Virginia § 64.2-1069 - Income taxes
Full text of Virginia Code of Virginia § 64.2-1069 — Income taxes, with citation guidance and answers to common questions.
§ 64.2-1069. Income taxes
A. A tax required to be paid by a fiduciary that is based on receipts allocated to income must be paid from income.
B. A tax required to be paid by a fiduciary that is based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority.
C. Subject to subsection D and §§ 64.2-1067, 64.2-1068, and 64.2-1070, a tax required to be paid by a fiduciary on a share of an entity's taxable income in an accounting period must be paid from:
1. Income and principal proportionately to the allocation between income and principal of receipts from the entity in the period; and
2. Principal, to the extent the tax exceeds the receipts from the entity in the period.
D. After applying subsections A, B, and C, a fiduciary shall adjust income or principal receipts, to the extent the taxes the fiduciary pays are reduced because of a deduction for a payment made to a beneficiary.
2022, c. 354.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 64.2-1069
What does Code of Virginia § 64.2-1069 cover?
Section 64.2-1069 ("Income taxes") 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 § 64.2-1069?
A common citation format is "Code of Virginia § 64.2-1069" (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 § 64.2-1069 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.