West Virginia § 11-13R-10 Failure to keep records of qualified research and development credit property

West Virginia Statutes

§ 11-13R-10 — Failure to keep records of qualified research and development credit property

West Virginia § 11-13R-10

Ch. 11TAXATION

Art. 13RSTRATEGIC RESEARCH AND DEVELOPMENT TAX CREDIT

This text of West Virginia § 11-13R-10 (Failure to keep records of qualified research and development credit property) is published on Counsel Stack Legal Research, covering West Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

W. Va. Code § 11-13R-10 (2026).

Text

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 prope

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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.