§ 58.1-542. Corporations subject to the local income tax
A. For purposes of this article, a corporation shall be deemed to have income from sources within a county or city if it has:
1. Items of income, gain, loss and deduction attributable to:
a. The ownership of any interest in real or tangible personal property in the county or city; or
b. A business, trade, profession or occupation carried on in the county or city.
2. Income from intangible personal property, including annuities, dividends, interest, royalties and gains from the disposition of intangible personal property to the extent that such income is from property employed by the taxpayer in a business, trade, profession or occupation carried on in the county or city.
B. If the entire business of the corporation within the Commonwealth is transacted or conducted within the county or city imposing a local income tax, the tax shall be upon the entire Virginia taxable income of such corporation within the Commonwealth for each taxable year. The entire business of the corporation shall be deemed to have been transacted or conducted within the county or city if such corporation has no income from sources within any other county or city of the Commonwealth.
(1989, c. 245.)
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