                                 CODE OF VIRGINIA

IMPOSITION OF TAX (§ 58.1-931)

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 &#xA7; 2032A
of the Internal Revenue Code, and such property has been valued in the manner
provided in &#xA7; 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 &#xA7;
2032A of the Internal Revenue Code.

B. If, within fifteen years after the decedent&#8217;s death and before the
death of the qualified heir, as defined in &#xA7; 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 &#xA7; 2032A of the Internal Revenue
Code.

HISTORY: Code 1950, § 58-238.38; 1981, c. 399; 1984, c. 675.