§ 58.1-935 Definitions
A. Terms, phrases, and words used in this article, except for those defined in subsection B of this section, shall be defined as they are defined under Chapter 13 of subchapter B of the Internal Revenue Code of 1954, as amended.
B. As used in this article the term or phrase:
“Federal generation skipping transfer tax” means the tax imposed by Chapter 13 of subchapter A of the Internal Revenue Code of 1954, as amended.
“Generation skipping transfer” includes every transfer subject to the tax imposed under Chapter 13 of subchapter A of the Internal Revenue Code of 1954, as amended, where the original transferor is a resident of the Commonwealth of Virginia at the date of original transfer, or the property transferred is real or personal property having a situs in Virginia.
“Original transferor” means any grantor, donor, trustor, or testator who by grant, gift, trust or will makes a transfer of real or personal property that results in a federal generation skipping transfer tax under applicable provisions of the Internal Revenue Code.
History
The record of this law’s original creation isn’t available online. The oldest record of it is its appearance in the Code of Virginia of 1950, as § 58-238.37. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1979, chapter 559; in 1984, chapter 675.
Code 1950, § 58-238.37; 1979, c. 559; 1984, c. 675.