(a) Calculate the interest at eight per centum upon the sum to the income ofwhich, or upon the value of the property to the use of which, the joint lifetenants are entitled. Multiply this interest by the present value of anannuity of one dollar, as shown in Column II of § 55-269.1, for the jointequal age of such joint life tenants; the joint equal age of such tenantsshall be obtained as follows: Take the difference in age in years betweensuch tenants and refer to the table in § 55-272.1 and add to the younger agethe value opposite such difference and the sum is the joint equal age; takethis joint equal age and refer to the table in § 55-269.1 and find in ColumnII the value of an annuity of one dollar a year payable for life during suchjoint equal age. The product of the interest and the value of an annuity fora given joint equal age is the gross value of the joint life estate of suchperson therein.
(b) Example: Doe, age 30, and Roe, age 40, are joint tenants for life in thewhole of an estate worth $10,500: The difference in ages is ten and,referring to the table in § 55-272.1, the value opposite age difference tenis seven. Seven added to 30, Doe's age, gives 37; referring to the table in §55-269.1 the value in Column II for an annuity of $1 for 2 joint lives atjoint equal age 37 is $10.44 and no mills and this, multiplied by $840 (theinterest at 8% on $10,000) gives $8,769.60 as the gross value of the jointlife estate of such persons therein.
(1946, p. 556; Michie Suppl. 1946, § 5133a2; 1973, c. 355; 1981, c. 612.)
(a) Calculate the interest at eight per centum upon the sum to the income ofwhich, or upon the value of the property to the use of which, the joint lifetenants are entitled. Multiply this interest by the present value of anannuity of one dollar, as shown in Column II of § 55-269.1, for the jointequal age of such joint life tenants; the joint equal age of such tenantsshall be obtained as follows: Take the difference in age in years betweensuch tenants and refer to the table in § 55-272.1 and add to the younger agethe value opposite such difference and the sum is the joint equal age; takethis joint equal age and refer to the table in § 55-269.1 and find in ColumnII the value of an annuity of one dollar a year payable for life during suchjoint equal age. The product of the interest and the value of an annuity fora given joint equal age is the gross value of the joint life estate of suchperson therein.
(b) Example: Doe, age 30, and Roe, age 40, are joint tenants for life in thewhole of an estate worth $10,500: The difference in ages is ten and,referring to the table in § 55-272.1, the value opposite age difference tenis seven. Seven added to 30, Doe's age, gives 37; referring to the table in §55-269.1 the value in Column II for an annuity of $1 for 2 joint lives atjoint equal age 37 is $10.44 and no mills and this, multiplied by $840 (theinterest at 8% on $10,000) gives $8,769.60 as the gross value of the jointlife estate of such persons therein.
(1946, p. 556; Michie Suppl. 1946, § 5133a2; 1973, c. 355; 1981, c. 612.)
(a) Calculate the interest at eight per centum upon the sum to the income ofwhich, or upon the value of the property to the use of which, the joint lifetenants are entitled. Multiply this interest by the present value of anannuity of one dollar, as shown in Column II of § 55-269.1, for the jointequal age of such joint life tenants; the joint equal age of such tenantsshall be obtained as follows: Take the difference in age in years betweensuch tenants and refer to the table in § 55-272.1 and add to the younger agethe value opposite such difference and the sum is the joint equal age; takethis joint equal age and refer to the table in § 55-269.1 and find in ColumnII the value of an annuity of one dollar a year payable for life during suchjoint equal age. The product of the interest and the value of an annuity fora given joint equal age is the gross value of the joint life estate of suchperson therein.
(b) Example: Doe, age 30, and Roe, age 40, are joint tenants for life in thewhole of an estate worth $10,500: The difference in ages is ten and,referring to the table in § 55-272.1, the value opposite age difference tenis seven. Seven added to 30, Doe's age, gives 37; referring to the table in §55-269.1 the value in Column II for an annuity of $1 for 2 joint lives atjoint equal age 37 is $10.44 and no mills and this, multiplied by $840 (theinterest at 8% on $10,000) gives $8,769.60 as the gross value of the jointlife estate of such persons therein.
(1946, p. 556; Michie Suppl. 1946, § 5133a2; 1973, c. 355; 1981, c. 612.)
