58.1-931 - Imposition of tax.
§ 58.1-931. Imposition of tax.
A. When the gross estate of a decedent at the date of death is of such valueas to require filing a federal estate tax return and such estate containscertain farm or business real property which qualified for valuation under §2032A of the Internal Revenue Code, and such property has been valued in themanner provided in § 2032A for the tax imposed under this chapter, a copy ofthe election made at the time of filing the federal estate tax return shallbe attached to the Virginia estate tax return when filed. Such return shallalso include an agreement signed by each person in being having an interest,whether or not in possession, in such property and consent to the applicationof § 2032A of the Internal Revenue Code.
B. If, within fifteen years after the decedent's death and before the deathof the qualified heir, as defined in § 2032A (e) (1) of the Internal RevenueCode, a qualified heir disposes of any interest in the property, other thanto 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 Virginiaestate tax, computed as provided in subsection (c) of § 2032A of the InternalRevenue Code.
(Code 1950, § 58-238.38; 1981, c. 399; 1984, c. 675.)