https://www.taxtmi.com/caselaws?id=70142 A deceased's life interest in settled property ceased on death, and the resulting beneficial interest passed to the remainderman, bringing the property within the estate duty charge. Where the life interest extended to the whole income of the property, valuation had to be made on the property's principal value. That principal value was to be assessed by reference to the open-market price immediately after death, and any subsisting subordinate life interest, including the son's interest, had to be taken into account because it depressed market value. en-us Sat, 31 Jan 1976 00:00:00 +0530 Thu, 14 Apr 2011 15:38:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70142 A deceased's life interest in settled property ceased on death, and the resulting beneficial interest passed to the remainderman, bringing the property within the estate duty charge. Where the life interest extended to the whole income of the property, valuation had to be made on the property's principal value. That principal value was to be assessed by reference to the open-market price immediately after death, and any subsisting subordinate life interest, including the son's interest, had to be taken into account because it depressed market value. Case-Laws Income Tax Sat, 31 Jan 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70142