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Instructions For Virginia Schedule Vk-1 - Consolidated Owner'S Share Of Income And Virginia Modifications And Credits Page 2

partnership agreement or other entity document. However,

each owner may only claim the additions, subtractions or

credits allowed on the owner’s Virginia income tax return. That

is, an individual owner may only claim additions, subtractions

or credits applicable to individual income tax, while a

corporateowner may claim only those additions, subtractions

or credits applicable to the Virginia corporate income tax.

The Virginia Public School Construction Grants Program

and Fund (code 43) and the Tobacco Quota Buyout Program

(code 48) deductions must be claimed as deductions on the

shareholder’s individual income tax return. The deduction for

an S-Corporation subject to Bank Franchise Tax is reported as

an “other” addition or subtraction on Schedule VK-1 and as a

positive or negative deduction on the shareholder’s individual

income tax return. For the Schedule VK-1 Consolidated, report

Lines 1-11 and totals from Lines 13, 18 and 43.

Instructions For Virginia Schedule Vk-1 - Consolidated Owner'S Share Of Income And Virginia Modifications And Credits Page 2