Cal. Code Regs. tit. 18 § 13953.1

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 13953.1 - Decedents with Date of Death on or After November 10, 1969 and Before January 1, 1975

(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 1/2 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 1/2 percent of the appraised value of the property upon which the estate, income or interest was based.

A single life annuity table of 3 1/2 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 1/2 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 1/2 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 1/2 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 1/2 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 1/2 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.

Cal. Code Regs. Tit. 18, § 13953.1