58.1-935 - Definitions. - Virginia Statutes

§ 58.1-935. Definitions.

A. Terms, phrases, and words used in this article, except for those definedin subsection B of this section, shall be defined as they are defined underChapter 13 of subchapter B of the Internal Revenue Code of 1954, as amended.

B. As used in this article the term or phrase:

"Federal generation skipping transfer tax" means the tax imposed by Chapter13 of subchapter A of the Internal Revenue Code of 1954, as amended.

"Generation skipping transfer" includes every transfer subject to the taximposed under Chapter 13 of subchapter A of the Internal Revenue Code of1954, as amended, where the original transferor is a resident of theCommonwealth of Virginia at the date of original transfer, or the propertytransferred is real or personal property having a situs in Virginia.

"Original transferor" means any grantor, donor, trustor, or testator who bygrant, gift, trust or will makes a transfer of real or personal property thatresults in a federal generation skipping transfer tax under applicableprovisions of the Internal Revenue Code.

(Code 1950, § 58-238.37; 1979, c. 559; 1984, c. 675.)