Amends GS 8-47 as the title indicates. Provides that the calculation of the present value of legal life estate, including a life interest in land or the entitlement to use a sum of money for life, is to be computed by applying the federal estate tax regulations for the calculation of the value of life estates under section 2031 of the Internal Revenue Code of 1986. Provides that the federal estate tax regulations applied must be the regulations in force on the date when the costs of the improvement are initially determined by assessment, agreement, or otherwise.
Effective January 1, 2012.