What # do I put for long-term capital gain subtraction in State section

Do I use just the NET amount I gained or do I put the whole sale amount?


  • good  question dale, no one seems to know..I am guessing net but I dont know either
I am no accountant, but the instructions for the Virginia Long-Term Capital Gain subtraction say the following:

Long-Term Capital Gain - Income taxed as a long-term
capital gain, or any income taxed as investment services
partnership income for federal tax purposes is allowed
as a subtraction provided the income is attributable
to an investment in a “qualified business” as defined
in Va. Code § 58.1-339.4 or in any other technology
business approved by the Secretary of Technology. The
business must have its principal facility in Virginia and
less than $3 million in annual revenues for the fiscal
year preceding the investment. The investment must
be made between the dates of April 1, 2010, and June
30, 2013. Taxpayers claiming the Qualified Equity and
Subordinated Debt Credit cannot claim this subtraction
relating to investments in the same business. In
addition, no investment is “qualified” for this deduction
if the business performs research in Virginia on human
embryonic stem cells.

I found this in the instructions for the VA Schedule ADJ, it is Adjustment code number 52.
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