Virginia Code 58.1-2631: Gross receipts in cases of consolidation or merger.
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Whenever there is a consolidation or merger of corporations taxable under § 58.1-2626 or taxable under Article 6 (§ 58.1-2660 et seq.) of this chapter, liability for the taxes shall attach to the corporation thus formed and the gross receipts which shall be used for measuring the license tax or special regulatory revenue tax of the corporation thus formed shall include the gross receipts of the corporations which were consolidated or merged.
Terms Used In Virginia Code 58.1-2631
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Gross receipts: means the total of all revenue derived in the Commonwealth, including but not limited to income from the provision or performance of a service or the performance of incidental operations not necessarily associated with the particular service performed, without deductions for expenses or other adjustments. See Virginia Code 58.1-2600
Code 1950, § 58-507; 1984, c. 675; 1988, c. 899; 2002, c. 502.