Determination of value of the estate.
Section 103
SEC. 103. Determination of value of the estate. — To determine the value of the right of usufruct, use or habitation, as well as that of annuity, there shall be taken into account the probable life of the beneficiary in accordance with the American Tropical Experience Table calculated at eight per centum annual interest. The estate shall be appraised at its fair market value as of the time of death, or as of six months thereafter, at the election of the executor or administrator. However, the appraised value of real property as of the time of death or, at the election of the executor or administrator, as of 6 months after death, shall be either (a) the current and fair market value as shown in the schedule of values fixed by the Provincial and City Assessors or (b) the fair market value as determined by the Commissioner of Internal Revenue, whichever is higher, and shall be binding upon all concerned for purposes of computing any internal revenue tax based on the value of the property.