& Valuation of Gross Estate or Donation = Valuation Date - at the time of Death or Donation » Basis of Valuation a. Real Properties - Zonal value or Fair Market Value, whichever is higher Prior to August 31, 1969 _ Gomm. Act No. 466 * Sept. 1, 1969 to Aug. 13, 1974 RA 6110 > Aug. 14, 1974 to Nov. 24, 1974 PD 539 = Nov. 25, 1974 to Dec. 31, 1985 PD 1054 > Jan. 1, 1986 to 1994 PD 1994 b. Improvements = RAMO 2-87/3-86/3-87 - June 10, 1986 to Feb. 4, 1988 = RAMO 1-88 - Feb. 5, 1988 to Feb. 18, 1991 + RAMO 2-91 - Feb. 19, 1991 to present = RAMO 1-200 - March 17, 2000 > RAMO 1-201 - Feb. 15, 2001 c. Shares of stocks, obligations or bonds @. Usuftuct,, annuities, use or habitation - there shall be taken into account the probable life of the beneficiary in accordance with the formula using Tropical Experience Table of Tax Code e. Foreign currency and cash in bank - Peso value at exchange rate at time of death and balance at time of death, respectively . Other Personal Properties - Fair market value at the time of death TMD