Virginia Code 58.1-937: Filing of return; payment of tax.
A. Every person required to file a return reporting a generation skipping transfer under applicable federal statutes and regulations shall file a return with the Department on or before the last day prescribed for filing the federal return. For purposes of this article the requirements for filing a return shall be satisfied by filing a duplicate copy of the federal return.
Terms Used In Virginia Code 58.1-937
- Department: means the Department of Taxation. See Virginia Code 58.1-1
- 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
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
B. The tax imposed by this section shall be due upon a taxable distribution or taxable termination as determined under applicable provisions of the federal generation skipping transfer tax. The person liable for payment of the federal generation skipping transfer tax shall be liable for the tax imposed by this article. Such tax shall be paid to the Department on or before the last day allowed for filing a return hereunder. Interest computed as provided in § 58.1-15 shall accrue on the amount of unpaid tax from the day after such last day until paid.
Code 1950, § 58-238.37; 1979, c. 559; 1984, c. 675.