§ 58.1-931. Imposition of tax
A. When the gross estate of a decedent at the date of death is of such value as to require filing a federal estate tax return and such estate contains certain farm or business real property which qualified for valuation under § 2032A of the Internal Revenue Code, and such property has been valued in the manner provided in § 2032A for the tax imposed under this chapter, a copy of the election made at the time of filing the federal estate tax return shall be attached to the Virginia estate tax return when filed. Such return shall also include an agreement signed by each person in being having an interest, whether or not in possession, in such property and consent to the application of § 2032A of the Internal Revenue Code.
B. If, within fifteen years after the decedent's death and before the death of the qualified heir, as defined in § 2032A (e) (1) of the Internal Revenue Code, a qualified heir disposes of any interest in the property, other than to a member of his family, as defined in subsection (e) (2) of such section, or ceases to use such property for qualified uses as defined in subsection (b) (2) of such section, there is hereby imposed an additional Virginia estate tax, computed as provided in subsection (c) of § 2032A of the Internal Revenue Code.
(Code 1950, § 58-238.38; 1981, c. 399; 1984, c. 675.)
Sections: Previous 58.1-924 58.1-925 58.1-926 58.1-927 58.1-928 58.1-929 58.1-930 58.1-931 58.1-932 58.1-933 58.1-934 58.1-935 58.1-936 58.1-937 58.1-938 NextLast modified: April 3, 2009