  We have attributed magnetism and electronic structure of V2O3 to the V3+
ions. We claim that the V3+ ion in V2O3 should be considered as described by
the quantum numbers S=1 and L=3. Such quantum numbers result from two Hund's
rules. The resulting electronic structure is much more complex than considered
up to now, but it describes, e.g. the insulating ground state and the lowered
magnetic moment, of 1.2 \muB. It turns out that the intra-atomic spin-orbit
coupling is indispensable for the physically adequate description of electronic
and magnetic properties of V2O3.
  Keywords: highly-correlated electron system, crystal field, V3+ ion,
spin-orbit coupling, Mott insulators
  PACS: 71.70.E, 75.10.D, 75.30.Gw
