§ 58.1-1713. Value of the estate; time of valuation
A. The tax imposed by this article shall be based upon the value of all property, real and personal, within the jurisdiction of the Commonwealth, which shall pass from the decedent to each beneficiary by will or intestacy. The value of all real estate shall be included although the real estate does not come into the control or possession of the personal representative for intestate administration purposes and whether or not the personal representative under a will is charged with any duty with respect to such real estate. However, in no event shall the value of real estate owned by the decedent and situated outside of the Commonwealth be considered in computing the value of the estate.
B. The value of the estate shall be determined at the time of death of the decedent, or if an alternate time of valuation has been chosen under § 2032 of the Internal Revenue Code for purposes of federal taxation, at such time.
(Code 1950, §§ 58-66, 58-67; 1973, c. 282; 1984, c. 675.)
Sections: Previous 58.1-1706 58.1-1707 58.1-1708 58.1-1709 58.1-1710 58.1-1711 58.1-1712 58.1-1713 58.1-1714 58.1-1715 58.1-1716 58.1-1717 58.1-1718 58.1-1719 58.1-1720 NextLast modified: April 3, 2009