§ 58.1-325 Virginia taxable income of nonresident individuals, partners, beneficiaries and certain shareholders
A. The Virginia taxable income of a nonresident individual, partner or beneficiary shall be an amount bearing the same proportion to his Virginia taxable income, computed as though he were a resident, as the net amount of his income, gain, loss and deductions from Virginia sources bears to the net amount of his income, gain, loss and deductions from all sources.
B. For a nonresident individual who is a shareholder in an electing small business corporation (S corporation), there shall be included in his Virginia taxable income his share of the taxable income of such corporation, and his share of any net operating loss of such corporation shall be deductible from his Virginia taxable income.
History
The record of this law’s original creation isn’t available online. It has been modified 12 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1972, chapter 827; in 1973, chapters 198, 345, and 458; in 1974, chapter 682; in 1975, chapter 46; in 1976, chapters 528, 694, and 781; in 1977, chapters 297 and 612; in 1978, chapters 67 and 158; in 1979, chapters 226 and 596; in 1981, chapters 402 and 414; in 1982, chapter 633; in 1983, chapters 452 and 472; in 1984, chapters 153, 162, 636, 674, 675, and 729.
Code 1950, § 58-151.013; 1971, Ex. Sess., c. 171; 1972, c. 827; 1973, cc. 198, 345, 458; 1974, c. 682; 1975, c. 46; 1976, cc. 528, 694, 781; 1977, cc. 297, 612; 1978, cc. 67, 158; 1979, cc. 226, 596; 1981, cc. 402, 414; 1982, c. 633; 1983, cc. 452, 472; 1984, cc. 153, 162, 636, 674, 675, 729.