58.1-419 - Construction corporations; apportionment. - Virginia Statutes

§ 58.1-419. Construction corporations; apportionment.

A. Construction companies which have elected to report income on thecompleted contract basis shall apportion income within and without thisCommonwealth in the ratio that the business within the Commonwealth is to thetotal business of the corporation.

B. All other construction corporations not reporting under the completedcontract method shall determine Virginia taxable income by reference to §§58.1-406 through 58.1-416.

(Code 1950, § 58-151.050:2; 1976, c. 436; 1981, c. 402; 1984, c. 675.)