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Current as of January 01, 2024 | Updated by FindLaw Staff
A taxpayer who does not keep the records required for identification of qualified research and development credit property, is subject to the following rules:
(1) A taxpayer is treated as having disposed of, during the taxable year, any qualified research and development credit property which the taxpayer cannot establish was still on hand and used in qualified research and development activity at the end of that year.
(2) If a taxpayer cannot establish when qualified research and development credit property reported for purposes of claiming this credit returned during the taxable year was placed in service, the taxpayer is treated as having placed it in service in the most recent prior year in which similar property was placed in service, unless the taxpayer can establish that the property placed in service in the most recent year is still on hand and used in qualified research and development activity at the end of that year. In that event, the taxpayer will be treated as having placed the returned property in service in the next most recent year.
Cite this article: FindLaw.com - West Virginia Code Chapter 11. Taxation § 11-13R-10. Failure to keep records of qualified research and development credit property - last updated January 01, 2024 | https://codes.findlaw.com/wv/chapter-11-taxation/wv-code-sect-11-13r-10/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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