58.1-325 - Virginia taxable income of nonresident individuals, partners, beneficiaries and certain shareholders. - Virginia Statutes

§ 58.1-325. Virginia taxable income of nonresident individuals, partners,beneficiaries and certain shareholders.

A. The Virginia taxable income of a nonresident individual, partner orbeneficiary shall be an amount bearing the same proportion to his Virginiataxable income, computed as though he were a resident, as the net amount ofhis income, gain, loss and deductions from Virginia sources bears to the netamount of his income, gain, loss and deductions from all sources.

B. For a nonresident individual who is a shareholder in an electing smallbusiness corporation (S corporation), there shall be included in his Virginiataxable income his share of the taxable income of such corporation, and hisshare of any net operating loss of such corporation shall be deductible fromhis Virginia taxable income.

(Code 1950, § 58-151.013; 1971, Ex. Sess., c. 171; 1972, c. 827; 1973, cc.198, 345, 458; 1974, c. 682; 1975, c. 46; 1976, cc. 528, 694, 781; 1977, cc.297, 612; 1978, cc. 67, 158; 1979, cc. 226, 596; 1981, cc. 402, 414; 1982, c.633; 1983, cc. 452, 472; 1984, cc. 153, 162, 636, 674, 675, 729.)