58.1-361 - Virginia taxable income of a resident estate or trust.
§ 58.1-361. Virginia taxable income of a resident estate or trust.
A. The Virginia taxable income of a resident estate or trust means itsfederal taxable income for the taxable year to which there shall be added orsubtracted, as the case may be, the share of the estate or trust in theVirginia fiduciary adjustment determined under subsection B.
B. The respective shares of an estate or trust and its beneficiaries(including, solely for the purpose of this allocation, nonresidentbeneficiaries) in the Virginia fiduciary adjustment shall be in proportion totheir respective shares of distributable net income of the estate or trust.If the estate or trust has no distributable net income for the taxable year,the share of each beneficiary in the Virginia fiduciary adjustment shall bein proportion to his share of the estate or trust income for such year, underlocal law or the governing instrument, which is required to be distributedcurrently and any other amounts of such income distributed in such year. Anybalance of the Virginia fiduciary adjustment shall be allocated to the estateor trust.
(Code 1950, §§ 58-151.022, 58-151.023; 1971, Ex. Sess., c. 171; 1972, c. 827;1973, c. 198; 1984, c. 675.)