Railway companies; apportionment

# A.

Railway companies are required to apportion income by use of a special factor. The factor is a fraction, the numerator of which is the revenue car miles in Virginia and the denominator of which is revenue car miles everywhere.

# B.

Definitions.

"Railway company" means any corporation subject to regulation as a railway company by the U.S. Interstate Commerce Commission.

"Income subject to apportionment" means the entire Virginia taxable income of the corporation except income allocable under 23VAC10-120-140.

"Revenue car mile" means the movement of loaded car equipment a distance of one mile determined in accordance with the Uniform System of Accounts for Railroad Companies of the Interstate Commerce Commission.