VALUATION OF GROSS ESTATE:
1. In General – the properties comprising the gross estate shall be valued
based on their fair market value as of the time of death.
2. Real Property – FMV determined by the Commissioner or the FMV as shown
in the schedule of values fixed by the provincial and city assessors, whichever
is higher.
Ø If
there is no zonal value, the taxable base is the fair market value that appears
in the latest tax declaration.
Ø If
there is an improvement, the value of improvement is the construction cost per
building permit or the fair market value per latest tax declaration.
3. Shares of stocks:
a.
Unlisted common
shares – book value
F In determining the book value of common shares, appraisal surplus shall
not be considered, as well as the assigned to preferred shares, if there are
any.
b. Unlisted preferred shares – par value
c.
Listed shares (in
stock exchange) – the FMV shall be the arithmetic mean
between the highest and lowest quotation at a date nearest the date of death.
4. Right to usufruct, use or habitation, and annuity – there shall taken
into account the probable life of the beneficiary in accordance with the latest
basic standard mortality table.
