                                 CODE OF VIRGINIA

VALUE OF THE ESTATE; TIME OF VALUATION (§ 58.1-1713)

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 &#xA7; 2032
of the Internal Revenue Code for purposes of federal taxation, at such time.

HISTORY: Code 1950, §§ 58-66, 58-67; 1973, c. 282; 1984, c. 675.