Virginia § 58.1-399.2 - Tiered partners
Full text of Virginia Code of Virginia § 58.1-399.2 — Tiered partners, with citation guidance and answers to common questions.
§ 58.1-399.2. Tiered partners
A. The following categories of partners shall be subject to the reporting and payment requirements specified in § 58.1-399, entitled to make elections as provided in § 58.1-399.1, and entitled to elect an alternative reporting and payment method as provided in § 58.1-399.3:
1. Any direct tiered partner of an audited partnership;
2. Any indirect tiered partner of an audited partnership; and
3. Any partner of a partner specified in subdivision 1 or 2.
B. A partner subject to the provisions of subsection A shall make required reports and payments no later than 90 days after the time for filing and providing statements to tiered partners and their partners pursuant to the provisions of § 6226 of the Internal Revenue Code and any regulations promulgated thereunder. The Department may establish procedures and deadlines for reports and payments required pursuant to this section.
2020, c. 1030.
Frequently Asked Questions About Virginia § 58.1-399.2
What does Code of Virginia § 58.1-399.2 cover?
Section 58.1-399.2 ("Tiered partners") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 58.1-399.2?
A common citation format is "Code of Virginia § 58.1-399.2" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 58.1-399.2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.