Opinion ID: 1293123
Heading Depth: 2
Heading Rank: 1

Heading: Tax Statutes

Text: Nothing in § 58-603 permits, or requires, the assessment of only a portion of the gross receipts derived from distributive sales. . . . [or] purports to limit the tax to revenue from sales for a specific use. To the contrary, . . . § 58-603 imposed the tax upon the corporation's gross receipts from all sources. Com. Nat. Res. v. Commonwealth, 219 Va. 529, 536, 248 S.E.2d 791, 795 (1978). Section 58-661 imposes a Valuation Fund tax upon gross receipts from business done within the State. The only limitation upon the taxable base defined in these tax statutes is that the receipts be derived from business conducted in Virginia.