Amending Section 91 Of The National Internal Revenue Code
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Amending Section 91 Of The National Internal Revenue Code
Presidential Decree No. 1054
November 25, 1976
Case Overview and Summary
Summary of Presidential Decree No. 1054Determination of Value of Usufruct, Annuities, and Other Property
- The value of usufruct, use of habitation, and annuities shall be determined based on the probable life of the beneficiary according to the American Tropical Experience Table calculated at 8% annual interest. (Section 1)
Appraisal of Estate for Estate Tax Purposes
- The estate shall be appraised at its fair market value as of the time of death or six months thereafter, at the election of the executor or administrator. (Section 1)
- The fair market value of real property shall be either:
a) The current and fair market value shown in the schedules of values fixed by provincial and city assessors pursuant to Presidential Decree No. 76, as amended, or (Section 1)
b) The fair market value as determined by the Commissioner of Internal Revenue, whichever is higher. (Section 1)
Repealing Clause
- All laws or decrees inconsistent with this Decree are hereby repealed or modified accordingly. (Section 2)
Effectivity
- This Decree shall take effect upon approval. (Section 3)
Amends
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Tags
Executive Issuances
Presidential Decrees
estate tax
fair market value
real property valuation
usufruct
annuities
American Tropical Experience Table
provincial and city assessors
Commissioner of Internal Revenue
Presidential Decree No. 76
repealing clause
effectivity
Law
Amending Section 91 Of The National Internal Revenue Code
Presidential Decree No. 1054
•November 25, 1976
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1054 November 25, 1976
AMENDING SECTION 91 OF THE NATIONAL INTERNAL REVENUE CODE
WHEREAS, the fair market value of the gross estate left by a decedent is the value to be used in determining the estate tax;
WHEREAS, under Section 91, the current and fair market value as reflected in the schedule of values prepared by Provincial or City Assessors, pursuant to Presidential Decree Nos. 76 and 261, shall be the appraised value of real property which may be included in the gross estate for estate tax purposes;
WHEREAS, the valuation made by the Provincial and City Assessors under PD 76 is not adjusted and updated to conform to the most recent increases in value of real properties and, in almost all cases, the valuation under PD 76 is now obsolete for estate tax purposes;
WHEREAS, to protect the interest of the government, the fair market value at the time of death or as of six months thereafter, shall be used for purposes of determining the...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
estate tax
fair market value
real property valuation
usufruct
annuities
American Tropical Experience Table
provincial and city assessors
Commissioner of Internal Revenue
Presidential Decree No. 76
repealing clause
effectivity
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1054 November 25, 1976
AMENDING SECTION 91 OF THE NATIONAL INTERNAL REVENUE CODE
WHEREAS, the fair market value of the gross estate left by a decedent is the value to be used in determining the estate tax;
WHEREAS, under Section 91, the current and fair market value as reflected in the schedule of values prepared by Provincial or City Assessors, pursuant to Presidential Decree Nos. 76 and 261, shall be the appraised value of real property which may be included in the gross estate for estate tax purposes;
WHEREAS, the valuation made by the Provincial and City Assessors under PD 76 is not adjusted and updated to conform to the most recent increases in value of real properties and, in almost all cases, the valuation under PD 76 is now obsolete for estate tax purposes;
WHEREAS, to protect the interest of the government, the fair market value at the time of death or as of six months thereafter, shall be used for purposes of determining the...
Login to see full content