Virtualization of distributed real-time systems enables the consolidation of mixed-criticality functions on a shared hardware platform thus easing system integration. Time-triggered communication and computation can act as an enabler of safe hard real-time systems. A time-triggered hypervisor that activates virtual CPUs according to a global schedule can provide the means to allow for a resource efficient implementation of the time-triggered paradigm in virtualized distributed real-time systems. A prerequisite of time-triggered virtualization for hard real-time systems is providing access to a global time base to VMs as well as to the hypervisor. A global time base is the result of clock synchronization with an upper bound on the clock synchronization precision. We present a formalization of the notion of time in virtualized real-time systems. We use this formalization to propose a virtual clock condition that enables us to test the suitability of a virtual clock for the design of virtualized time-triggered real-time systems. We discuss and model how virtualization, in particular resource consolidation versus resource partitioning, degrades clock synchronization precision. Finally, we apply our insights to model the IEEE~802.1AS clock synchronization protocol and derive an upper bound on the clock synchronization precision of IEEE 802.1AS. We present our implementation of a dependent clock for ACRN that can be synchronized to a grandmaster clock. The results of our experiments illustrate that a type-1 hypervisor implementing a dependent clock yields native clock synchronization precision. Furthermore, we show that the upper bound derived from our model holds for a series of experiments featuring native as well as virtualized setups.