California Code of Regulations › Title 18 - Public Revenues › Division 2.5 - State Controller › Chapter 2 - Gift Tax › Article 5 - Valuation › Section 15552.9 - Gifts Made on or After November 10, 1969 and Before January 1, 1975

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The tables set forth in this regulation are used to
					 determine the value of a future, contingent or limited estate, income or
					 interest in property in the case of a gift made on or after November 10, 1969
					 and before January 1, 1975.
The value of a future, contingent or limited estate, income
					 or interest in property is generally the present value or worth of such estate,
					 income or interest at the date of gift. In this connection, during the period
					 commencing November 10, 1969 and ending December 31, 1974, inclusive, the Gift
					 Tax Law specifically provided that such value or worth is to be determined in
					 accordance with the standards of mortality and values set forth in the United
					 States Life Tables and Actuarial Tables 1939-1941, Table 38, published by the
					 Bureau of the Census of the United States Department of Commerce, and the rate
					 of interest used in computing the present value of the estate, income or
					 interest is 3 ½ percent per annum compounded annually. The law further
					 provided that in determining the present value or worth as of the date of the
					 gift of a future, contingent or limited estate, income or interest, other than
					 an annuity in a fixed amount, the yearly income, or the annual value of the use
					 or income, of the estate, income or interest, was considered equivalent to 3
					 ½ percent of the appraised value of the property upon which the estate,
					 income or interest was based.
A single life annuity table of 3 ½ percent showing
					 the present value or worth of an annuity, a life estate and a remainder
					 interest of $1 due at the end of each year during the life of a person of a
					 specified age and of $1 due at the death of a person of a specified age
					 respectively, is set forth below as Table C. The present value or worth of 3
					 ½ percent of an annuity for a term certain, and income interest for a
					 term certain, and a remainder interest postponed for a term certain is set
					 forth below as Table D.
The tables below are to be applied in the same manner as
					 illustrated in Section
					 15552.1
					 through Section
					 15552.7, above, substituting the
					 factors shown in Table C for the factors from Tables A(1) and A(2), and the
					 factors shown in Table D for the factors from Table B in the illustrations.
					 Note that in the case of gifts made prior to January 1, 1975, there is no
					 distinction between male and female in valuing an interest measured by the life
					 of a person, or in valuing the remainder interest following a preceding estate
					 measured by the life of one or more persons. Table C applies to male and female
					 alike. Note also that in cases of annuities payable at regular intervals of
					 less than one year, the adjustment factors differ from those which apply in
					 cases of gifts made on or after January 1, 1975.
(a) United States Life Tables and Actuarial
				  Tables 1939-1941, Table 38, published by the Bureau of the Census of the United
				  States Department of Commerce with interest at 3 ½ percent per annum
				  compounded annually, showing the present value of an annuity, a life estate and
				  remainder interest of $1 per year during the life of a person of a specified
				  age.
(Effective as to gifts made on or after November 10, 1969,
					 and before January 1, 1975.)
TABLE C
Table, single life, 3 ½ percent,
					 showing the present worth of an annuity, of a life interest, and of a remainder
					 interest.
1
2
3
4
Age
Annuity
Life Estate
Remainder
0
23.9685
.83890
.16110
1
24.9035
.87162
.12838
2
24.8920
.87122
.12878
3
24.8246
.86886
.13114
4
24.7378
.86582
.13418
5
24.6392
.86237
.13763
6
24.5396
.85864
.14136
7
24.4185
.85466
.14534
8
24.2982
.85044
.14956
9
24.1713
.84600
.15400
10
24.0387
.84135
.15865
11
23.9008
.83653
.16347
12
24.7600
.83160
.16840
13
23.6161
.82656
.17344
14
23.4693
.82143
.17857
15
23.3194
.81618
.18382
16
23.1665
.81083
.18917
17
23.0103
.80536
.19464
18
22.5511
.79979
.20021
19
22.6870
.79404
.20596
20
22.5179
.78813
.21187
21
22.3438
.78203
.21797
22
22.1646
.77576
.22424
23
21.9801
.76930
.23070
24
21.7902
.76256
.23734
25
21.5950
.75582
.24418
26
21.3942
.74880
.25120
27
21.1878
.74157
.25843
28
20.9750
.73416
.26584
29
20.7581
.72653
.23734
30
20.5345
.71871
.28129
31
20.3052
.71068
.28932
32
20.0899
.70245
.29755
33
19.8285
.69401
.30599
34
19.5816
.68536
.31464
35
19.3285
.67650
.32350
36
19.0695
.66743
.33257
37
18.8044
.65.743
.34185
38
18.5334
.64867
.35133
39
18.2565
.63898
.36102
40
17.9738
.62908
.37092
41
17.6853
.61899
.38101
42
17.3911
.60869
.39131
43
17.0913
.59820
.40180
44
16.7860
.56751
.41249
45
16.4754
.57664
.42336
46
16.1596
.56539
.43441
47
15.8388
.55436
.44564
48
15.5133
.54297
.45703
49
15.1831
.53141
.46859
50
14.8486
.51970
.48030
51
14.5101
.50785
.49215
52
14.1678
.49587
.50413
53
13.8221
.48377
.51623
54
13.4734
.47157
.52843
55
13.1218
.45926
.54074
56
12.7679
.44688
.55312
57
11.4120
.43442
.56558
58
12.0546
.42191
.57809
59
11.6980
.40936
.59064
60
11.3389
.39579
.60321
61
10.9776
.38422
.61578
62
10.6186
.37165
.62835
63
10.2604
.35911
.54089
64
9.9036
.34663
.65337
65
9.5486
.33420
.66580
66
9.1960
.33420
.66580
67
8.8464
.30962
.69038
68
8.5001
.29750
.70250
69
8.1578
.28552
.71448
70
7.8200
.27370
.72530
71
7.4671
.26905
.73795
72
7.1597
.25059
.74941
73
5.8382
.23934
.75055
74
6.5231
.22831
.77169
75
6.2148
.21752
.78248
76
5.9137
.20698
.79302
77
5.6201
.19670
.80330
78
5.3345
.18671
.81329
79
5.0572
.17700
.82300
80
4.7884
.16759
.83241
81
4.5283
.15849
.84151
82
4.2771
.14970
.85030
83
4.0351
.14123
.85877
84
3.8023
.13308
.86692
85
3.5789
.12526
.87474
86
3.3648
.11777
.88223
87
3.1601
.11060
.89940
88
2.9548
.10377
.89623
89
2.7786
.09726
.90274
90
2.6019
.09107
.90893
91
2.4342
.08520
.91480
92
2.2754
.07964
.92035
93
2.1254
.07439
.92561
94
1.9839
.06944
.93056
95
1.8507
.06477
.93523
96
1.7236
.06040
.93960
97
1.8082
.05629
.94371
98
1.4982
.05244
.94756
99
1.3949
.04882
.95118
100
1.2973
.04541
.95459
101
1.2033
.04212
.95788
102
1.1078
.02877
.96123
103
.9973
.03491
.96509
104
.8318
.02911
.97089
105
.4831
.01691
.96309
(b)
				  United States Life Tables and Actuarial Tables 1939-1941, Table 38, published
				  by the Bureau of the Census of the United States Department of Commerce with
				  interest at 3 ½ percent per annum showing present value of an annuity
				  for a term certain, income for a term certain and of a remainder interest
				  postponed for a term certain.
(Effective as to gifts made on or after November 10, 1969,
					 and before January 1, 1975.)
TABLE D
Table showing the present worth at 3 ½
					 percent of an annuity for a term certain, of an income interest for a term
					 certain, and of a remainder interest postponed for a term
					 certain
1
2
3
4
Number of Years
Annuity
Term Certain
Remainder
1
0.9662
.033816
.966184
2
1.8997
.066489
.933511
3
2.8016
.098057
.901943
4
3.6731
.126558
.871442
5
4.5151
.158027
.841973
6
5.3285
.186499
.813501
7
6.1145
.214009
.785991
8
6.8740
.240588
.759412
9
7.6077
.266269
.733731
10
8.3166
.291081
.708919
11
9.0016
.315054
.684946
12
9.6633
.338217
.661783
13
10.327
.360595
.639404
14
10.9205
.382218
.617782
15
11.5174
.403109
.596891
16
12.0941
.423294
.576706
17
12.6513
.442796
.557204
18
13.1897
.451639
.538361
19
13.7096
.479844
.520156
20
14.2124
.497434
.502566
21
14.6980
.514429
.485571
22
15.1671
.530849
.469151
23
15.6204
.546717
.453286
24
16.0584
.562043
.437957
25
16.4815
.576853
.423147
26
16.8904
.591162
.408838
27
17.2854
.604988
.395012
28
17.6670
.618346
.391654
29
18.0358
.631252
.368748
30
18.3920
.643722
.356278
(c)
				  Adjustment Factors for Annuities Payable at Regular Intervals of Less Than One
				  Year. If a life annuity or an annuity certain is payable at the end of
				  semiannual, quarterly, bimonthly, monthly or weekly periods, the following
				  adjustment factors should be used:
Semiannual.
1.0087
Quarterly.
1.0130
Bimonthly.
1.0145
Monthly.
1.0159
Weekly.
1.0171
If an annuity for a term certain is payable at the
					 beginning of the annual or other payment period, the following adjustment
					 factors should be used:
Annual.
1.0350
Semiannual.
1.0262
Quarterly.
1.0218
Bimonthly.
1.0203
Monthly.
1.0189
Weekly.
1.0177
However, a provision that the income from property is to be
					 paid in semiannual, quarterly, bimonthly, monthly or weekly installments does
					 not affect the value to be assigned to the life interest.
NOTE: Reference: Section
					 15552, Revenue and Taxation
					 Code.