58.1-903 - Tax on transfer of taxable estate of nonresidents; property of nonresident defined. - Virginia Statutes

§ 58.1-903. Tax on transfer of taxable estate of nonresidents; property ofnonresident defined.

A. A tax in an amount computed as provided in this section is imposed on thetransfer of every nonresident's taxable estate located in the Commonwealth ofVirginia.

The tax shall be an amount computed by multiplying the federal credit by afraction, the numerator of which is the value of that part of the grossestate over which Virginia has jurisdiction for estate tax purposes and thedenominator of which is the value of the decedent's gross estate.

B. For purposes of this section, property located in the Commonwealth ofVirginia which is taxable to a nonresident shall include:

1. Real property and real property interests located in the Commonwealth ofVirginia including mineral interests, royalties, production payments,leasehold interests, or working interests in oil, gas, coal, or any otherminerals; and

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

(Code 1950, § 58-238.4; 1978, c. 838; 1984, c. 675.)