23VAC10-110-143. Virginia taxable income; deductions

A. For provisions defining the computation of deductions from Virginia taxable income see § 58.1-322.03 of the Code of Virginia. B. For the purposes of computing the amount of reduction required to federal itemized deductions for income taxes imposed by Virginia or any other taxing jurisdiction, the term "any other taxing jurisdiction" includes any other state, any locality, and any foreign country. C. For the purposes of the Virginia standard deduction, the term "earned income" shall mean wages, salaries or professional fees, and other amounts received as compensation for professional services actually rendered, but does not include that part of the compensation derived by the taxpayer for personal services rendered by the taxpayer to a corporation that represents a distribution of earnings or profits rather than a reasonable allowance as compensation for the personal services actually rendered. This rule applies to dependents younger than 19 years of age and full-time students who are eligible to be claimed on their parent's return.