§ 11-3-208. SAME - LIFE ESTATES, REMAINDERS, AND REVERSIONS.

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(a)

Life estates. Life estates shall be valued in accordance with the applicable and effective regulations of the federal estate tax under the Internal Revenue Code, as adopted and amended by the Internal Revenue Service of the United States Treasury Department.

(b)

Remainders and reversions. Remainders and reversions after a life estate or life estates shall be valued by determining the value of the whole and deducting from it the value of the preceding estates determined in subsection (a) of this section.

(1988 Code, § 33-131) (Bill No. 33-03, § 2, 7-1-2004)

                    
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