2014 Virginia Code
Title 58.1 - Taxation
§ 58.1-2630. Gross receipts in cases of acquisition of business
A. Any taxpayer liable for a license tax required by this chapter or liable for the special regulatory revenue tax required by Article 6 (§ 58.1-2660 et seq.) of this chapter that acquires, by purchase or otherwise, the business or any part thereof of another taxpayer also liable for such taxes but which would not be otherwise subject to the taxes following such sale or disposition shall, for the purpose of determining the amount of its taxes for the year following the year in which such business was so acquired, include as a part of its gross receipts for the taxable years, the gross receipts of the business so acquired for that portion of the taxable year as such business was not operated by the acquiring taxpayer.
B. The provisions of subsection A shall not apply to any taxpayer whose license tax for the year involved is measured by an estimate of gross receipts for such year as prescribed in § 58.1-2629.
Code 1950, § 58-506; 1984, c. 675; 2002, c. 502.
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