California Code of Regulations › Title 18 - Public Revenues › Division 2.5 - State Controller › Chapter 1 - Inheritance Tax › Article 6 - Valuation › Section 13953.1 - Decedents with Date of Death on or After November 10, 1969 and Before January 1, 1975

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) 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 decedent with a date of death 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 death. In this connection, during the period
					 commencing November 10, 1969 and ending December 31, 1974, inclusive, the
					 Inheritance 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 transferor's death 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 at 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 Sections
					 13952.1 through Section
					 13952.7, 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 decedents with a date of death 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 decedents with dates of death on or
					 after January 1, 1975.
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 estates of decedents dying 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
1
2
3
4
Age
Annuity
Life
							 Estate
Remainder
Age
Annuity
Life
							 Estate
Remainder
0
23.9685
.83890
.16110
1
24.9035
.87162
.12838
51
14.5101
.50785
.49215
2
24.8920
.87122
.12878
52
14.1678
.49587
.50413
3
24.8246
.86886
.13114
53
13.8221
.48377
.51623
4
24.7378
.86582
.13418
54
13.4734
.47157
.52843
5
24.6392
.86237
.13763
55
13.1218
.45926
.54074
6
24.5326
.85864
.14136
56
12.7679
.44688
.55312
7
24.4188
.85466
.14534
57
12.4120
.43442
.56558
8
24.2982
.85044
.14956
58
12.0546
.42191
.57809
9
24.1713
.84600
.15400
59
11.6960
.40936
.59064
10
24.0387
.84135
.15865
60
11.3369
.39679
.60321
11
23.9008
.83653
.16347
61
10.9776
.38422
.61578
12
23.7600
.83160
.16840
62
10.6186
.37165
.62835
13
23.6161
.82656
.17344
63
10.2604
.35911
.64089
14
23.4693
.82143
.17857
64
9.9036
.34663
.65337
15
23.3194
.81618
.18382
65
9.5486
.33420
.66580
16
23.1665
.81083
.18917
66
9.1960
.32186
.67814
17
23.0103
.80536
.19464
67
8.8464
.30962
.69038
18
22.8511
.79979
.20021
68
8.5001
.29750
.70250
19
22.6870
.79404
.20596
69
8.1578
.28552
.71448
20
22.5179
.78813
.21187
70
7.8200
.27370
.72630
21
22.3438
.78203
.21797
71
7.4871
.26205
.73795
22
22.1646
.77576
.22424
72
7.1597
.25059
.74941
23
21.9801
.76930
.23070
73
6.8382
.23934
.76066
24
21.7902
.76266
.23734
74
6.5231
.22831
.77169
25
21.5950
.75582
.24418
75
6.2148
.21752
.78248
26
21.3942
.74880
.25120
76
5.9137
.20698
.79302
27
21.1878
.74157
.25843
77
5.6201
.19670
.80330
28
20.9759
.73416
.26584
78
5.3345
.18671
.81329
29
20.7581
.72653
.27347
79
5.0572
.17700
.82300
30
20.5345
.71871
.28129
80
4.7884
.16759
.83241
31
20.3052
.71068
.28932
81
4.5283
.15849
.84151
32
20.0699
.70245
.29755
82
4.2771
.14970
.85030
33
19.8288
.69401
.30599
83
4.0351
.14123
.85877
34
19.5816
.68536
.31464
84
3.8023
.13308
.86692
35
19.3285
.67650
.32350
85
3.5789
.12526
.87474
36
19.0695
.66743
.33257
86
3.3648
.11777
.88223
37
18.8044
.65815
.34185
87
3.1601
.11060
.88940
38
18.5334
.64867
.35133
88
2.9648
.10377
.89623
39
18.2566
.63898
.36102
89
2.7788
.09726
.90274
40
17.9738
.62908
.37092
90
2.6019
.09107
.90893
41
17.6853
.61899
.38101
91
2.4342
.08520
.91480
42
17.3911
.60869
.39131
92
2.2754
.07964
.92036
43
17.0913
.59820
.40180
93
2.1254
.07439
.92561
44
16.7860
.58751
.41249
94
1.9839
.06944
.93056
45
16.4754
.57664
.42336
95
1.8507
.06477
.93523
46
16.1596
.56559
.43441
96
1.7256
.06040
.93960
47
15.8388
.55436
.44564
97
1.6082
.05629
.94371
48
15.5133
.54297
.45703
98
1.4982
.05244
.94756
49
15.1831
.53141
.46859
99
1.3949
.04882
.95118
50
14.8486
.51970
.48030
100
1.2973
.04541
.95459
101
1.2033
.04212
.95788
102
1.1078
.03877
.96123
103
.9973
.03491
.96509
104
.8318
.02911
.97089
105
.4831
.01691
.98309
(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 estates of decedents dying 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
1
2
3
4
Number of
							 Years
Annuity
Term
							 Certain
Remainder
Number
							 of
							 Years
Annuity
Term
							 Certain
Remainder
1
0.9662
.033816
.966184
16
12.0941
.423294
.576706
2
1.8997
.066489
.933511
17
12.6513
.442796
.557204
3
2.8016
.098057
.901943
18
13.1897
.461639
.538361
4
3.6731
.128558
.871442
19
13.7098
.479844
.520156
5
4.5151
.158027
.841973
20
14.2124
.497434
.502566
6
5.3286
.186499
.813501
21
14.6980
.514429
.485571
7
6.1145
.214009
.785991
22
15.1671
.530849
.469151
8
6.8740
.240588
.759412
23
15.6204
.546714
.453286
9
7.6077
.266269
.733731
24
16.0584
.562043
.437957
10
8.3166
.291081
.708919
25
16.4815
.576853
.423147
11
9.0016
.315054
.684946
26
16.8904
.591162
.408838
12
9.6633
.338217
.661783
27
17.2854
.604988
.395012
13
10.3027
.360596
.639404
28
17.6670
.618346
.381654
14
10.9205
.382218
.617782
29
18.0358
.631252
.368748
15
11.5174
.403109
.596891
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
					 13953,
					 Revenue and Taxation Code.