Section 265. Construction corporation; definitions

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A. The total business of a corporation using the completed contract method of accounting is its gross receipts from completed contracts and all other gross receipts except income allocable under § 58.1-407 of the Code of Virginia.

B. Business within this Commonwealth is the gross receipts of such corporations from completed contracts on jobs within Virginia and all other gross receipts attributable to income from sources within Virginia.

C. The "completed contract method" does not include any of the percentage of completion methods available under federal law.

Historical Notes

Derived from VR630-3-419 § 2, eff. January 1, 1985; amended, eff. July 28, 1993.

Statutory Authority

§§ 58.1-203 and 58.1-419 of the Code of Virginia.

                    
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