58.1-1713 - Value of the estate; time of valuation.
§ 58.1-1713. Value of the estate; time of valuation.
A. The tax imposed by this article shall be based upon the value of allproperty, 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 doesnot come into the control or possession of the personal representative forintestate administration purposes and whether or not the personalrepresentative under a will is charged with any duty with respect to suchreal estate. However, in no event shall the value of real estate owned by thedecedent and situated outside of the Commonwealth be considered in computingthe value of the estate.
B. The value of the estate shall be determined at the time of death of thedecedent, or if an alternate time of valuation has been chosen under § 2032of the Internal Revenue Code for purposes of federal taxation, at such time.
(Code 1950, §§ 58-66, 58-67; 1973, c. 282; 1984, c. 675.)