Determination of value of usufructs, annuities, and other property.
Section 91
SEC. 91. Determination of value of usufructs, annuities, and other property. — To determine the value of the right of usufruct, use of 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 six months thereafter, at the election of the executor or administrator, using for the purpose the current and fair market value as reflected in the schedules of values prepared by provincial and city assessors pursuant to Commonwealth Act No. 470, as amended by Presidential Decrees Nos. 76, and 261, and unless the contrary is shown by the taxpayers, the schedule shall be binding upon all concerned for purposes of computing any internal revenue tax based on the value of the property."