Virginia § 55.1-501 - Rule of calculation under § 55.1-500
Full text of Virginia Code of Virginia § 55.1-501 — Rule of calculation under § 55.1-500, with citation guidance and answers to common questions.
§ 55.1-501. Rule of calculation under § 55.1-500
A. Calculate the interest at eight percent upon the sum to the income of which, or upon the value of the property to the use of which, the person is entitled. Multiply this interest by the present value of an annuity of $1, as set opposite the person's age in the table, and the product is the gross value of the life estate of such person.
B. Example: Suppose a person whose age is 42 is a tenant for life in the whole of an estate worth $10,500. The annual interest on that sum at eight percent is $840. The present value of an annuity of $1 at the age of 42, as shown by the table, is $10.77, which, multiplied by $840, gives $9,046.80 as the gross value of such life estate in the premises, or the proceeds of such life estate.
Code 1919, §§ 5132, 5133; 1946, p. 555; Code 1950, §§ 55-270, 55-271; 1973, c. 355; 1981, c. 612; 1990, c. 831; 2019, c. 712.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 55.1-501
What does Code of Virginia § 55.1-501 cover?
Section 55.1-501 ("Rule of calculation under § 55.1-500") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 55.1-501?
A common citation format is "Code of Virginia § 55.1-501" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 55.1-501 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.