Virginia Code 58.1-935: Definitions.
A. Terms, phrases, and words used in this article, except for those defined in subsection B of this section, shall be defined as they are defined under Chapter 13 of subchapter B of the Internal Revenue Code of 1954, as amended.
Terms Used In Virginia Code 58.1-935
- Donor: The person who makes a gift.
- Federal generation skipping transfer tax: means the tax imposed by Chapter 13 of subchapter A of the Internal Revenue Code of 1954, as amended. See Virginia Code 58.1-935
- Generation skipping transfer: includes every transfer subject to the tax imposed under Chapter 13 of subchapter A of the Internal Revenue Code of 1954, as amended, where the original transferor is a resident of the Commonwealth of Virginia at the date of original transfer, or the property transferred is real or personal property having a situs in Virginia. See Virginia Code 58.1-935
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Grantor: The person who establishes a trust and places property into it.
- Includes: means includes, but not limited to. See Virginia Code 1-218
- Original transferor: means any grantor, donor, trustor, or testator who by grant, gift, trust or will makes a transfer of real or personal property that results in a federal generation skipping transfer tax under applicable provisions of the Internal Revenue Code. See Virginia Code 58.1-935
- Personal property: All property that is not real property.
- Resident: means a decedent who was domiciled in the Commonwealth of Virginia at his death. See Virginia Code 58.1-901
- Testator: A male person who leaves a will at death.
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
B. As used in this article the term or phrase:
“Federal generation skipping transfer tax” means the tax imposed by Chapter 13 of subchapter A of the Internal Revenue Code of 1954, as amended.
“Generation skipping transfer” includes every transfer subject to the tax imposed under Chapter 13 of subchapter A of the Internal Revenue Code of 1954, as amended, where the original transferor is a resident of the Commonwealth of Virginia at the date of original transfer, or the property transferred is real or personal property having a situs in Virginia.
“Original transferor” means any grantor, donor, trustor, or testator who by grant, gift, trust or will makes a transfer of real or personal property that results in a federal generation skipping transfer tax under applicable provisions of the Internal Revenue Code.
Code 1950, § 58-238.37; 1979, c. 559; 1984, c. 675.