Qualify Disposition of Real Property
Purpose of legislation
Allow individual and corporate taxpayers to recognize income from certain dispositions of real property under the installment method for Virginia tax purposes, even though they were required to report the entire gain as income in the year of the disposition for federal income tax purposes. The qualifying dispositions of real property will be those in which the real property is held by the taxpayer for sale to customers in the ordinary course of the taxpayer’s trade or business.
|Legislation mandating a change||Chap 508 (2009)|
|VAC chapters to be amended|
|Associated Regulatory Actions||No regulatory action has been filed.|