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Mandate Information
Mandate Title:
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
23 vac 10 - 120 : Corporation Income Tax
Associated Regulatory Actions No regulatory action has been filed.
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