Bank Not Subject to Corporate Income Tax 
By
Published: August 2, 2011
Tags: Banks & Banking, Judge Mary Jane Hall, Norfolk Circuit Court, Virginia Circuit Courts
A Norfolk Circuit Court says that because AMG National Trust Bank is subject to the Virginia Bank Franchise Tax Act, Va. Code § 58.1-1200, it is not liable for corporate income tax, and the Virginia Department of Taxation is ordered to refund corporate income tax collected from AMG and prohibited from assessing such tax in ...
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