Code of Virginia (Last Updated:July 28, 2020) |
TITLE 58.1. Taxation |
SUBTITLE I. Taxes Administered By the Department of Taxation |
CHAPTER 3. Income Tax |
ARTICLE 14. Accounting, Returns, Procedures for Corporations |
SECTION 58.1-443. Prohibition of worldwide consolidation or combination |
Notwithstanding any other provisions of this chapter, the Department shall not require, and no corporation may elect, that a consolidation or combination of an affiliated group include any controlled foreign corporation, the income of which is derived from sources without the United States. Code 1950, § 58-151.079:1; 1981, c. 402; 1984, c. 675. |