Section 50. Alien decedent's tax

A. The formula for an alien decedent's tax calculated under § 58.1-904 A is as follows:

 

Value of property taxable in Virginia	X	Federal credit for State death taxes
__________________
Value of property taxable by U.S.

B. The "value of property taxable in Virginia" in the numerator of the formula in § 58.1-904 A means the value reported for federal estate tax purposes of:

1. Real property located in Virginia;

2. Tangible personal property having an actual situs in Virginia;

3. Intangible property physically present in Virginia, including, but not limited to:

a. Stock in a corporation organized under the laws of Virginia;

b. Interests in real property located in Virginia, including mineral interests, royalties, production payments, leasehold interests, or working interests in oil, gas, coal or any other minerals;

c. Bonds issued by Virginia corporations or political subdivisions;

d. Deposits in Virginia financial institutions;

e. Contract rights, royalties, accounts payable and other debts owed by Virginia residents to the decedent; and

f. Any other valuable rights which can be enforced in Virginia courts.

Historical Notes

Derived from VR630-7-904, eff. January 1, 1985, with retroactive effect according to § 58.1-203 of the Code of Virginia.

Statutory Authority

§§ 58.1-203 and 58.1-904 of the Code of Virginia.