Sec. 12-353. Life estates; annuities. - Connecticut Statutes

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Statutes > Connecticut > Title12 > Chap216 > Sec12-353

      Sec. 12-353. Life estates; annuities. The value of each future, contingent or limited estate, income interest or annuity for life or lives in being shall, so far as possible, be determined by the rule, method and standard of mortality and of value set forth in the Commissioners' 1980 Standard Ordinary Mortality Table with interest at six per cent per annum. The value of the interest remaining after such limited estate shall be determined by deducting the computed value of the limited estate from the value of the entire property in which such interest exists.

      (1949 Rev., S. 2033; P.A. 83-520, S. 11, 13.)

      History: P.A. 83-520 changed standard and value to that set forth in the commissioners' 1980 Standard Ordinary Mortality Table, with interest at the rate of 6% per annum, effective July 7, 1983, and applicable to estates of decedents dying on or after such date.

      Statute applies to life estate passing by will, even though life tenant dies before computation of tax. 108 C. 715, 719. This and succeeding sections cited. 118 C. 242.

State Codes and Statutes

Statutes > Connecticut > Title12 > Chap216 > Sec12-353

      Sec. 12-353. Life estates; annuities. The value of each future, contingent or limited estate, income interest or annuity for life or lives in being shall, so far as possible, be determined by the rule, method and standard of mortality and of value set forth in the Commissioners' 1980 Standard Ordinary Mortality Table with interest at six per cent per annum. The value of the interest remaining after such limited estate shall be determined by deducting the computed value of the limited estate from the value of the entire property in which such interest exists.

      (1949 Rev., S. 2033; P.A. 83-520, S. 11, 13.)

      History: P.A. 83-520 changed standard and value to that set forth in the commissioners' 1980 Standard Ordinary Mortality Table, with interest at the rate of 6% per annum, effective July 7, 1983, and applicable to estates of decedents dying on or after such date.

      Statute applies to life estate passing by will, even though life tenant dies before computation of tax. 108 C. 715, 719. This and succeeding sections cited. 118 C. 242.

State Codes and Statutes

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State Codes and Statutes

Statutes > Connecticut > Title12 > Chap216 > Sec12-353

      Sec. 12-353. Life estates; annuities. The value of each future, contingent or limited estate, income interest or annuity for life or lives in being shall, so far as possible, be determined by the rule, method and standard of mortality and of value set forth in the Commissioners' 1980 Standard Ordinary Mortality Table with interest at six per cent per annum. The value of the interest remaining after such limited estate shall be determined by deducting the computed value of the limited estate from the value of the entire property in which such interest exists.

      (1949 Rev., S. 2033; P.A. 83-520, S. 11, 13.)

      History: P.A. 83-520 changed standard and value to that set forth in the commissioners' 1980 Standard Ordinary Mortality Table, with interest at the rate of 6% per annum, effective July 7, 1983, and applicable to estates of decedents dying on or after such date.

      Statute applies to life estate passing by will, even though life tenant dies before computation of tax. 108 C. 715, 719. This and succeeding sections cited. 118 C. 242.