a limited or general partner. A general partner is defined as a person who holds 15% or more of the corporation's share capital after giving up to 5% of the corporation's capital stock in exchange for the privilege of giving up to 2% of the corporation's shares of capital stock in exchange for the same privilege within 60 days of the acquisition or retention of the corporation's shares.

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