                                 CODE OF VIRGINIA

PROPERTY FACTOR (§ 58.1-409)

The property factor is a fraction, the numerator of which is the average value
of the corporation&#8217;s real and tangible personal property owned and used or
rented and used in the Commonwealth during the taxable year and the denominator
of which is the average value of all the corporation&#8217;s real and tangible
personal property owned and used or rented and used during the taxable year and
located everywhere, to the extent that such property is used to produce Virginia
taxable income and is effectively connected with the conduct of a trade or
business within the United States and income therefrom is includable in federal
taxable income.

HISTORY: Code 1950, § 58-151.042; 1971, Ex. Sess., c. 171; 1978, c. 184; 1981,
c. 402; 1984, c. 675.