58.1-937 - Filing of return; payment of tax.
§ 58.1-937. Filing of return; payment of tax.
A. Every person required to file a return reporting a generation skippingtransfer under applicable federal statutes and regulations shall file areturn with the Department on or before the last day prescribed for filingthe federal return. For purposes of this article the requirements for filinga return shall be satisfied by filing a duplicate copy of the federal return.
B. The tax imposed by this section shall be due upon a taxable distributionor taxable termination as determined under applicable provisions of thefederal generation skipping transfer tax. The person liable for payment ofthe federal generation skipping transfer tax shall be liable for the taximposed by this article. Such tax shall be paid to the Department on orbefore the last day allowed for filing a return hereunder. Interest computedas provided in § 58.1-15 shall accrue on the amount of unpaid tax from theday after such last day until paid.
(Code 1950, § 58-238.37; 1979, c. 559; 1984, c. 675.)