Chap. 202.—An ACT to re-enact section 2308 of the Code of Virginia to govern
the situs for purposes of taxation of property held in trust in certain cases.

(S B 90]
Approved March 14, 1924.

1. Be it enacted by the general assembly of Virginia, That section
twenty-three hundred and eight, of the Code of Virginia, be re-enacted
to read as follows:

Section 2308. Tax situs of property held in trust in certain cases.—
Property held in trust by a trustee who is a resident of this State, shall
not be deemed to have a situs in this State for purposes of taxation,
and shall not be assessed for taxation in this State if the creator of the
trust was at the time of the creation thereof, a non-resident of this State,
and if all of the beneficiaries under the trust are also non-residents. If,
however, one or more of the beneficiaries is a resident of this State, the
property shall be assessable for taxation as if the trustee were a non-
resident.