[Not applicable to decedents who die in 2016 or after, see section 67-8-318.]

(a) The value of every future, contingent or limited estate, income, interest or annuity for any life or lives in being shall, so far as possible, be determined by the rule, method and standard of mortality and of value set forth in the actuarial tables of mortality in use by the internal revenue service for federal estate tax purposes at the time of the decedent‘s death. The value of the interest remaining after any such temporary interest shall be determined by deducting the computed value of the temporary estate from the value of the entire property in which such interest exists. Unless otherwise provided by the transferor, the tax on such temporary interests and remainders shall be payable out of the property in which such temporary interests and remainders exist.

Terms Used In Tennessee Code 67-8-310

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Decedent: A deceased person.
  • Personal representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) In the event the internal revenue service issues regulations at any time that provide for an election between tables, such election shall be available at the same time and in the same manner to the personal representative of the estate with respect to the state inheritance tax return, and shall be allowed by the commissioner upon the filing of a duplicate copy of the election filed with the internal revenue service.
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