58.1-902 - Tax on transfer of taxable estate of residents; amounts; credit; property of resident defined. - Virginia Statutes

§ 58.1-902. Tax on transfer of taxable estate of residents; amounts; credit;property of resident defined.

A. A tax in the amount of the federal credit is imposed on the transfer ofthe taxable estate of every resident, subject, where applicable, to thecredit provided for in subsection B.

B. If the real and tangible personal property of a resident is locatedoutside of the Commonwealth and is subject to a death tax imposed by anotherstate for which a credit is allowed under § 2011 of the Internal Revenue Codeof 1954, as amended or renumbered, or the successor provision of the laws ofthe United States relating to federal estate taxes, the amount of tax dueunder this section shall be credited with the lesser of:

1. The amount of the death tax paid the other state and credited against thefederal estate tax; or

2. An amount computed by multiplying the federal credit by a fraction, thenumerator of which is the value of that part of the gross estate over whichanother state or states have jurisdiction to the same extent to whichVirginia would exert jurisdiction under this chapter with respect to theresidents of such other state or states and the denominator of which is thevalue of the decedent's gross estate.

C. Property of a resident includes:

1. Real property situated in the Commonwealth of Virginia;

2. Tangible personal property having an actual situs in the Commonwealth ofVirginia; and

3. Intangible personal property owned by the resident regardless of where itis located.

(Code 1950, § 58-238.3; 1978, c. 838; 1984, c. 675.)