West Virginia Code 11-11-4 – Tax on transfer of estate of residents; credit; property of residents defined
(a) Imposition of tax. — A tax in the amount of the federal credit is imposed on the transfer of the taxable estate of every resident decedent, subject, where applicable, to the credit provided for in subsection (b).
Terms Used In West Virginia Code 11-11-4
- Decedent: A deceased person.
- federal credit: means the maximum amount of the credit for state death taxes allowable by Section 2011, credit against federal estate tax (or Section 2102 in the case of an alien) and Section 2602, credit against the federal tax on generation-skipping transfers of the United States Internal Revenue Code of 1954, as amended or renumbered, or in successor provisions of the laws of the United States, in respect to a decedent'. See West Virginia Code 11-11-2
- gross estate: means the gross estate of the decedent as defined in Section 2031 (or Section 2103 in the case of an alien) of the United States Internal Revenue Code of 1954, as amended or renumbered, or in successor provisions of the laws of the United States. See West Virginia Code 11-11-2
- Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- other state: means any state of the fifty states in the United States (other than this state) and includes the District of Columbia and any possession or territory of the United States. See West Virginia Code 11-11-2
- Personal property: All property that is not real property.
- personal property: includes goods, chattels, real and personal, money, credits, investments, and the evidences thereof. See West Virginia Code 2-2-10
- resident: means a decedent who was domiciled in the State of West Virginia at the time of his or her death. See West Virginia Code 11-11-2
- state: means any state, territory or possession of the United States and the District of Columbia. See West Virginia Code 11-11-2
- tax: means the tax imposed by this article, and includes any additions to tax, penalties and interest imposed by this article or article ten of this chapter. See West Virginia Code 11-11-2
- taxable estate: means the taxable estate of the decedent as defined in Section 2051 (or Section 2106 in the case of an alien) of the United States Internal Revenue Code of 1954, as amended or renumbered, or in successor provisions of the laws of the United States. See West Virginia Code 11-11-2
- this state: means the State of West Virginia. See West Virginia Code 11-11-2
- transfer: means "transfer" as defined in Sections 2001, 2101, 2601 of the United States Internal Revenue Code of 1954, as amended or renumbered, or in successor provisions of the laws of the United States. See West Virginia Code 11-11-2
- value: means the value of property, the value of the gross estate or the value of the taxable estate as finally determined for federal estate tax purposes under the laws of the United States relating to federal estate taxes. See West Virginia Code 11-11-2
(b) Credit. — If property of a resident is subject to a death tax imposed by another state for which a federal credit is allowed, the amount due under this section shall be credited with the lesser of:
(1) The amount of the death tax paid to the other state, or states, and credited against the federal estate tax and federal tax on generation-skipping transfers; and
(2) The amount computed by multiplying the amount of the federal credit by a fraction, the numerator of which is the value of that part of the gross estate over which another state (or states) has (or have) jurisdiction to the same extent to which West Virginia would exert jurisdiction under this article with respect to residents of such other state (or states). The denominator of the fraction shall be the value of the decedent's gross estate.
(c) Property of resident. — The property of a resident includes:
(1) Real property situated in this state;
(2) Tangible personal property having its actual situs in this state; and
(3) Intangible personal property owned by the resident, regardless of where it is located.