The value of properties surrendered by taxpayers for estate and gift tax payment, being part of taxable estate or gift in the ROC, shall be determined according to the value of the estate or gift tax levied upon the property concerned.
Where said surrendered property is a depreciative or depletive property, the depreciation or depletion amount accrued during the period between the date of inheritance or gift and the date of in-lieu tax payment application shall be deducted; where other rights have been established thereon, the value of said rights or the amount of debts guaranteed shall be deducted.
Where such other right is a mortgage and the debtor has repaid the guaranteed debt after it had been used for tax payment, thereby resulting in a tax payment value in excess of the original tax amount, the provisions under Paragraph 1 of Article 48 shall apply mutatis mutandis. 
The value of properties surrendered by taxpayers for estate and gift tax payment, being property other than taxable estate or gift, shall be based on the date of in-lieu tax payment application and relevant provisions concerning estate or gift valuation shall apply mutatis mutandis.