§ 58.1-362 — Virginia taxable income of a nonresident estate or trust

Virginia § 58.1-362

• Jurisdiction: Virginia
• Title 58.1: TAXATION
• Subtitle I: TAXES ADMINISTERED BY THE DEPARTMENT OF TAXATION
• Ch. 3: INCOME TAX
• Art. 6: TAXATION OF ESTATES AND TRUSTS

Text

The Virginia taxable income of a nonresident estate or trust shall be its share of income, gain, loss and deduction attributable to Virginia sources as determined under § 58.1-363 increased or reduced, as the case may be, by:

1. The amount derived from or connected with Virginia sources of any income, gain, loss and deduction recognized for federal income tax purposes but excluded from the computation of distributable net income of the estate or trust; and

2. The net amount of any modifications as provided for in §§ 58.1-322.01, 58.1-322.02, and 58.1-322.04 with respect to the income or gain referred to in subdivision 1 of this section.

Legislative History

Code 1950, § 58-151.024; 1971, Ex. Sess., c. 171; 1972, c. 827; 1984, c. 675; 2017, c. 444.