Form 500c - Underpayment Of Virginia Estimated Tax By Corporations - 1998

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FORM 500C

Underpayment of

1998

Department of Taxation

Virginia Estimated Tax by Corporations

P.O. Box 1500

Richmond, VA 23218-1500

FISCAL year filer or SHORT year filer: ENTER beginning date ___________________, 19____, and ending date __________________, 19____, and CHECK HERE

NAME

Federal Employer Identification Number

MAILING ADDRESS (Rural Route and Box Number)

Virginia Corporation Account Number

CITY OR TOWN, STATE AND ZIP CODE

PART I

HOW TO COMPUTE THE UNDERPAYMENT

By completing Lines 1 through 8, a corporation can determine whether or not it paid the correct amount of estimated tax by the proper due dates. If the minimum

amounts were not timely paid, an additional charge may be imposed for the period of underpayment. A corporation, which filed its return on a basis other than

a calendar year, should enter the dates to correspond to its taxable year in the space provided below.

1. Adjusted tax from Line 11 of Form 500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2. 90% of Line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Due Dates of Installments

(a)

(b)

(c)

(d)

Enter in columns (a) through (d) the installment due dates (the 15th

day of the 4th, 6th, 9th, and 12th months) of your tax year . . .

3. Enter 25% of Line 2 in columns (a) through (d) . . . . . . . . . . . . .

4. Amounts paid or credited for each period . . . . . . . . . . . . . . . . .

5. Amount of 1997 overpayment credited against 1998 Estimated tax .

6. Overpayment of previous installment . . . . . . . . . . . . . . . . . . . . .

7. Total (add Lines 4, 5 and 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8. Underpayment (or overpayment) (Line 3 less Line 7) . . . . . . . .

An overpayment of an installment in Line 8 in excess of all prior underpayments should be applied as a credit against the next installment.

NOTE: IF YOU MEET ANY OF THE EXCEPTIONS THAT AVOID

PART II

EXCEPTIONS TO THE ADDITIONAL CHARGE

THE ADDITION TO THE TAX, COMPLETE LINES 9 THROUGH 12.

(a)

(b)

(c)

(d)

9. Total amount paid or credited from the beginning of the tax year

through the installment dates that correspond to the 15th day of

the 4th, 6th, 9th and 12th months of your tax year . . . . . . . . . .

25% of tax

50% of tax

75% of tax

100% of tax

10. Exception 1, Prior Year’s Tax . . . . . . . . . . . . . . . . . . . . . . . . . . .

25% of tax

50% of tax

75% of tax

100% of tax

11. Exception 2, Tax on prior year’s income based on the facts shown

on the prior year’s return but using current year’s rates . . . . .

22.50% of tax

45% of tax

67.50% of tax

90% of tax

12. Exception 3, Tax on annualized income (Attach Computation) .

There is no additional charge imposed on an underpayment shown in Line 8 for any installment date if by that date the corporation made the minimum

payment determined under any of the exceptions reflected in the instructions.

PART III

COMPUTATION OF THE ADDITIONAL CHARGE

If an underpayment of estimated tax is shown in Line 8, above, for an installment and an exception is not applicable, the additional charge should be

computed by completing the portion(s) of this schedule applicable to the installment(s).

(a)

(b)

(c)

(d)

Enter the same installment dates used above . . . . . . . . . . . . . .

13. Amount of underpayment from Line 8 . . . . . . . . . . . . . . . . . . . .

14. Enter the date of payment or the 15th day of the 4th month after

the close of your tax year, whichever is earlier . . . . . . . . . . . . . . . .

15. Number of days from due date of installment to the date shown on

Line 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16. Additional charge (Rate of interest established in IRC Section

6621, plus 2%, times the amount on Line 13 for the number of

days shown on Line 15) (See instructions) . . . . . . . . . . . . . . . . . .

17. Add columns (a) through (d), Line 16 (Make check payable to Virginia Department of Taxation and attach to this form) . . . . . .

A payment of estimated tax on any installment date shall be considered a payment of any previous underpayment only to the extent such payment exceeds the amount

of the installment as computed in Line 3. If the corporation made more than one payment for a given installment, attach a schedule showing a separate computation for

each payment.