The average value of property shall be determined by averaging the value at the beginning and ending of the taxable year, but the Department may require the averaging of monthly values during the taxable year if reasonably required to reflect properly the average value of the corporation‘s property.

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Terms Used In Virginia Code 58.1-411

  • 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.
  • Department: means the Department of Taxation. See Virginia Code 58.1-1

Code 1950, § 58-151.044; 1971, Ex. Sess., c. 171; 1984, c. 675.

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