CODE OF VIRGINIA

TAX ON TRANSFER OF TAXABLE ESTATE OF RESIDENTS; AMOUNTS; CREDIT; PROPERTY OF
RESIDENT DEFINED (§ 58.1-902)

A. A tax in the amount of the federal credit is imposed on the transfer of the
taxable estate of every resident, subject, where applicable, to the credit
provided for in subsection B.

B. If the real and tangible personal property of a resident is located outside
of the Commonwealth and is subject to a death tax imposed by another state for
which a credit is allowed under § 2011 of the Internal Revenue Code of 1954, as
amended or renumbered, or the successor provision of the laws of the United
States relating to federal estate taxes, the amount of tax due under this
section shall be credited with the lesser of:

   1.  The amount of the death tax paid the other state and credited against the
   federal estate tax; or

   2.  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
   another state or states have jurisdiction to the same extent to which Virginia
   would exert jurisdiction under this chapter with respect to the residents of
   such other state or states and the denominator of which is the value of the
   decedent’s gross estate.

C. Property of a resident includes:

   1.  Real property situated in the Commonwealth of Virginia;

   2.  Tangible personal property having an actual situs in the Commonwealth of
   Virginia; and

   3.  Intangible personal property owned by the resident regardless of where it
   is located.

HISTORY: Code 1950, § 58-238.3; 1978, c. 838; 1984, c. 675.