Virginia Code 58.1-903: Tax on transfer of taxable estate of nonresidents; property of nonresident defined.
A. A tax in an amount computed as provided in this section is imposed on the transfer of every nonresident‘s taxable estate located in the Commonwealth of Virginia.
Terms Used In Virginia Code 58.1-903
- Federal credit: means the maximum amount of the credit for state death taxes allowable by § 2011 of the United States Internal Revenue Code of 1954, as amended or renumbered, or successor provision, in respect to a decedent's taxable estate. See Virginia Code 58.1-901
- Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
- Gross estate: means "gross estate" as defined in § 2031 of the United States Internal Revenue Code of 1954, as amended or renumbered, or the successor provision of the laws of the United States. See Virginia Code 58.1-901
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Nonresident: means a decedent who was domiciled outside of the Commonwealth of Virginia at his death. See Virginia Code 58.1-901
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Taxable estate: means "taxable estate" as defined in § 2051 of the United States Internal Revenue Code of 1954, as amended or renumbered, or the successor provision of the laws of the United States. See Virginia Code 58.1-901
- Value: means "value" as finally determined for federal estate tax purposes under the laws of the United States relating to federal estate taxes. See Virginia Code 58.1-901
The tax shall be an amount computed by multiplying the federal credit by a fraction, the numerator of which is the value of that part of the gross estate over which Virginia has jurisdiction for estate tax purposes and the denominator of which is the value of the decedent‘s gross estate.
B. For purposes of this section, property located in the Commonwealth of Virginia which is taxable to a nonresident shall include:
1. Real property and real property interests located in the Commonwealth of Virginia including mineral interests, royalties, production payments, leasehold interests, or working interests in oil, gas, coal, or any other minerals; and
2. Tangible personal property having an actual situs in the Commonwealth of Virginia.
Code 1950, § 58-238.4; 1978, c. 838; 1984, c. 675.