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23 VAC Title 23 Agency 10 — Virginia Tax Regulations

23VAC10-120-265

Construction corporation; definitions

Official textlaw.lis.virginia.gov

# 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.

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

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Nearby sections (25 sections)
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  3. 10-120-170 · Valuation of property owned or rented
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  10. 10-120-240 · Motor carriers; apportionment
  11. 10-120-250 · Financial corporations; apportionment
  12. 10-120-260 · Construction corporation; apportionment
  13. 10-120-265 · Construction corporation; definitions
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  15. 10-120-280 · Alternative method of allocation and apportionment
  16. 10-120-290 · (Repealed.)
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