58.1-405 - Corporations transacting or conducting entire business within this Commonwealth. - Virginia Statutes

§ 58.1-405. Corporations transacting or conducting entire business withinthis Commonwealth.

If the entire business of the corporation is transacted or conducted withinthe Commonwealth, the tax imposed by this chapter shall be upon the entireVirginia taxable income of such corporation for each taxable year. The entirebusiness of the corporation shall be deemed to have been transacted orconducted within the Commonwealth if such corporation is not subject in anyother state to a net income tax, a franchise tax measured by net income, or afranchise tax for the privilege of doing business.

(Code 1950, § 58-151.033; 1971, Ex. Sess., c. 171; 1981, c. 402; 1984, c.675.)