§ 58.1-363. Share of a nonresident estate, trust or beneficiary in incomefrom Virginia sources.
A. The share of a nonresident estate or trust under § 58.1-362 and the shareof a nonresident beneficiary of any estate or trust under provisionsotherwise applicable to nonresident individuals in estate or trust income orloss attributable to Virginia sources shall be determined as follows:
1. There shall be determined the items of income, gain, loss and deductionderived from Virginia sources, which enter into the computation ofdistributable net income of the estate or trust for the taxable year(including such items from another estate or trust of which the first estateor trust is a beneficiary).
2. There shall be added or subtracted (as the case may be) the modificationsdescribed in § 58.1-322 to the extent relating to items of income, gain, lossand deduction derived from Virginia sources which enter into the computationof distributable net income (including all such items from another estate ortrust of which the first estate or trust is a beneficiary). No modificationshall be made under this subsection which has the effect of duplicating anitem already reflected in the computation of distributable net income.
3. The amounts determined under subdivisions 1 and 2 shall be allocated amongthe estate or trust and its beneficiaries (including, solely for the purposesof this allocation, resident beneficiaries) in proportion to their respectiveshares of distributable net income. The amounts so allocated shall have thesame character under this article as under the laws of the United Statesrelating to federal income taxes. Where an item entering into the computationof such amounts is not characterized by such laws, it shall have the samecharacter as if realized directly from the source from which realized by theestate or trust, or incurred in the same manner as incurred by the estate ortrust.
B. If the estate or trust has no distributable net income for the taxableyear, the share of each beneficiary (including, solely for the purpose ofsuch allocation, resident beneficiaries) in the net amount determined undersubdivisions 1 and 2 of subsection A shall be in proportion to his share ofthe estate or trust income for such year, under local law or the governinginstrument, which is required to be distributed currently and any otheramounts of such income distributed in such year. Any balance of such netamount shall be allocated to the estate or trust.
(Code 1950, § 58-151.025; 1971, Ex. Sess., c. 171; 1984, c. 675.)
§ 58.1-363. Share of a nonresident estate, trust or beneficiary in incomefrom Virginia sources.
A. The share of a nonresident estate or trust under § 58.1-362 and the shareof a nonresident beneficiary of any estate or trust under provisionsotherwise applicable to nonresident individuals in estate or trust income orloss attributable to Virginia sources shall be determined as follows:
1. There shall be determined the items of income, gain, loss and deductionderived from Virginia sources, which enter into the computation ofdistributable net income of the estate or trust for the taxable year(including such items from another estate or trust of which the first estateor trust is a beneficiary).
2. There shall be added or subtracted (as the case may be) the modificationsdescribed in § 58.1-322 to the extent relating to items of income, gain, lossand deduction derived from Virginia sources which enter into the computationof distributable net income (including all such items from another estate ortrust of which the first estate or trust is a beneficiary). No modificationshall be made under this subsection which has the effect of duplicating anitem already reflected in the computation of distributable net income.
3. The amounts determined under subdivisions 1 and 2 shall be allocated amongthe estate or trust and its beneficiaries (including, solely for the purposesof this allocation, resident beneficiaries) in proportion to their respectiveshares of distributable net income. The amounts so allocated shall have thesame character under this article as under the laws of the United Statesrelating to federal income taxes. Where an item entering into the computationof such amounts is not characterized by such laws, it shall have the samecharacter as if realized directly from the source from which realized by theestate or trust, or incurred in the same manner as incurred by the estate ortrust.
B. If the estate or trust has no distributable net income for the taxableyear, the share of each beneficiary (including, solely for the purpose ofsuch allocation, resident beneficiaries) in the net amount determined undersubdivisions 1 and 2 of subsection A shall be in proportion to his share ofthe estate or trust income for such year, under local law or the governinginstrument, which is required to be distributed currently and any otheramounts of such income distributed in such year. Any balance of such netamount shall be allocated to the estate or trust.
(Code 1950, § 58-151.025; 1971, Ex. Sess., c. 171; 1984, c. 675.)
§ 58.1-363. Share of a nonresident estate, trust or beneficiary in incomefrom Virginia sources.
A. The share of a nonresident estate or trust under § 58.1-362 and the shareof a nonresident beneficiary of any estate or trust under provisionsotherwise applicable to nonresident individuals in estate or trust income orloss attributable to Virginia sources shall be determined as follows:
1. There shall be determined the items of income, gain, loss and deductionderived from Virginia sources, which enter into the computation ofdistributable net income of the estate or trust for the taxable year(including such items from another estate or trust of which the first estateor trust is a beneficiary).
2. There shall be added or subtracted (as the case may be) the modificationsdescribed in § 58.1-322 to the extent relating to items of income, gain, lossand deduction derived from Virginia sources which enter into the computationof distributable net income (including all such items from another estate ortrust of which the first estate or trust is a beneficiary). No modificationshall be made under this subsection which has the effect of duplicating anitem already reflected in the computation of distributable net income.
3. The amounts determined under subdivisions 1 and 2 shall be allocated amongthe estate or trust and its beneficiaries (including, solely for the purposesof this allocation, resident beneficiaries) in proportion to their respectiveshares of distributable net income. The amounts so allocated shall have thesame character under this article as under the laws of the United Statesrelating to federal income taxes. Where an item entering into the computationof such amounts is not characterized by such laws, it shall have the samecharacter as if realized directly from the source from which realized by theestate or trust, or incurred in the same manner as incurred by the estate ortrust.
B. If the estate or trust has no distributable net income for the taxableyear, the share of each beneficiary (including, solely for the purpose ofsuch allocation, resident beneficiaries) in the net amount determined undersubdivisions 1 and 2 of subsection A shall be in proportion to his share ofthe estate or trust income for such year, under local law or the governinginstrument, which is required to be distributed currently and any otheramounts of such income distributed in such year. Any balance of such netamount shall be allocated to the estate or trust.
(Code 1950, § 58-151.025; 1971, Ex. Sess., c. 171; 1984, c. 675.)
