New Hampshire Code of Administrative Rules
Rev - Department of Revenue Administration
Chapter Rev 1300 - LEGACY AND SUCCESSION AND ESTATE TAXES
Part Rev 1304 - ALLOWABLE AND NON-ALLOWABLE DEDUCTIONS AND CREDITS
Section Rev 1304.07 - Life Estates and Remainder Interests
Universal Citation: NH Admin Rules Rev 1304.07
Current through Register No. 13, March 27, 2025
(a) To determine the taxable portion of a life estate or remainder passing to an individual subject to tax under RSA 86:6, the executor, administrator, legatee or their authorized representative, in instances where the valuation of the life estate is based on the life of one person shall:
(1)
For the month and year of the decedent's death, obtain the applicable federal
rate under Section 7520 of the Internal Revenue Code of 1986, as amended, from
the revenue rulings published during the month of the decedent's death in the
Department of the Treasury's internal revenue bulletin;
(2) Determine the age of the beneficiary of
the life estate;
(3) Utilize the
Department of the Treasury, Internal Revenue Service's publication 1457 dated
July, 1999, entitled Actuarial Values - Alpha Volume, and select the single
life rate table for the applicable federal rate determined in (1)
above;
(4) For the age of the
beneficiary, select the appropriate percentage factor for the life estate or
the remainder whichever is the taxable portion of the legacy; and
(5) Multiply the date of death value of the
legacy by the percentage factor determined in (4) above;
(b) In instances where the valuation of the life estate is based on the life of more than one person, the valuation shall be determined in accordance with U.S. Department of the Treasury notice 89-60.
#5681, eff 8-5-93; ss by #6525, eff 6-24-97; ss by #7718, eff 6-22-02
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