- 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.
Statutory Authority
§§ 58.1-203 and 58.1-419 of the Code of Virginia.
Historical Notes
Derived from VR630-3-419 § 2, eff. January 1, 1985; amended, eff. July 28, 1993.