Senate Bill No. 55
(By Senators Caruth, Guills, Yoder and Hall)
____________
[Introduced January 10, 2007; referred to the Committee on the
Judiciary.]
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A BILL to amend and reenact §43-2-1 of the Code of West Virginia,
1931, as amended, relating to updating the mortality tables
used in the valuation of a life estate; and providing that the
most recent mortality tables and formulas established under
provisions of
26 U. S. C. §7520 of
the United States Internal
Revenue Code shall be used for determining the value of life
estates.
Be it enacted by the Legislature of West Virginia:
That §43-2-1 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 2. VALUATION OF LIFE ESTATES.
§43-2-1. Gross sum in payment of life estates.
When a party as a tenant for life, or in dower, or otherwise,
is entitled to the annual interest on a sum of money, or is
entitled to the use of any estate, or any part thereof, or of the proceeds arising therefrom by a sale or otherwise, and is willing
to accept a gross sum in lieu thereof, or the party liable for such
interest, or affected by such claim, has the right to pay a gross
sum in lieu thereof, or if a court in any proceeding decrees a
gross sum to be paid in lieu thereof, or if it shall be desirable
for any purpose to ascertain the value thereof, the sum to be paid
or the present value thereof shall be estimated according to the
then value of an annuity of five percent on the principal sum
during the probable life of such person, according to the following
table showing the present value, on the basis of interest at five
percent, of an annuity of one dollar, payable at the end of each
year that a person of a given age shall live:
1958 Commissioners Standard Ordinary (C.S.O.)
Table of Mortality, With Interest at
Five Percent Per Annum
Present
Value of
$1 per
Age Annum
018.65027
118.72242
218.69320
318.65774
418.61927
518.57764
618.53289
718.48487
818.43359
918.37911
1018.32144
1118.26082
1218.19748
1318.13146
1418.06319
1517.99275
1617.92001
1717.84504
1817.76769
1917.68766
2017.60441
2117.51778
2217.42739
2317.33286
2417.23397
2517.13029
2617.02159
2716.90777
2816.78855
2916.66384
3016.53350
3116.39723
3216.25488
3316.10611
3415.95074
3515.78857
3615.61972
3715.44411
3815.26185
3915.07333
4014.87860
4114.67787
4214.47117
4314.25836
4414.03941
4513.81426
4613.58299
4713.34578
4813.10276
4912.85419
5012.60026
5112.34127
5212.07747
5311.80892
5411.53588
5511.25855
5610.97718
5710.69219
5810.40402
5910.11314
609.81994
619.52502
629.22876
638.93163
648.63420
658.33705
668.04095
677.74687
687.45587
697.16916
706.88736
716.61066
726.33858
736.07017
745.80411
755.53981
765.27737
775.01772
784.76245
794.51368
804.27293
814.04097
823.81806
833.60362
843.39659
853.19585
863.00022
872.80842
882.61877
892.42965
902.23938
912.04635
921.84880
931.64453
941.42968
951.19682
96.93685
97.64131
98.31585
990
the most current mortality tables and formulas established under the provisions of subsection (c) 26 U.S.C. §7520 as applicable.
NOTE: The purpose of this bill is to provide that the most
recent mortality tables and formulas established under provisions
of
26 U.S.C. §7520
the United States Internal Revenue Code shall be
used for determining the value of life estates.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
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