58.1-1102 - Intangible personal property of certain poultry and livestock producers. - Virginia Statutes

§ 58.1-1102. Intangible personal property of certain poultry and livestockproducers.

A. Any person, firm or corporation who or which enters into contracts withfarmers for the production of poultry or livestock under which contracts suchperson, firm or corporation furnishes the poultry or livestock and feed andother supplies therefor and assumes all financial risks, including all lossesin the growing and marketing of such poultry or livestock, shall be subjectto the intangible personal property tax under § 58.1-1100 and not as amerchant. Such poultry and livestock shall not be included in such intangiblepersonal property but shall be assessable locally as tangible personalproperty.

B. Any person, firm or corporation who or which processes poultry to aproduct ready for human consumption, except for cooking, in a process inwhich machinery or mechanical devices, or both, play a material orsignificant part, and who or which sells such products to customers, subjectto wholesale merchants' license taxation shall be taxable under § 58.1-1100.

(Code 1950, §§ 58-412.1, 58-412.2; 1952, c. 679; 1956, c. 618; 1982, c. 633;1984, c. 675.)