Section 18
SEC. 18. Section 103 of the National Internal Revenue Code is hereby renumbered and amended to read as follows: “SEC. 91. Determination of value of the estate.- [a] Usufruct. – 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 latest American Tropical Experience Table. “[b] Properties. – The estate shall be appraised at its fair market value as of the time of death. However, the appraised value of real property as of the time of death shall be whichever is the higher of - “[1] the fair market value as determined by the Commissioner, or “[2] the fair market value as shown in the schedule of values fixed by the Provincial and City Assessors.”