CODE OF VIRGINIA

GIFTS AND BEQUESTS TO FOUNDATION (§ 10.1-1024)

Gifts, devises and bequests of money, securities and other assets accepted by
the Foundation, whether personal or real property, shall be deemed to be gifts
to the Commonwealth, which shall be exempt from all state and local taxes and
shall be regarded as property of the Commonwealth for the purposes of all tax
laws.

HISTORY: 1992, c. 426; 2000, c. 1053.