13.1-554.1 - Income and property taxes. - Virginia Statutes

§ 13.1-554.1. Income and property taxes.

All professional corporations organized or qualifying under the provisions ofthis chapter, shall be taxed as corporations for income tax purposes andshall be subject to the provisions of Chapter 3 (§ 58.1-300 et seq.) of Title58.1, entitled "Income Taxes," insofar as these provisions are applicableto corporations, and property owned by such corporations shall be taxed inthe actual form in which it may exist and not as capital. The provisions ofthis section shall be effective January 1, 1971.

(1972, c. 214.)