58.1-409 - Property factor. - Virginia Statutes

§ 58.1-409. Property factor.

The property factor is a fraction, the numerator of which is the averagevalue of the corporation's real and tangible personal property owned and usedor rented and used in the Commonwealth during the taxable year and thedenominator of which is the average value of all the corporation's real andtangible personal property owned and used or rented and used during thetaxable year and located everywhere, to the extent that such property is usedto produce Virginia taxable income and is effectively connected with theconduct of a trade or business within the United States and income therefromis includable in federal taxable income.

(Code 1950, § 58-151.042; 1971, Ex. Sess., c. 171; 1978, c. 184; 1981, c.402; 1984, c. 675.)