58.1-2630 - Gross receipts in cases of acquisition of business. - Virginia Statutes

§ 58.1-2630. Gross receipts in cases of acquisition of business.

A. Any taxpayer liable for a license tax required by this chapter or liablefor the special regulatory revenue tax required by Article 6 (§ 58.1-2660 etseq.) of this chapter that acquires, by purchase or otherwise, the businessor any part thereof of another taxpayer also liable for such taxes but whichwould not be otherwise subject to the taxes following such sale ordisposition shall, for the purpose of determining the amount of its taxes forthe year following the year in which such business was so acquired, includeas a part of its gross receipts for the taxable years, the gross receipts ofthe business so acquired for that portion of the taxable year as suchbusiness was not operated by the acquiring taxpayer.

B. The provisions of subsection A shall not apply to any taxpayer whoselicense tax for the year involved is measured by an estimate of grossreceipts for such year as prescribed in § 58.1-2629.

(Code 1950, § 58-506; 1984, c. 675; 2002, c. 502.)