Amount of underpayment

For the purpose of 23VAC10-115-160, the amount of the underpayment shall be the excess of:

# 1.

The amount of the installment which would be required to be paid if the estimated tax were equal to 90% of the income tax, whether or not the fiduciary filed a return for such taxable year, over

# 2.

The amount, if any, of the installment paid on or before the last date prescribed for such payment.

Last amended: Historical Notes Derived from VR630-5-492 § 2, eff. February 2, 1989.

Source: view the official text

Nearby sections (25 sections)

10-115-100 · Accounting
10-115-110 · Returns of estates and trusts
10-115-120 · (Repealed.)
10-115-140 · Definitions; declaration
10-115-145 · Declarations of estimated tax
10-115-150 · Installment payments; due dates and amounts
10-115-151 · (Repealed.)
10-115-152 · Application to short taxable year
10-115-153 · (Repealed.)
10-115-154 · Application of payments
10-115-155 · Credit against estimated tax liability
10-115-160 · Additions to the tax
10-115-161 · Amount of underpayment
10-115-162 · Period of underpayment
10-115-163 · Additions to the tax; exceptions
10-120-10 · Conformity of terms to IRC (Internal Revenue Code)
10-120-20 · Definitions
10-120-30 · (Repealed.)
10-120-40 · Limitations on assessments
10-120-50 · (Repealed.)
10-120-70 · (Repealed.)
10-120-80 · Telecommunications companies; definitions
10-120-81 · Telecommunications companies; tax administration
10-120-82 · Telecommunications companies; imposition of tax
10-120-83 · Minimum tax on telecommunications companies

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