(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 ½ 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 ½ percent of the appraised value of the property upon which the estate, income or interest was based.

A single life annuity table of 3 ½ 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 ½ 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 ½ 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.)

(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 ½ 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.)

(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:

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:

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.