All professional corporations organized or qualifying under the provisions of this chapter, shall be taxed as corporations for income tax purposes and shall be subject to the provisions of Chapter 3 (§ 58.1-300 et seq.) of Title 58.1, entitled "Income Taxes," insofar as these provisions are applicable to corporations, and property owned by such corporations shall be taxed in the actual form in which it may exist and not as capital. The provisions of this section shall be effective January 1, 1971.
1972, c. 214.
Structure Code of Virginia
Chapter 7 - Professional Corporations
§ 13.1-542.1. Practice of certain professions by corporations
§ 13.1-544. Who may organize and become shareholder
§ 13.1-544.1. Use of initials "P.C." or "PC" in corporate name
§ 13.1-544.2. Certificate of authority for foreign professional corporations
§ 13.1-548. Corporation not to engage in other business; investment of funds
§ 13.1-549.1. Special provision for corporation engaged in practice of accounting
§ 13.1-549.2. Registration certificate required for corporation engaged in practice of law
§ 13.1-550. Transfer of shares
§ 13.1-551. Disqualification of shareholder
§ 13.1-553. Board of directors
§ 13.1-554.1. Income and property taxes
§ 13.1-556. Application of Chapter 9 or Chapter 10 of this title