Chap. 414.—An ACT to amend and re-enact section 74 of the tax Code of
Virginia. , [S B 184]

Approved March 25, 1930

1. Be it enacted by the general assembly of Virginia, That section
seventy-four of the tax Code of Virginia be amended and re-enacted
so as to read as follows:

Section 74. Non-residents; taxation of such capital—Every non-
resident person, all foreign corporations and all partnerships consisting
in whole or in part of non-resident persons, doing business in this State,
are hereby declared to have a business domicile within this State and
shall report the above items as capital used or employed in this State
to the same extent as if they were residents of this State. All money
on hand and on deposit, bills and accounts receivable, obligations, credits,
demands and claims and all other intangible assets used or employed in
the Virginia business are hereby declared to be capital used or employed
within this State and at the business domicile of such foreign cor-
poration, non-resident person or non-resident partnership, its or their
agents, or representatives, whether the physical evidences of such
intangible assets are kept within the State or not. The amount of the
aforesaid intangible assets having a situs within this State shall be
determined by an allocation and separate accounting when the books
of such person, corporation or partnership show the amount of such
assets hereby declared to have a situs within this State.