Valuation of Gift.
[Not Applicable to Any Transfer by Gift Made on or After January 1, 2012, See
§ 67-8-118.]
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For the purposes of the tax imposed by this part, all property, real and personal, shall be appraised at its full and true value at the time of the making of the gift. Stocks and bonds listed on recognized exchanges shall be appraised by ascertaining their quoted value on the date of the making of the gift, or on the nearest business day of such exchange to such date.
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 gift tax purposes at the time of the gift. 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.
In the event the internal revenue service issues regulations at any time that provide for an election between tables, such election shall be available to the donor at the same time and in the same manner with respect to the state gift 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.