[Federal Register Volume 59, Number 111 (Friday, June 10, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-12294]
[[Page Unknown]]
[Federal Register: June 10, 1994]
_______________________________________________________________________
Part II
Department of the Treasury
_______________________________________________________________________
Internal Revenue Service
_______________________________________________________________________
26 CFR Parts 1, 20, 25, and 602
Valuation Tables and Actuarial Tables Exceptions; Final Rule and
Proposed Rule
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 1, 20, 25, and 602
[TD 8540]
RIN 1545-AM81
Valuation Tables
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final regulations.
-----------------------------------------------------------------------
SUMMARY: This document contains final regulations relating to the
valuation of annuities, interests for life or terms of years, and
remainder or reversionary interests. Changes to the applicable tax law
were made by section 5031 of the Technical and Miscellaneous Revenue
Act of 1988. These regulations will provide the public with the
guidance needed to comply with the Act.
DATES: These regulations are effective May 1, 1989. For dates of
applicability of these regulations, see the Effective Dates portion
under Supplementary Information.
FOR FURTHER INFORMATION CONTACT: William L. Blodgett, (202) 622-3090
(not a toll-free number).
SUPPLEMENTARY INFORMATION:
Paperwork Reduction Act
The collection of information contained in these final regulations
has been reviewed and approved by the Office of Management and Budget
in accordance with the Paperwork Reduction Act (44 U.S.C. 3504(h))
under control number 1545-1343. The estimated annual burden per
respondent varies from 30 minutes to one hour, depending on individual
circumstances, with an estimated average of 45 minutes.
Comments concerning the accuracy of this burden estimate and
suggestions for reducing this burden should be sent to the Internal
Revenue Service, Attn: IRS Reports Clearance Officer, PC:FP,
Washington, DC 20224, and to the Office of Management and Budget, Attn:
Desk Officer for the Department of the Treasury, Office of Information
and Regulatory Affairs, Washington, DC 20503.
Background
On November 2, 1992, the IRS published in the Federal Register
proposed amendments to the income tax regulations (26 CFR part 1) under
sections 170, 642, 664, and 7520 of the Internal Revenue Code (Code),
and to the estate and gift tax regulations (26 CFR part 20 and part 25)
under sections 2031, 2512, and 7520 of the Code. Conforming changes
were proposed for regulations under other sections of the Code. On
February 3, 1993, the IRS published in the Federal Register certain
corrections to the proposed regulations. This project finalizes those
amendments. Written comments responding to the Notice of Proposed
Rulemaking were received. No public hearing was requested, and none was
held. After consideration of all of the comments received regarding the
proposed regulations, those amendments are adopted by this Treasury
decision with revisions in response to those comments. A summary of the
principal comments received and revisions made in the final regulations
in response to those comments is provided below.
Explanation of Provisions
The notice of proposed rulemaking included estate tax regulations
that described the implementation of the new valuation standard,
including an explanation of the general effective date of May 1, 1989
(Sec. 20.7520-1), an explanation of the special elections for
charitable interests (Sec. 20.7520-2), a listing of Code provisions
that are not subject to section 7520 (Sec. 20.7520-3), and a
description of transitional rules for income, estate, and gift tax
valuations (Sec. 20.7520-4). In the final regulations, the substance of
Secs. 20.7520-1 through 20.7520-4 has been incorporated into analogous
provisions for the Income Tax Regulations (Secs. 1.7520-1 through
1.7520-4) and the Gift Tax Regulations (Secs. 25.7520-1 through
25.7520-4).
In response to comments, several editorial changes were made to
clarify certain of the formulas contained in the proposed regulations.
These clarifications principally involve the insertion of additional
parentheses or brackets in order to make the formulas easier for the
reader to understand and apply.
Also in response to comments, Sec. 1.170A-12(b) was updated in a
correction to the proposed regulations that was published in the
Federal Register on February 3, 1993. The update includes a formula for
the computation of the special factor to value a remainder interest
following one life where the property is subject to exhaustion, wear
and tear, or obsolescence. A similar formula in Sec. 1.170A-12(e),
which is applicable to the valuation of a remainder interest following
two lives, was also updated. The change in formulas avoids the need to
include lengthy commutation factor tables in the regulations.
Clarifying amendments have been made in the final regulations
concerning the meaning of ``valuation date'' for purposes of an
election to value a transfer to a charitable remainder trust. In the
case of an election under section 7520 to compute the present value of
the charitable interest by use of the interest rate component for
either of the 2 months preceding the month in which the transfer is
made, the month so elected is the valuation date for purposes of
determining the interest rate and mortality tables. Sections 1.664-2(c)
and 1.664-4(e)(4) of the final regulations have been revised
accordingly.
Comments were received pertaining to the rule in the proposed
regulations under section 7520 concerning the transfer of more than one
partial interest in the same property at different times. In response
to these comments, the regulations have been amended to make it clear
that, generally, each separate transfer is valued with the interest
rate applicable in the month of the transfer.
The proposed regulations provide for making the election to use a
prior month's interest rate in the case of a transfer to charity.
Comments questioned the need for requiring the filing of detailed
information as part of a prior-month election. This information is
already required to be filed with the tax return for certain situations
involving charitable interests that are subject to measuring lives.
See, for example, Sec. 20.2055-2(f)(5). This requirement is now
explained in the regulations under section 7520. Comments also raised a
question about the revocability of the election and the time for making
the election. The final regulations provide that the taxpayer makes the
prior-month election by so stating on the return and identifying the
elected month. The failure to include with the return other information
that is required to describe the transfer, whether or not the election
is made, will ordinarily not invalidate the election. For elections
made on or before June 10, 1994, a reasonable attempt to make the
election and submit the required information will be treated as a valid
election. The final regulations also provide that the election is
generally made on a timely filed tax return for the year of the
transfer. However, the election may also be made or changed on an
amended or supplemented return that is made within 24 months after the
original return is filed.
Comments were received concerning whether the five percent de
minimis test (i.e., a transfer to charity of at least five percent of
the value of the interest) set forth in the proposed regulations should
be applied in determining if the taxpayer may elect to use an
alternative prior month interest rate. The final regulations delete
this de minimis test.
Comments were received concerning the application of these
regulations in situations where an individual is expected to die
prematurely or where two individuals die simultaneously. See, for
example, Rev. Rul. 80-80, 1980-1 C.B. 194, which holds that, in cases
where the individual's death is imminent, the standard actuarial tables
prescribed by the regulations are not to be used. See, also, Carter v.
United States, 291 F.2d 63 (5th Cir. 1991), where the court refused to
ascribe value to an income interest for purposes of the section 2013
credit where the death of the transferee was simultaneous with the
death of the transferor. Comments were also received concerning the
scope of these regulations in light of O'Reilly v. Commissioner, 973
F.2d 1403 (8th. Cir. 1992), rem'd, T.C.M. 1994-61. In O'Reilly, the
Circuit Court held that the standard actuarial tables were not
applicable to a situation in which the application of those tables
would have produced an unreasonable result. In that case, the property
held in trust produced an extraordinarily low rate of return. A similar
result was reached by the Tax Court in Froh v. Commissioner, 100 T.C. 1
(1993), dealing with depletable property. Consistent with these
comments, the Service and Treasury are contemporaneously proposing an
amendment to these regulations that defines the circumstances in which
the section 7520 tables would not apply in valuing a transferred
interest. That Notice of Proposed Rulemaking is published elsewhere in
this issue of the Federal Register.
Notice 89-60, 1989-1 C.B. 700, announced a method for determining
the deemed yearly rate of return for new pooled income funds. This
method defined the deemed rate as the highest annual average section
7520 interest rate for the preceding three years, reduced by one
percentage point. The proposed regulations would have defined the
deemed rate as the highest annual average section 7520 interest rate
for the preceding three years, multiplied by 90 percent. Both methods
produced the same result for each of the years after the enactment of
section 7520:
--------------------------------------------------------------------------------------------------------------------------------------------------------
5/1/89 to 12/31/
First year of pooled income fund 89 1990 1991 1992 1993 1994
--------------------------------------------------------------------------------------------------------------------------------------------------------
Notice 89-60 method............................................................ 9.4 9.8 9.8 9.8 9.4 8.4
Proposed regulation method..................................................... 9.4 9.8 9.8 9.8 9.4 8.4
--------------------------------------------------------------------------------------------------------------------------------------------------------
Commentators have indicated a strong preference for the method
announced in Notice 89-60, because they view the computation as simpler
than that set forth in the proposed regulations. In response to these
comments, the final regulations adopt the method described in Notice
89-60 for determining the deemed yearly rate of return for new pooled
income funds.
Comments were received concerning whether, in valuing transfers to
a new pooled income fund, the same deemed rate of return would be used
throughout the entire three-year period. The final regulations provide
that the deemed rate of return for transfers to a new pooled income
fund is recomputed each calendar year using the monthly section 7520
rates for the three-year period immediately preceding the calendar year
in which each transfer to the fund is made until the fund has been in
existence for three taxable years and can compute its highest rate of
return for the three taxable years immediately preceding the taxable
year in which the transfer of property to the fund is made.
A commentator suggested that, with respect to the interpolation
method for valuing transfers to pooled income funds and charitable
remainder unitrusts, a taxpayer be permitted to elect a more exact
method of computing the appropriate interest rate. The method
prescribed in the proposed regulations has been in use for many years
and is prescribed by the Internal Revenue Service in Publication 1457,
``Actuarial Values, Alpha Volume,'' (8-89) and Internal Revenue Service
Publication 1458, ``Actuarial Values, Beta Volume,'' (8-89). The IRS
and Treasury believe that any change from the method prescribed in
these publications, which are in current use, would create undue
confusion for taxpayers. Consequently, the commentator's suggested
change is not being adopted at this time.
Comments were received inquiring about the application of section
7520 to the valuation of annuities issued by certain organizations
other than insurance companies. In response to these comments, the
final regulations explain that the section 7520 tables are to be used
in valuing these annuities. This is an application of the principle
adopted in Rev. Rul. 84-162, 1984-2 C.B. 200, for transfers after
November 23, 1984. A different method of valuation continues to apply
for purposes of computing the exclusion ratio in reporting the annuity
payments under section 72. These clarifications have been made by
updating Sec. 1.101-2(e)(1)(iii)(b) and Example 8 of Sec. 1.1011-2(c).
Comments were received concerning the presumption in the proposed
regulations under section 664 that, if a governing instrument for a
charitable remainder unitrust does not prescribe when the distribution
is made during the period, the distribution is presumed to be made on
the first day of the period. Unitrusts have traditionally been regarded
as providing for distributions at the beginning of each period unless
the governing instrument provides to the contrary. This presumption has
been reflected in unitrust factors prescribed in the regulations under
section 664 since the enactment of that section. Therefore, the
presumption that distributions are made on the first day of the period,
if not otherwise provided for in the instrument, is continued in the
final regulations.
Effective Dates
These regulations are generally effective in the case of annuities,
interests for life or terms of years, and remainder or reversionary
interests created after April 30, 1989. The regulations provide certain
transitional rules intended to alleviate any adverse consequences
resulting from the statutory amendments. Several principal provisions
of the regulations were announced in Notice 89-24, 1989-1 C.B. 660
(which announced the change from the 10 percent fixed rate of interest
to the section 7520 floating rate of interest), and Notice 89-60 (which
announced the change in mortality tables) (See
Sec. 601.601(d)(2)(ii)(b) of the Statement of Procedural Rules). A
transitional rule in the final regulations provides that, for valuation
dates of transfers after April 30, 1989, and before June 10, 1994, a
transferor can rely on Notice 89-24 or Notice 89-60 in valuing the
transferred interest. For gift tax purposes, a transitional rule in the
final regulations provides that if, after December 31, 1988, but before
May 1, 1989, a donor transferred an interest in property, retaining an
interest in the same property, and the donor later transferred the
retained interest in the property after April 30, 1989, and before
January 1, 1990, the donor may elect to value the transfer of the
retained interest under either the 10 percent tables or the section
7520 tables (whichever is more beneficial). For estate tax purposes, a
transitional rule in the final regulations provides that the estate of
a mentally incompetent decedent may elect to value the property
interest included in the gross estate under the mortality table and
interest rate in effect at the time the decedent became mentally
incompetent or the mortality table and interest rate in effect on the
decedent's date of death if the decedent was under a mental incapacity
that existed on May 1, 1989, and continued uninterrupted until the
decedent's death. For purposes of determining the value of the
remainder interest in a testamentary charitable remainder unitrust or
annuity trust, a transitional rule in the final regulations provides
that the mortality table and 10 percent interest rate in effect before
May 1, 1989, or the mortality table and interest rate under section
7520 may be used if the decedent was mentally incompetent on May 1,
1989, and (1) such incompetency continued uninterrupted until death, or
(2) the decedent died within 90 days of first regaining competency
after April 30, 1989.
Special Analyses
It has been determined that this Treasury decision is not a
significant regulatory action as defined in EO 12866. Therefore, a
regulatory assessment is not required. It also has been determined that
section 553(b) of the Administrative Procedure Act (5 U.S.C. chapter 5)
and the Regulatory Flexibility Act (5 U.S.C. chapter 6) do not apply to
these regulations, and, therefore, a Regulatory Flexibility Analysis is
not required. Pursuant to section 7805(f) of the Internal Revenue Code,
the notice of proposed rulemaking preceding these regulations was
submitted to the Small Business Administration for comment on its
impact on small business.
Drafting Information
The principal author of these regulations is William L. Blodgett,
Office of Chief Counsel (Passthroughs and Special Industries), IRS.
However, other personnel from the IRS and Treasury Department
participated in their development.
List of Subjects
26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
26 CFR Part 20
Estate taxes, Reporting and recordkeeping requirements.
26 CFR Part 25
Gift taxes, Reporting and recordkeeping requirements.
26 CFR Part 602
Reporting and recordkeeping requirements.
Adoption of Amendments to the Regulations
Accordingly, 26 CFR parts 1, 20, 25, and 602 are amended as
follows:
Paragraph 1. In the list below, for each section indicated in the
left column, remove the language in the middle column and add the
language in the right column:
------------------------------------------------------------------------
Section Remove Add
------------------------------------------------------------------------
1.52-1(f).............. or 20.2031-10, or, for certain prior
whichever is periods, 20.2031-7A
appropriate.
1.101-2(e)(2) Example paragraph (f) of....... ......................
(1)(ii).
1.170A-4(d) Example 9, Table B of Sec. 20.2031- Sec. 20.2031-7A(c)
third sentence. 10(f).
1.170A-5(b) Example 5, Table A(1) in Sec. Sec. 20.2031-7A(c)
fifth sentence. 20.2031-10(f).
1.170A-6(c)(3)(i)...... or Sec. 20.2031-10, or, for certain prior
whichever is periods, 20.2031-7A
appropriate.
1.170A-6(c)(3)(iii) Table B in Sec. 20.2031- Sec. 20.2031-7A(c)
Example 1 second 10(f).
sentence.
1.170A-6(c)(3)(iii) Table B in Sec. 20.2031- Sec. 20.2031-7A(c)
Example 2 second 10(f).
sentence.
1.170A-6(c)(3)(iii) Sec. 20.2031-10(e)..... Sec. 20.2031-7A(c)
Example 3 third
sentence.
1.170A-6(c)(3)(iii) Table B in Sec. 20.2031- Sec. 20.2031-7A(c)
Example 3 fourth 10(f).
sentence.
1.170A-6(c)(4) second or Sec. 20.2031-10,
sentence. whichever is
appropriate.
1.170A-6(c)(5) Example Table B in Sec. 20.2031- Sec. 20.2031-7A(c)
1 sixth sentence. 10(f).
1.170A-6(c)(5) Example Sec. 1.664-4(b)(5)..... Sec. 1.664-4A(c)
2(b).
1.170A-6(c)(5) Example Sec. 20.2031-10(f)..... Sec. 20.2031-7A(c)
3(b).
1.170A-7(c) third or Sec. 20.2031-10, ......................
sentence. whichever is
appropriate.
1.170A-12(a)(3) fourth paragraph (d) of Sec. Sec. 25.2512-5 (or,
sentence. 25.2512-5 or 25.2512-9 for certain prior
whichever is periods, Sec. 25.2512-
appropriate. 5A)
1.170A-12(c) first and paragraph (d) in Sec. Sec. 25.2512-5 (or,
third sentences. 25.2512-5 or 25.2512-9. for certain prior
periods, Sec. 25.2512-
5A)
1.170A-12(c) Example, Table B of Sec. 25.2512- Sec. 25.2512-5A(c)
fourth sentence. 9(f).
1.414(c)-2(b)(2)(ii) or Sec. 20.2031-10 or, for certain prior
second sentence. (Estate Tax periods, Sec. 20.2031-
Regulations), 7A (Estate Tax
whichever is Regulations)
appropriate.
1.414(c)-4(b)(3)(i) or Sec. 20.2031-10 or, for certain prior
last sentence. (Estate Tax periods, Sec. 20.2031-
Regulations), 7A (Estate Tax
whichever is Regulations)
appropriate.
1.642(c)-6(d)(2) third paragraph (d)(2)....... paragraph (d)(3)
and fifth sentences.
1.642(c)-6(d)(2) fourth paragraph (a)(2) of Sec. 1.642(c)-6(b)
sentence. this section.
1.642(c)-7(d)(2) first paragraph (b)(2) of.... ......................
and second sentences.
1.664-1(a)(6) Example Sec. 1.664-4(b)(2)..... Sec. 1.664-4A(c)
(6)(ii) second
sentence.
1.664-4(b)(2) second paragraph (a)(4) of Sec. 1.664-4(a)
sentence. this section.
1.664-4(b)(2) last paragraph (a)(3) of Sec. 1.664-4(b)
sentence. this section.
1.664-4(b)(3) first paragraph (b)(5)....... paragraph (d)(6)
sentence.
1.664-4(b)(3) third and paragraph (b)(3)....... paragraph (d)(4)
sixth sentences.
1.664-4(b)(3) fifth paragraph (a)(4) of Sec. 1.664-4(b)
sentence. this section.
1.1014-5(a)(3) first or Sec. 20.2031-10, or, for certain prior
sentence. whichever is periods, Sec. 20.2031-
applicable. 7A
1.1014-5(c) Example (1) Table A(2) in paragraph Sec. 20.2031-7A(c)
fourth sentence. (f) of Sec. 20.2031-10.
1.1014-5(c) Example (2) Table A(2) in paragraph Sec. 20.2031-7A(c)
second sentence. (f) of Sec. 20.2031-10.
1.1014-5(c) Example (3) Table A(1) in paragraph Sec. 20.2031-7A(c)
sixth sentence. (f) of Sec. 20.2031-10.
1.1014-5(c) Example (4) Table A(1) in paragraph Sec. 20.2031-7A(c)
third sentence. (f) of Sec. 20.2031-10.
1.1014-5(c) Example Table A(1) in paragraph Sec. 20.2031-7A(c)
(5)(a) fifth sentence. (f) of Sec. 20.2031-10.
1.1014-5(c) Example (6) Table A(2) in paragraph Sec. 20.2031-7A(c)
fourth sentence. (f) of Sec. 20.2031-10.
20.2031-7(a)(2) first paragraph (f).......... paragraph (d)(6)
and second sentences.
20.2031-7(a)(2)........ paragraph (e).......... paragraph (d)(5)
20.2031-7(b)(1)........ paragraph (b)(1)....... paragraph (d)(2)(i)
20.2031-7(b)(2)........ paragraph (b)(2)....... paragraph (d)(2)(ii)
20.2031-7(b)(2) (in the paragraph (b)(1)....... paragraph (d)(2)(i)
Example).
20.2031-7(b)(3)(i)..... paragraphs (b)(1) or paragraphs (d)(2)(i)
(2). or (ii)
20.2031-7(b)(3)(i)..... paragraph (b)(3)(i).... paragraph
(d)(2)(iii)(A)
20.2031-7(b)(3)(i) (in paragraph (b)(2)....... paragraph (d)(2)(ii)
the Example).
20.2031-7(b)(3)(ii).... paragraph (b)(3)(ii)... paragraph
(d)(2)(iii)(B)
20.2031-7(c)........... paragraph (c).......... paragraph (d)(3)
20.2031-7(d)........... paragraph (d).......... paragraph (d)(4)
20.2031-7(e)........... paragraph (f).......... paragraph (d)(6)
20.2032-1(f)(1) fourth Sec. 20.2031-7......... Sec. 20.2031-7A(d)
sentence.
20.2039-2(c)(1)(viii).. through 20.2031-10..... or, for certain prior
periods, Sec. 20.2031-
7A
20.2039-5(c)(1)........ through 20.2031-10..... or, for certain prior
periods, Sec. 20.2031-
7A
20.2039-5(c)(2)........ through 20.2031-10..... or, for certain prior
periods, Sec. 20.2031-
7A
20.2055-2(f)(2)(iv).... or 20.2031-10, or, for certain prior
whichever is periods, Sec. 20.2031-
appropriate. 7A
20.2056(b)-4(d) fourth paragraph (e).......... paragraph (b)
sentence.
25.2511-1(h)(6)........ paragraph (e) of Sec. Sec. 25.2512-5
25.2512-5 or paragraph
(e) of Sec. 25.2512-9,
whichever is
applicable.
25.2511-1(h)(7)........ paragraph (e) of Sec. Sec. 25.2512-5
25.2512-5 or paragraph
(e) of Sec. 25.2512-9,
whichever is
applicable.
25.2512-5(a)(2) first paragraph (f).......... paragraph (d)(6)
and second sentences.
25.2512-5(a)(2) third paragraph (e).......... paragraph (d)(5)
sentence.
25.2512-5(b)(1) third paragraph (b)(1)....... paragraph (d)(2)(i)
sentence.
25.2512-5(b)(2) last paragraph (b)(2)....... paragraph (d)(2)(ii)
sentence.
25.2512-5(b)(2) (in the paragraph (b)(1)....... paragraph (d)(2)(i)
Example).
25.2512-5(b)(3)(i)..... paragraphs (b)(1) or paragraph (d)(2)(i) or
(2). (ii)
25.2512-5(b)(3)(i) last paragraph (b)(3)(i).... paragraph
sentence. (d)(2)(iii)(A)
25.2512-5(b)(3)(ii).... paragraph (b)(3)(ii)... paragraph
(d)(2)(iii)(B)
25.2512-5(c)........... paragraph (c).......... paragraph (d)(3)
25.2512-5(d)........... paragraph (d).......... paragraph (d)(4)
25.2518-3(a)(1)(iv)(A). Sec. 20.2031-10........ Sec. 20.2031-7
25.2522(c)-3(d)(2)(iv) or 25.2512-9, whichever ......................
first sentence. is appropriate.
25.2522(c)-3(d) (2)(iv) Table B in Sec. 25.2512- Sec. 25.2512-5A(c)
Example 1 second 9(f).
sentence.
25.2522(c)-3(d)(2)(iv) Table B in Sec. 25.2512- Sec. 25.2512-5A(c)
Example 2 second 9(f).
sentence.
25.2522(c)-3(d)(2)(iv) Sec. 25.2512-9(e)...... Sec. 25.2512-5A(c)
Example 3 third
sentence.
25.2522(c)-3(d)(2)(iv) Table B in Sec. 25.2512- Sec. 25.2512-5A(c)
Example 3 fourth 9(f).
sentence.
25.2523(a)-1(d) second or 25.2512-9, whichever or, for certain prior
sentence. is appropriate. periods, Sec. 25.2512-
5A.
25.2523(a)-1(d) third (d) of Sec. 25.2 512-5 (d) of Sec. 25.2512-5.
sentence. or 25.2512-9,
whichever is
appropriate.
25.2523(a)-1(d) fourth (see Sec. 25.2512-5(e) ......................
sentence. or 25.2512-9(e),
whichever is
appropriate).
25.2523(a)-1(d) fifth (e) or 25.2512-9(e), (d) or, for certain
sentence. whichever is prior periods, Sec.
appropriate. 25.2512-5A.
25.2523(c)-1(c) (70,000 X .708919, as as determined under
Example, tenth found in Table II of Sec. 25.2512-5A(c)
sentence. Sec. 25.2512-5).
------------------------------------------------------------------------
PART 1--INCOME TAXES
Par. 2. The authority citation for part 1 is amended by adding an
entry in numerical order to read as follows:
Authority: 26 U.S.C. 7805 * * *
Section 1.170A-12 also issued under 26 U.S.C. 170(f)(4). * * *
Section 1.642(c)-6 also issued under 26 U.S.C. 642(c)(5).
Section 1.642(c)-6A also issued under 26 U.S.C. 642(c)(5).
Section 1.664-1 also issued under 26 U.S.C. 664(a).
Section 1.664-2 also issued under 26 U.S.C. 664(a).
Section 1.664-3 also issued under 26 U.S.C. 664(a).
Section 1.664-4 also issued under 26 U.S.C. 664(a).
Section 1.664-4A also issued under 26 U.S.C. 664(a). * * *
Section 1.7520-1 also issued under 26 U.S.C. 7520(c)(2).
Section 1.7520-2 also issued under 26 U.S.C. 7520(c)(2).
Section 1.7520-3 also issued under 26 U.S.C. 7520(c)(2).
Section 1.7520-4 also issued under 26 U.S.C. 7520(c)(2).
Par. 3. Section 1.101-2 is amended as follows:
1. Paragraphs (e)(1)(iii)(b) (1) and (2) are revised.
2. Paragraph (e)(1)(iii)(b)(3) is removed.
3. The revised provisions read as follows:
Sec. 1.101-2 Employees' death benefits.
* * * * *
(e) * * *
(1) * * *
(iii) * * *
(b) * * *
(1) In the case of an annuity paid by an insurance company or by an
organization (other than an insurance company) regularly engaged in
issuing annuity contracts with an insurance company as the coinsurer or
reinsurer of the obligations under the contract, by use of the discount
interest rates and mortality tables used by the insurance company
involved to determine the installment benefits; and
(2) In the case of an annuity issued after November 23, 1984, to
which paragraph (e)(1)(iii)(b)(1) of this section is not applicable, by
use of the appropriate tables in Sec. 20.2031-7 of this chapter (Estate
Tax Regulations).
* * * * *
Par. 4. Section 1.170A-12 is amended as follows:
1. In paragraph (a)(3), a sentence is added between the fourth and
fifth sentences.
2. Paragraphs (b), and (e) (1) and (2) are revised.
3. Paragraph (f) is removed.
4. The authority citation at the end of the section is removed.
5. The added and revised provisions read as follows:
Sec. 1.170A-12 Valuation of a remainder interest in real property for
contributions made after July 31, 1969.
(a) * * *
(3) * * * Except as provided in Sec. 1.7520-3(b) of this chapter,
for transfers of remainder interests after April 30, 1989, the present
value of the remainder interest is determined under Sec. 25.2512-5 of
this chapter by use of the interest rate component on the date the
interest is transferred unless an election is made under section 7520
and Sec. 1.7520-2 of this chapter to compute the present value of the
interest transferred by use of the interest rate component for either
of the 2 months preceding the month in which the interest is
transferred. * * *
(b) Valuation of a remainder interest following only one life--(1)
General rule. The value of a remainder interest in real property
following only one life is determined under the rules provided in
Sec. 20.2031-7 (or for certain prior periods, Sec. 20.2031-7A) of this
chapter (Estate Tax Regulations), using the interest rate and life
contingencies prescribed for the date of the gift. See, however,
Sec. 1.7520-3(b) (relating to exceptions to the use of prescribed
tables under certain circumstances). However, if any part of the real
property is subject to exhaustion, wear and tear, or obsolescence, the
special factor determined under paragraph (b)(2) of this section shall
be used in valuing the remainder interest in that part. Further, if any
part of the property is subject to depletion of its natural resources,
such depletion is taken into account in determining the value of the
remainder interest.
(2) Computation of depreciation factor. If the valuation of the
remainder interest in depreciable property is dependent upon the
continuation of one life, a special factor must be used. The factor
determined under this paragraph (b)(2) is carried to the fifth decimal
place. The special factor is to be computed on the basis of the
interest rate and life contingencies prescribed in Sec. 20.2031-7 (or
for certain prior periods, Sec. 20.2031-7A) of this chapter (Estate Tax
Regulations) and on the assumption that the property depreciates on a
straight-line basis over its estimated useful life. For transfers for
which the valuation date is after April 30, 1989, special factors for
determining the present value of a remainder interest following one
life and an example describing the computation are contained in
Internal Revenue Service Publication 1459, ``Actuarial Values, Gamma
Volume,'' (8-89). This publication is no longer available for purchase
from the Superintendent of Documents. However, it may be obtained by
requesting a copy from: CC:DOM:CORP:T:R (IRS Publication 1459), room
5228, Internal Revenue Service, POB 7604, Ben Franklin Station,
Washington, DC 20044. See, however, Sec. 1.7520-3(b) (relating to
exceptions to the use of prescribed tables under certain
circumstances). Otherwise, in the case of the valuation of a remainder
interest following one life, the special factor may be obtained through
use of the following formula:
TR10JN94.000
Where:
n=the estimated number of years of useful life,
i=the applicable interest rate under section 7520 of the Internal
Revenue Code,
v=1 divided by the sum of 1 plus the applicable interest rate under
section 7520 of the Internal Revenue Code,
x=the age of the life tenant, and
lx=number of persons living at age x as set forth in Table 80CNSMT of
Sec. 20.2031-7 (or, for prior periods, in Sec. 20.2031-7A) of this
chapter.
(3) The following example illustrates the provisions of this
paragraph (b):
Example. In June 1992, A, who is 62, donates to Y University a
remainder interest in a personal residence, consisting of a house
and land, subject to a reserved life estate in A. At the time of the
gift, the land has a value of $30,000 and the house has a value of
$100,000 with an estimated useful life of 45 years, at the end of
which the value of the house is expected to be $20,000. The portion
of the property considered to be depreciable is $80,000 (the value
of the house ($100,000) less its expected value at the end of 45
years ($20,000)). The portion of the property considered to be
nondepreciable is $50,000 (the value of the land at the time of the
gift ($20,000) plus the expected value of the house at the end of 45
years ($20,000)). The interest rate prescribed under section 7520
for June 1992 is 8.4 percent. Based on an interest rate of 8.4
percent, the remainder factor for $1.00 prescribed in Sec. 20.2031-7
of this chapter for a person age 62 is 0.29567. The value of the
nondepreciable remainder interest is $14,783.50 (0.29567 times
$50,000). The value of the depreciable remainder interest is
$17,387.20 (0.21734, computed under the formula described in
paragraph (b)(2) of this section, times $80,000). Therefore, the
value of the remainder interest is $32,170.70.
* * * * *
(e) * * *
(1)(i) If the valuation of the remainder interest in the real
property is dependent upon the continuation or the termination of more
than one life or upon a term certain concurrent with one or more lives,
a special factor must be used.
(ii) The special factor is to be computed on the basis of--
(A) Interest at the rate prescribed under Sec. 25.2512-5 (or, for
certain prior periods, Sec. 25.2512-5A) of this chapter, compounded
annually;
(B) Life contingencies determined from the values that are set
forth in the mortality table in Sec. 20.2031-7 (or, for certain prior
periods, Sec. 20.2031-7A) of this chapter; and
(C) If depreciation is involved, the assumption that the property
depreciates on a straight-line basis over its estimated useful life.
(iii) If any part of the property is subject to depletion of its
natural resources, such depletion must be taken into account in
determining the value of the remainder interest.
(2) In the case of the valuation of a remainder interest following
two lives, the special factor may be obtained through use of the
following formula:
TR10JN94.001
Where:
n=the estimated number of years of useful life,
i=the applicable interest rate under section 7520 of the Internal
Revenue Code,
v=1 divided by the sum of 1 plus the applicable interest rate under
section 7520 of the Internal Revenue Code,
x and y=the ages of the life tenants, and
lx and ly=the number of persons living at ages x and y as set forth in
Table 80CNSMT in Sec. 20.2031-7 (or, for prior periods, in
Sec. 20.2031-7A) of this chapter.
Sec. 1.170A-13 [Amended]
Par. 5. Section 1.170A-13 is amended by removing the authority
citation immediately following paragraph (d)(3).
Par. 6. Section 1.170A-14 is amended by:
1. Revising the third and fourth sentences of paragraph (h)(4),
Example 2, as set forth below.
2. Removing the fifth sentence of paragraph (h)(4), Example 2.
Sec. 1.170A-14 Qualified conservation contributions.
* * * * *
(h) * * *
(4) * * *
Example 2. * * * Under Sec. 1.170A-12(b), the value of a
remainder interest in real property following one life is determined
under Sec. 25.2512-5 of this chapter (Gift Tax Regulations). (See
Sec. 25.2512-5A of this chapter with respect to the valuation of
annuities, interests for life or term of years, and remainder or
reversionary interests transferred before December 1, 1983.)
* * * * *
Par. 7. Immediately following Sec. 1.643(d)-2, an undesignated
center heading and Sec. 1.642(c)-6A are added to read as follows:
Pooled Income Fund Actuarial Tables Applicable Before May 1, 1989
Sec. 1.642(c)-6A Valuation of charitable remainder interests for which
the valuation date is before May 1, 1989.
(a) Valuation of charitable remainder interests for which the
valuation date is before January 1, 1952. There was no provision for
the qualification of pooled income funds under section 642 until 1969.
See Sec. 20.2031-7A(a) of this chapter (Estate Tax Regulations) for the
determination of the present value of a charitable remainder interest
created before January 1, 1952.
(b) Valuation of charitable remainder interests for which the
valuation date is after December 31, 1951, and before January 1, 1971.
No charitable deduction is allowable for a transfer to a pooled income
fund for which the valuation date is after the effective dates of the
Tax Reform Act of 1969 unless the pooled income fund meets the
requirements of section 642(c)(5). See Sec. 20.2031-7A(b) of this
chapter (Estate Tax Regulations) for the determination of the present
value of a charitable remainder interest for which the valuation date
is after December 31, 1951, and before January 1, 1971.
(c) Present value of remainder interest in the case of transfers to
pooled income funds for which the valuation date is after December 31,
1970, and before December 1, 1983. For the determination of the present
value of a remainder interest in property transferred to a pooled
income fund for which the valuation date is after December 31, 1970,
and before December 1, 1983, see Sec. 20.2031-7A(c) of this chapter
(Estate Tax Regulations) and former Sec. 1.642(c)-6(e) (as contained in
the 26 CFR part 1 edition revised as of April 1, 1994).
(d) Present value of remainder interest dependent on the
termination of one life in the case of transfers to pooled income funds
made after November 30, 1983, for which the valuation date is before
May 1, 1989--(1) In general. For transfers to pooled income funds made
after November 30, 1983, for which the valuation date is before May 1,
1989, the present value of the remainder interest at the time of the
transfer of property to the fund is determined by computing the present
value (at the time of the transfer) of the life income interest in the
transferred property (as determined under paragraph (d)(2) of this
section) and subtracting that value from the fair market value of the
transferred property on the valuation date. The present value of a
remainder interest that is dependent on the termination of the life of
one individual is computed by use of Table G in paragraph (d)(4) of
this section. For purposes of the computation under this section, the
age of an individual is to be taken as the age of the individual at the
individual's nearest birthday.
(2) Present value of life income interest. The present value of the
life income interest in property transferred to a pooled income fund
shall be computed on the basis of:
(i) Life contingencies determined from the values of lx that are
set forth in Table LN of Sec. 20.2031-7A(d)(6) of this chapter (Estate
Tax Regulations); and
(ii) Discount at a rate of interest, compounded annually, equal to
the highest yearly rate of return of the pooled income fund for the 3
taxable years immediately preceding its taxable year in which the
transfer of property to the fund is made. For purposes of this
paragraph (d)(2), the yearly rate of return of a pooled income fund is
determined as provided in Sec. 1.642(c)-6(c) unless the highest yearly
rate of return is deemed to be 9 percent. For purposes of this
paragraph (d)(2), the first taxable year of a pooled income fund is
considered a taxable year even though the taxable year consists of less
than 12 months. However, appropriate adjustments must be made to
annualize the rate of return earned by the fund for that period. Where
it appears from the facts and circumstances that the highest yearly
rate of return for the 3 taxable years immediately preceding the
taxable year in which the transfer of property is made has been
purposely manipulated to be substantially less than the rate of return
that would otherwise be reasonably anticipated with the purpose of
obtaining an excessive charitable deduction, that rate of return may
not be used. In that case, the highest yearly rate of return of the
fund is determined by treating the fund as a pooled income fund that
has been in existence for less than 3 preceding taxable years. If a
pooled income fund has been in existence less than 3 taxable years
immediately preceding the taxable year in which the transfer of
property to the fund is made, the highest yearly rate of return is
deemed to be 9 percent.
Par. 8. Section 1.642(c)-6 is amended as follows:
1. The section heading is revised.
2. Paragraphs (a) and (b) are revised.
3. Paragraph (c)(1) is revised.
4. Paragraphs (d)(2) and (d)(3) are redesignated as Sec. 1.642(c)-
6A, paragraphs (d)(3) and (d)(4), respectively.
5. Paragraph (d)(1) is redesignated as paragraph (d) and revised.
6. Paragraph (e) is revised.
7. The authority citation at the end of the section is removed.
8. Paragraph (f) is added.
9. The added and revised provisions read as follows:
Sec. 1.642(c)-6 Valuation of a remainder interest in property
transferred to a pooled income fund after April 30, 1989.
(a) In general. (1) For purposes of sections 170, 2055, 2106, and
2522, the fair market value of a remainder interest in property
transferred to a pooled income fund is its present value determined
under paragraph (d) of this section.
(2) The present value of a remainder interest at the time of the
transfer of property to the pooled income fund is determined by
computing the present value (at the time of the transfer) of the life
income interest and subtracting that value from the fair market value
of the transferred property on the valuation date. The fact that the
income beneficiary may not receive the last income payment, as provided
in paragraph (b)(7) of Sec. 1.642(c)-5, is not taken into account for
purposes of determining the value of the life income interest. For
purposes of this section, the valuation date is the date on which
property is transferred to the fund by the donor except that, for
purposes of section 2055 or 2106, it is the alternate valuation date,
if elected, under the provisions and limitations set forth in section
2032 and the regulations thereunder.
(3) Any claim for a deduction on any return for the value of the
remainder interest in property transferred to a pooled income fund must
be supported by a statement attached to the return showing the
computation of the present value of the interest.
(b) Actuarial computations by the Internal Revenue Service. The
regulations in this and in related sections provide tables of actuarial
factors and examples that illustrate the use of the tables in
determining the value of remainder interests in property. Section
1.7520-1(c)(2) refers to government publications that provide
additional tables of factors and examples of computations for more
complex situations. If the computation requires the use of a factor
that is not provided in this section, the Commissioner may supply the
factor upon a request for a ruling. A request for a ruling must be
accompanied by a recitation of the facts including the pooled income
fund's highest yearly rate of return for the 3 taxable years
immediately preceding the date of transfer, the date of birth of each
measuring life, and copies of the relevant documents. A request for a
ruling must comply with the instructions for requesting a ruling
published periodically in the Internal Revenue Bulletin (see
Secs. 601.201 and 601.601(d)(2)(ii)(b) of this chapter) and include
payment of the required user fee. If the Commissioner furnishes the
factor, a copy of the letter supplying the factor should be attached to
the tax return in which the deduction is claimed. If the Commissioner
does not furnish the factor, the taxpayer must furnish a factor
computed in accordance with the principles set forth in this section.
(c) Computation of pooled income fund's yearly rate of return. (1)
For purposes of determining the present value of the life income
interest, the yearly rate of return earned by a pooled income fund for
a taxable year is the percentage obtained by dividing the amount of
income earned by the pooled income fund for the taxable year by an
amount equal to--
(i) The average fair market value of the property in such fund for
that taxable year; less
(ii) The corrective term adjustment.
* * * * *
(d) Valuation. The present value of the remainder interest in
property transferred to a pooled income fund after April 30, 1989, is
determined under paragraph (e) of this section. The present value of
the remainder interest in property transferred to a pooled income fund
for which the valuation date is before May 1, 1989, is determined under
the following sections:
------------------------------------------------------------------------
Valuation dates
----------------------------------------------------- Applicable
After Before regulations
------------------------------------------------------------------------
01-01-52 1.642(c)-6A(a)
12-31-51................................. 01-01-71 1.642(c)-6A(b)
12-31-70................................. 12-01-83 1.642(c)-6A(c)
11-30-83................................. 05-01-89 1.642(c)-6A(d)
------------------------------------------------------------------------
(e) Present value of the remainder interest in the case of
transfers to pooled income funds for which the valuation date is after
April 30, 1989--(1) In general. In the case of transfers to pooled
income funds for which the valuation date is after April 30, 1989, the
present value of a remainder interest is determined under this section.
See, however, Sec. 1.7520-3(b) (relating to exceptions to the use of
prescribed tables under certain circumstances). The present value of a
remainder interest that is dependent on the termination of the life of
one individual is computed by the use of Table S in paragraph (e)(5) of
this section. For purposes of the computations under this section, the
age of an individual is the age at the individual's nearest birthday.
If the valuation date of a transfer to a pooled income fund is after
April 30, 1989, and before June 10, 1994, a transferor can rely on
Notice 89-24, 1989-1 C.B. 660, or Notice 89-60, 1989-1 C.B. 700, in
valuing the transferred interest. (See Sec. 601.601(d)(2)(ii)(b) of
this chapter.)
(2) Present value of a remainder interest. The present value of a
remainder interest in property transferred to a pooled income fund is
computed on the basis of--
(i) Life contingencies determined from the values of lx that are
set forth in Table 80CNSMT in Sec. 20.2031-7(d)(6) of this chapter
(Estate Tax Regulations); and
(ii) Discount at a rate of interest, compounded annually, equal to
the highest yearly rate of return of pooled income fund for the 3
taxable years immediately preceding its taxable year in which the
transfer of property to the fund is made. For purposes of this
paragraph (e), the yearly rate of return of a pooled income fund is
determined as provided in Sec. 1.642(c)-6(c) unless the highest rate of
return is deemed to be the rate described in paragraph (e)(3) of this
section for funds in existence less than 3 taxable years. For purposes
of this paragraph (e)(2)(ii), the first taxable year of a pooled income
fund is considered a taxable year even though the taxable year consists
of less than 12 months. However, appropriate adjustments must be made
to annualize the rate of return earned by the fund for that period.
Where it appears from the facts and circumstances that the highest
yearly rate of return of the fund for the 3 taxable years immediately
preceding the taxable year in which the transfer of property is made
has been purposely manipulated to be substantially less than the rate
of return that would otherwise be reasonably anticipated with the
purpose of obtaining an excessive charitable deduction, that rate of
return may not be used. In that case, the highest yearly rate of return
of the fund is determined by treating the fund as a pooled income fund
that has been in existence for less than 3 preceding taxable years.
(3) Pooled income funds in existence less than 3 taxable years. If
a pooled income fund has been in existence less than 3 taxable years
immediately preceding the taxable year in which the transfer is made to
the fund and the transfer to the fund is made after April 30, 1989, the
highest rate of return is deemed to be the interest rate (rounded to
the nearest two-tenths of one percent) that is 1 percent less than the
highest annual average of the monthly section 7520 rates for the 3
calendar years immediately preceding the calendar year in which the
transfer to the pooled income fund is made. The deemed rate of return
for transfers to new pooled income funds is recomputed each calendar
year using the monthly section 7520 rates for the 3-year period
immediately preceding the calendar year in which each transfer to the
fund is made until the fund has been in existence for 3 taxable years
and can compute its highest rate of return for the 3 taxable years
immediately preceding the taxable year in which the transfer of
property to the fund is made in accordance with the rules set forth in
the first sentence of paragraph (e)(2)(ii) of this section.
(4) Computation of value of remainder interest. The factor that is
used in determining the present value of a remainder interest that is
dependent on the termination of the life of one individual is the
factor from Table S in paragraph (e)(5) of this section under the
appropriate yearly rate of return opposite the number that corresponds
to the age of the individual upon whose life the value of the remainder
interest is based. The tables in paragraph (e)(5) of this section
include factors for yearly rates of return from 4.2 to 14 percent. Many
actuarial factors not contained in the tables in paragraph (e)(5) of
this section are contained in Table S in Internal Revenue Service
Publication 1457, ``Actuarial Values, Alpha Volume,'' (8-89). A copy of
this publication may be purchased from the Superintendent of Documents,
United States Government Printing Office, Washington, DC 20402. For
other situations, see Sec. 1.642(c)-6(b). If the yearly rate of return
is a percentage that is between the yearly rates of return for which
factors are provided, a linear interpolation must be made. The present
value of the remainder interest is determined by multiplying the fair
market value of the property on the valuation date by the appropriate
remainder factor. This paragraph may be illustrated by the following
example:
Example. A, who will be 55 years old on May 8, 1990, transfers
$100,000 to a pooled income fund on January 1, 1990, and retains a
life income interest in the property. The highest yearly rate of
return earned by the fund for its 3 preceding taxable years is 9.47
percent. In Table S, the remainder factor opposite 55 years under
9.4 percent is .18785 and under 9.6 percent is .18322. The present
value of the remainder interest is $18,623.00, computed as follows:
Factor at 9.4 percent for age 55........................... .18785
Factor at 9.6 percent for age 55........................... .18322
------------
Difference................................................. .00463
TR10JN94.002
Factor at 9.4 percent for age 55........................... .18785
Less: Interpolation adjustment............................. .00162
------------
Interpolated factor........................................ .18623
Present value of remainder interest:
($100,000 x .18623)...................................... $18,623.00
(5) Actuarial tables. In the case of transfers for which the
valuation date is after April 30, 1989, the present value of a
remainder interest dependent on the termination of one life in the case
of a transfer to a pooled income fund is determined by use of the
following tables:
Table S.--Based on Life Table 80CNSMT Single Life Remainder Factors
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interest rate
Age -------------------------------------------------------------------------------------------------------------
4.2% 4.4% 4.6% 4.8% 5.0% 5.2% 5.4% 5.6% 5.8% 6.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
0......................................... .07389 .06749 .06188 .05695 .05261 .04879 .04541 .04243 .03978 .03744
1......................................... .06494 .05832 .05250 .04738 .04287 .03889 .03537 .03226 .02950 .02705
2......................................... .06678 .05999 .05401 .04874 .04410 .03999 .03636 .03314 .03028 .02773
3......................................... .06897 .06200 .05587 .05045 .04567 .04143 .03768 .03435 .03139 .02875
4......................................... .07139 .06425 .05796 .05239 .04746 .04310 .03922 .03578 .03271 .02998
5......................................... .07401 .06669 .06023 .05451 .04944 .04494 .04094 .03738 .03421 .03137
6......................................... .07677 .06928 .06265 .05677 .05156 .04692 .04279 .03911 .03583 .03289
7......................................... .07968 .07201 .06521 .05918 .05381 .04903 .04477 .04097 .03757 .03453
8......................................... .08274 .07489 .06792 .06172 .05621 .05129 .04689 .04297 .03945 .03630
9......................................... .08597 .07794 .07079 .06443 .05876 .05370 .04917 .04511 .04148 .03821
10........................................ .08936 .08115 .07383 .06730 .06147 .05626 .05159 .04741 .04365 .04027
11........................................ .09293 .08453 .07704 .07035 .06436 .05900 .05419 .04988 .04599 .04250
12........................................ .09666 .08807 .08040 .07354 .06739 .06188 .05693 .05248 .04847 .04486
13........................................ .10049 .09172 .08387 .07684 .07053 .06487 .05977 .05518 .05104 .04731
14........................................ .10437 .09541 .08738 .08017 .07370 .06788 .06263 .05791 .05364 .04978
15........................................ .10827 .09912 .09090 .08352 .07688 .07090 .06551 .06064 .05623 .05225
16........................................ .11220 .10285 .09445 .08689 .08008 .07394 .06839 .06337 .05883 .05472
17........................................ .11615 .10661 .09802 .09028 .08330 .07699 .07129 .06612 .06144 .05719
18........................................ .12017 .11043 .10165 .09373 .08656 .08009 .07422 .06890 .06408 .05969
19........................................ .12428 .11434 .10537 .09726 .08992 .08327 .07724 .07177 .06679 .06226
20........................................ .12850 .11836 .10919 .10089 .09337 .08654 .08035 .07471 .06959 .06492
21........................................ .13282 .12248 .11311 .10462 .09692 .08991 .08355 .07775 .07247 .06765
22........................................ .13728 .12673 .11717 .10848 .10059 .09341 .08686 .08090 .07546 .07049
23........................................ .14188 .13113 .12136 .11248 .10440 .09703 .09032 .08418 .07858 .07345
24........................................ .14667 .13572 .12575 .11667 .10839 .10084 .09395 .08764 .08187 .07659
25........................................ .15167 .14051 .13034 .12106 .11259 .10486 .09778 .09130 .08536 .07991
26........................................ .15690 .14554 .13517 .12569 .11703 .10910 .10184 .09518 .08907 .08346
27........................................ .16237 .15081 .14024 .13056 .12171 .11359 .10614 .09930 .09302 .08724
28........................................ .16808 .15632 .14555 .13567 .12662 .11831 .11068 .10366 .09720 .09125
29........................................ .17404 .16208 .15110 .14104 .13179 .12329 .11547 .10827 .10163 .09551
30........................................ .18025 .16808 .15692 .14665 .13721 .12852 .12051 .11313 .10631 .10002
31........................................ .18672 .17436 .16300 .15255 .14291 .13403 .12584 .11827 .11127 .10480
32........................................ .19344 .18090 .16935 .15870 .14888 .13980 .13142 .12367 .11650 .10985
33........................................ .20044 .18772 .17598 .16514 .15513 .14587 .13730 .12936 .12201 .11519
34........................................ .20770 .19480 .18287 .17185 .16165 .15221 .14345 .13533 .12780 .12080
35........................................ .21522 .20215 .19005 .17884 .16846 .15883 .14989 .14159 .13388 .12670
36........................................ .22299 .20974 .19747 .18609 .17552 .16571 .15660 .14812 .14022 .13287
37........................................ .23101 .21760 .20516 .19360 .18286 .17288 .16358 .15492 .14685 .13933
38........................................ .23928 .22572 .21311 .20139 .19048 .18032 .17085 .16201 .15377 .14607
39........................................ .24780 .23409 .22133 .20945 .19837 .18804 .17840 .16939 .16097 .15310
40........................................ .25658 .24273 .22982 .21778 .20654 .19605 .18624 .17706 .16847 .16043
41........................................ .26560 .25163 .23858 .22639 .21499 .20434 .19436 .18502 .17627 .16806
42........................................ .27486 .26076 .24758 .23525 .22370 .21289 .20276 .19326 .18434 .17597
43........................................ .28435 .27013 .25683 .24436 .23268 .22172 .21143 .20177 .19270 .18416
44........................................ .29407 .27975 .26633 .25373 .24191 .23081 .22038 .21057 .20134 .19265
45........................................ .30402 .28961 .27608 .26337 .25142 .24019 .22962 .21966 .21028 .20144
46........................................ .31420 .29970 .28608 .27326 .26120 .24983 .23913 .22904 .21951 .21053
47........................................ .32460 .31004 .29632 .28341 .27123 .25975 .24892 .23870 .22904 .21991
48........................................ .33521 .32058 .30679 .29379 .28151 .26992 .25897 .24862 .23883 .22957
49........................................ .34599 .33132 .31746 .30438 .29201 .28032 .26926 .25879 .24888 .23949
50........................................ .35695 .34224 .32833 .31518 .30273 .29094 .27978 .26921 .25918 .24966
51........................................ .36809 .35335 .33940 .32619 .31367 .30180 .29055 .27987 .26973 .26010
52........................................ .37944 .36468 .35070 .33744 .32486 .31292 .30158 .29081 .28057 .27083
53........................................ .39098 .37622 .36222 .34892 .33629 .32429 .31288 .30203 .29170 .28186
54........................................ .40269 .38794 .37393 .36062 .34795 .33590 .32442 .31349 .30308 .29316
55........................................ .41457 .39985 .38585 .37252 .35983 .34774 .33621 .32522 .31474 .30473
56........................................ .42662 .41194 .39796 .38464 .37193 .35981 .34824 .33720 .32666 .31658
57........................................ .43884 .42422 .41028 .39697 .38426 .37213 .36053 .34945 .33885 .32872
58........................................ .45123 .43668 .42279 .40951 .39682 .38468 .37307 .36196 .35132 .34114
59........................................ .46377 .44931 .43547 .42224 .40958 .39745 .38584 .37471 .36405 .35383
60........................................ .47643 .46206 .44830 .43513 .42250 .41040 .39880 .38767 .37699 .36674
61........................................ .48916 .47491 .46124 .44814 .43556 .42350 .41192 .40080 .39012 .37985
62........................................ .50196 .48783 .47427 .46124 .44874 .43672 .42518 .41408 .40340 .39314
63........................................ .51480 .50081 .48736 .47444 .46201 .45006 .43856 .42749 .41684 .40658
64........................................ .52770 .51386 .50054 .48773 .47540 .46352 .45208 .44105 .43043 .42019
65........................................ .54069 .52701 .51384 .50115 .48892 .47713 .46577 .45480 .44422 .43401
66........................................ .55378 .54029 .52727 .51472 .50262 .49093 .47965 .46876 .45824 .44808
67........................................ .56697 .55368 .54084 .52845 .51648 .50491 .49373 .48293 .47248 .46238
68........................................ .58026 .56717 .55453 .54231 .53049 .51905 .50800 .49729 .48694 .47691
69........................................ .59358 .58072 .56828 .55624 .54459 .53330 .52238 .51179 .50154 .49160
70........................................ .60689 .59427 .58205 .57021 .55874 .54762 .53683 .52638 .51624 .50641
71........................................ .62014 .60778 .59578 .58415 .57287 .56193 .55131 .54100 .53099 .52126
72........................................ .63334 .62123 .60948 .59808 .58700 .57624 .56579 .55563 .54577 .53617
73........................................ .64648 .63465 .62315 .61198 .60112 .59056 .58029 .57030 .56059 .55113
74........................................ .65961 .64806 .63682 .62590 .61527 .60492 .59485 .58504 .57550 .56620
75........................................ .67274 .66149 .65054 .63987 .62948 .61936 .60950 .59990 .59053 .58140
76........................................ .68589 .67495 .66429 .65390 .64377 .63390 .62427 .61487 .60570 .59676
77........................................ .69903 .68841 .67806 .66796 .65811 .64849 .63910 .62993 .62097 .61223
78........................................ .71209 .70182 .69179 .68199 .67242 .66307 .65393 .64501 .63628 .62775
79........................................ .72500 .71507 .70537 .69588 .68660 .67754 .66867 .65999 .65151 .64321
80........................................ .73768 .72809 .71872 .70955 .70058 .69180 .68320 .67479 .66655 .65849
81........................................ .75001 .74077 .73173 .72288 .71422 .70573 .69741 .68926 .68128 .67345
82........................................ .76195 .75306 .74435 .73582 .72746 .71926 .71123 .70335 .69562 .68804
83........................................ .77346 .76491 .75654 .74832 .74026 .73236 .72460 .71699 .70952 .70219
84........................................ .78456 .77636 .76831 .76041 .75265 .74503 .73756 .73021 .72300 .71592
85........................................ .79530 .78743 .77971 .77212 .76466 .75733 .75014 .74306 .73611 .72928
86........................................ .80560 .79806 .79065 .78337 .77621 .76917 .76225 .75544 .74875 .74216
87........................................ .81535 .80813 .80103 .79404 .78717 .78041 .77375 .76720 .76076 .75442
88........................................ .82462 .81771 .81090 .80420 .79760 .79111 .78472 .77842 .77223 .76612
89........................................ .83356 .82694 .82043 .81401 .80769 .80147 .79533 .78929 .78334 .77747
90........................................ .84225 .83593 .82971 .82357 .81753 .81157 .80570 .79991 .79420 .78857
91........................................ .85058 .84455 .83861 .83276 .82698 .82129 .81567 .81013 .80466 .79927
92........................................ .85838 .85263 .84696 .84137 .83585 .83040 .82503 .81973 .81449 .80933
93........................................ .86557 .86009 .85467 .84932 .84405 .83884 .83370 .82862 .82360 .81865
94........................................ .87212 .86687 .86169 .85657 .85152 .84653 .84160 .83673 .83192 .82717
95........................................ .87801 .87298 .86801 .86310 .85825 .85345 .84872 .84404 .83941 .83484
96........................................ .88322 .87838 .87360 .86888 .86420 .85959 .85502 .85051 .84605 .84165
97........................................ .88795 .88328 .87867 .87411 .86961 .86515 .86074 .85639 .85208 .84782
98........................................ .89220 .88769 .88323 .87883 .87447 .87016 .86589 .86167 .85750 .85337
99........................................ .89612 .89176 .88745 .88318 .87895 .87478 .87064 .86656 .86251 .85850
100....................................... .89977 .89555 .89136 .88722 .88313 .87908 .87506 .87109 .86716 .86327
101....................................... .90326 .89917 .89511 .89110 .88712 .88318 .87929 .87543 .87161 .86783
102....................................... .90690 .90294 .89901 .89513 .89128 .88746 .88369 .87995 .87624 .87257
103....................................... .91076 .90694 .90315 .89940 .89569 .89200 .88835 .88474 .88116 .87760
104....................................... .91504 .91138 .90775 .90415 .90058 .89704 .89354 .89006 .88661 .88319
105....................................... .92027 .91681 .91337 .90996 .90658 .90322 .89989 .89659 .89331 .89006
106....................................... .92763 .92445 .92130 .91816 .91506 .91197 .90890 .90586 .90284 .89983
107....................................... .93799 .93523 .93249 .92977 .92707 .92438 .92170 .91905 .91641 .91378
108....................................... .95429 .95223 .95018 .94814 .94611 .94409 .94208 .94008 .93809 .93611
109....................................... .97985 .97893 .97801 .97710 .97619 .97529 .97438 .97348 .97259 .97170
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table S.--Based on Life Table 80CNSMT Single Life Remainder Factors
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interest rate
Age -------------------------------------------------------------------------------------------------------------
6.2% 6.4% 6.6% 6.8% 7.0% 7.2% 7.4% 7.6% 7.8% 8.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
0......................................... .03535 .03349 .03183 .03035 .02902 .02783 .02676 .02579 .02492 .02413
1......................................... .02486 .02292 .02119 .01963 .01824 .01699 .01587 .01486 .01395 .01312
2......................................... .02547 .02345 .02164 .02002 .01857 .01727 .01609 .01504 .01408 .01321
3......................................... .02640 .02429 .02241 .02073 .01921 .01785 .01662 .01552 .01451 .01361
4......................................... .02753 .02535 .02339 .02163 .02005 .01863 .01735 .01619 .01514 .01418
5......................................... .02883 .02656 .02453 .02269 .02105 .01956 .01822 .01700 .01590 .01490
6......................................... .03026 .02790 .02578 .02387 .02215 .02060 .01919 .01792 .01677 .01572
7......................................... .03180 .02935 .02714 .02515 .02336 .02174 .02027 .01894 .01773 .01664
8......................................... .03347 .03092 .02863 .02656 .02469 .02300 .02146 .02007 .01881 .01766
9......................................... .03528 .03263 .03025 .02810 .02615 .02438 .02278 .02133 .02000 .01880
10........................................ .03723 .03449 .03201 .02977 .02774 .02590 .02423 .02271 .02133 .02006
11........................................ .03935 .03650 .03393 .03160 .02949 .02757 .02583 .02424 .02279 .02147
12........................................ .04160 .03865 .03598 .03356 .03136 .02936 .02755 .02589 .02438 .02299
13........................................ .04394 .04088 .03811 .03560 .03331 .03123 .02934 .02761 .02603 .02458
14........................................ .04629 .04312 .04025 .03764 .03527 .03311 .03113 .02933 .02768 .02617
15........................................ .04864 .04536 .04238 .03968 .03721 .03496 .03290 .03103 .02930 .02773
16........................................ .05099 .04759 .04451 .04170 .03913 .03679 .03466 .03270 .03090 .02926
17........................................ .05333 .04982 .04662 .04370 .04104 .03861 .03638 .03434 .03247 .03075
18........................................ .05570 .05207 .04875 .04573 .04296 .04044 .03812 .03599 .03404 .03225
19........................................ .05814 .05438 .05095 .04781 .04494 .04231 .03990 .03769 .03565 .03378
20........................................ .06065 .05677 .05321 .04996 .04698 .04424 .04173 .03943 .03731 .03535
21........................................ .06325 .05922 .05554 .05217 .04907 .04623 .04362 .04122 .03901 .03697
22........................................ .06594 .06178 .05797 .05447 .05126 .04831 .04559 .04309 .04078 .03865
23........................................ .06876 .06446 .06051 .05688 .05355 .05048 .04766 .04505 .04265 .04042
24........................................ .07174 .06729 .06321 .05945 .05599 .05281 .04987 .04715 .04465 .04233
25........................................ .07491 .07031 .06609 .06219 .05861 .05530 .05224 .04941 .04680 .04438
26........................................ .07830 .07355 .06918 .06515 .06142 .05799 .05481 .05187 .04915 .04662
27........................................ .08192 .07702 .07250 .06832 .06446 .06090 .05759 .05454 .05170 .04906
28........................................ .08577 .08071 .07603 .07171 .06772 .06402 .06059 .05740 .05445 .05170
29........................................ .08986 .08464 .07981 .07534 .07120 .06736 .06380 .06049 .05742 .05456
30........................................ .09420 .08882 .08383 .07921 .07492 .07095 .06725 .06381 .06061 .05763
31........................................ .09881 .09327 .08812 .08335 .07891 .07479 .07095 .06738 .06405 .06095
32........................................ .10369 .09797 .09267 .08774 .08315 .07888 .07491 .07120 .06774 .06451
33........................................ .10885 .10297 .09750 .09241 .08767 .08325 .07913 .07529 .07170 .06834
34........................................ .11430 .10824 .10261 .09736 .09246 .08790 .08363 .07964 .07592 .07243
35........................................ .12002 .11380 .10800 .10259 .09754 .09282 .08841 .08428 .08041 .07679
36........................................ .12602 .11963 .11366 .10809 .10288 .09800 .09344 .08917 .08516 .08140
37........................................ .13230 .12574 .11961 .11387 .10850 .10347 .09876 .09433 .09018 .08628
38........................................ .13887 .13214 .12584 .11994 .11441 .10922 .10436 .09978 .09549 .09145
39........................................ .14573 .13883 .13237 .12630 .12061 .11527 .11025 .10553 .10109 .09690
40........................................ .15290 .14583 .13920 .13297 .12712 .12162 .11644 .11157 .10698 .10266
41........................................ .16036 .15312 .14633 .13994 .13393 .12827 .12294 .11792 .11318 .10871
42........................................ .16810 .16071 .15375 .14720 .14103 .13522 .12973 .12456 .11967 .11505
43........................................ .17614 .16858 .16146 .15475 .14842 .14245 .13682 .13149 .12645 .12169
44........................................ .18447 .17675 .16948 .16261 .15613 .15000 .14421 .13873 .13355 .12864
45........................................ .19310 .18524 .17780 .17078 .16414 .15787 .15192 .14630 .14096 .13591
46........................................ .20204 .19402 .18644 .17926 .17247 .16604 .15995 .15418 .14870 .14350
47........................................ .21128 .20311 .19538 .18806 .18112 .17454 .16830 .16238 .15676 .15141
48........................................ .22080 .21249 .20462 .19716 .19007 .18335 .17696 .17090 .16513 .15964
49........................................ .23059 .22214 .21413 .20653 .19930 .19244 .18591 .17970 .17379 .16816
50........................................ .24063 .23206 .22391 .21617 .20881 .20180 .19514 .18879 .18274 .17697
51........................................ .25095 .24225 .23398 .22610 .21861 .21147 .20466 .19818 .19199 .18609
52........................................ .26157 .25275 .24436 .23636 .22874 .22147 .21453 .20791 .20159 .19556
53........................................ .27249 .26357 .25505 .24694 .23919 .23180 .22474 .21799 .21154 .20537
54........................................ .28369 .27466 .26604 .25782 .24995 .24244 .23526 .22839 .22181 .21552
55........................................ .29518 .28605 .27734 .26900 .26103 .25341 .24611 .23912 .23243 .22601
56........................................ .30695 .29774 .28893 .28050 .27242 .26469 .25728 .25019 .24338 .23685
57........................................ .31902 .30973 .30084 .29232 .28415 .27632 .26881 .26161 .25469 .24805
58........................................ .33138 .32203 .31306 .30446 .29621 .28829 .28069 .27339 .26637 .25962
59........................................ .34402 .33461 .32558 .31691 .30859 .30059 .29290 .28550 .27839 .27155
60........................................ .35690 .34745 .33836 .32963 .32124 .31317 .30540 .29792 .29073 .28379
61........................................ .36999 .36050 .35137 .34259 .33414 .32601 .31817 .31062 .30334 .29633
62........................................ .38325 .37374 .36458 .35576 .34726 .33907 .33117 .32356 .31621 .30912
63........................................ .39669 .38717 .37799 .36913 .36060 .35236 .34441 .33674 .32933 .32217
64........................................ .41031 .40078 .39159 .38272 .37415 .36588 .35789 .35016 .34270 .33548
65........................................ .42416 .41464 .40545 .39656 .38798 .37968 .37166 .36390 .35639 .34912
66........................................ .43825 .42876 .41958 .41070 .40211 .39380 .38576 .37797 .37043 .36312
67........................................ .45260 .44315 .43399 .42513 .41655 .40824 .40019 .39238 .38482 .37749
68........................................ .46720 .45779 .44868 .43985 .43129 .42299 .41494 .40713 .39956 .39221
69........................................ .48197 .47263 .46357 .45478 .44625 .43798 .42995 .42215 .41458 .40722
70........................................ .49686 .48760 .47861 .46988 .46140 .45316 .44516 .43738 .42983 .42248
71........................................ .51182 .50265 .49374 .48508 .47666 .46847 .46051 .45276 .44523 .43790
72........................................ .52685 .51778 .50896 .50038 .49203 .48390 .47599 .46829 .46079 .45349
73........................................ .54194 .53298 .52426 .51578 .50751 .49946 .49161 .48397 .47652 .46926
74........................................ .55714 .54832 .53972 .53134 .52317 .51520 .50744 .49986 .49247 .48527
75........................................ .57250 .56382 .55536 .54710 .53904 .53118 .52351 .51601 .50870 .50156
76........................................ .58803 .57951 .57120 .56308 .55515 .54740 .53984 .53245 .52522 .51817
77........................................ .60369 .59535 .58720 .57923 .57144 .56383 .55639 .54912 .54200 .53504
78........................................ .61942 .61126 .60329 .59549 .58787 .58040 .57310 .56596 .55896 .55212
79........................................ .63508 .62713 .61935 .61174 .60428 .59698 .58983 .58283 .57597 .56925
80........................................ .65059 .64285 .63527 .62785 .62058 .61345 .60646 .59961 .59290 .58632
81........................................ .66579 .65827 .65090 .64368 .63659 .62965 .62283 .61615 .60959 .60316
82........................................ .68061 .67332 .66616 .65914 .65226 .64550 .63886 .63235 .62595 .61968
83........................................ .69499 .68793 .68099 .67418 .66749 .66092 .65447 .64813 .64191 .63579
84........................................ .70896 .70213 .69541 .68881 .68233 .67595 .66969 .66353 .65748 .65153
85........................................ .72256 .71596 .70947 .70308 .69681 .69063 .68456 .67859 .67271 .66693
86........................................ .73569 .72931 .72305 .71688 .71081 .70484 .69896 .69318 .68748 .68188
87........................................ .74818 .74204 .73599 .73003 .72417 .71839 .71271 .70711 .70159 .69616
88........................................ .76011 .75419 .74836 .74261 .73695 .73137 .72588 .72046 .71512 .70986
89........................................ .77169 .76599 .76037 .75484 .74938 .74400 .73870 .73347 .72831 .72323
90........................................ .78302 .77755 .77215 .76683 .76158 .75640 .75129 .74625 .74128 .73638
91........................................ .79395 .78870 .78352 .77842 .77337 .76840 .76349 .75864 .75385 .74913
92........................................ .80423 .79920 .79423 .78933 .78449 .77971 .77499 .77033 .76572 .76118
93........................................ .81377 .80894 .80417 .79946 .79481 .79022 .78568 .78120 .77677 .77239
94........................................ .82247 .81784 .81325 .80873 .80425 .79983 .79547 .79115 .78688 .78266
95........................................ .83033 .82586 .82145 .81709 .81278 .80852 .80431 .80014 .79602 .79195
96........................................ .83729 .83298 .82872 .82451 .82034 .81622 .81215 .80812 .80414 .80019
97........................................ .84361 .83944 .83532 .83124 .82721 .82322 .81927 .81537 .81151 .80769
98........................................ .84929 .84525 .84126 .83730 .83339 .82952 .82569 .82190 .81815 .81443
99........................................ .85454 .85062 .84674 .84290 .83910 .83534 .83161 .82792 .82427 .82066
100....................................... .85942 .85561 .85184 .84810 .84440 .84074 .83711 .83352 .82997 .82644
101....................................... .86408 .86037 .85670 .85306 .84946 .84589 .84236 .83886 .83539 .83196
102....................................... .86894 .86534 .86177 .85823 .85473 .85126 .84782 .84442 .84104 .83770
103....................................... .87408 .87060 .86714 .86371 .86032 .85695 .85362 .85031 .84703 .84378
104....................................... .87980 .87644 .87311 .86980 .86653 .86328 .86005 .85686 .85369 .85054
105....................................... .88684 .88363 .88046 .87731 .87418 .87108 .86800 .86494 .86191 .85890
106....................................... .89685 .89389 .89095 .88804 .88514 .88226 .87940 .87656 .87374 .87094
107....................................... .91117 .90858 .90600 .90344 .90089 .89836 .89584 .89334 .89085 .88838
108....................................... .93414 .93217 .93022 .92828 .92634 .92442 .92250 .92060 .91870 .91681
109....................................... .97081 .96992 .96904 .96816 .96729 .96642 .96555 .96468 .96382 .96296
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table S.--Based on Life Table 80CNSMT Single Life Remainder Factors
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interest rate
Age -------------------------------------------------------------------------------------------------------------
8.2% 8.4% 8.6% 8.8% 9.0% 9.2% 9.4% 9.6% 9.8% 10.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
0......................................... .02341 .02276 .02217 .02163 .02114 .02069 .02027 .01989 .01954 .01922
1......................................... .01237 .01170 .01108 .01052 .01000 .00953 .00910 .00871 .00834 .00801
2......................................... .01243 .01172 .01107 .01048 .00994 .00944 .00899 .00857 .00819 .00784
3......................................... .01278 .01203 .01135 .01073 .01016 .00964 .00916 .00872 .00832 .00795
4......................................... .01332 .01253 .01182 .01116 .01056 .01001 .00951 .00904 .00862 .00822
5......................................... .01400 .01317 .01241 .01172 .01109 .01051 .00998 .00949 .00904 .00862
6......................................... .01477 .01390 .01310 .01238 .01171 .01110 .01054 .01002 .00954 .00910
7......................................... .01563 .01472 .01389 .01312 .01242 .01178 .01118 .01064 .01013 .00966
8......................................... .01660 .01564 .01477 .01396 .01322 .01254 .01192 .01134 .01081 .01031
9......................................... .01770 .01669 .01577 .01492 .01414 .01342 .01276 .01216 .01159 .01107
10........................................ .01891 .01785 .01688 .01599 .01517 .01442 .01372 .01308 .01249 .01194
11........................................ .02026 .01915 .01814 .01720 .01634 .01555 .01481 .01414 .01351 .01293
12........................................ .02173 .02056 .01950 .01852 .01761 .01678 .01601 .01529 .01463 .01402
13........................................ .02326 .02204 .02092 .01989 .01895 .01807 .01726 .01651 .01582 .01517
14........................................ .02478 .02351 .02234 .02126 .02027 .01935 .01850 .01771 .01698 .01630
15........................................ .02628 .02495 .02372 .02259 .02155 .02058 .01969 .01886 .01810 .01738
16........................................ .02774 .02635 .02507 .02388 .02279 .02178 .02084 .01997 .01917 .01842
17........................................ .02917 .02772 .02637 .02513 .02399 .02293 .02194 .02103 .02018 .01940
18........................................ .03059 .02907 .02767 .02637 .02517 .02406 .02302 .02207 .02118 .02035
19........................................ .03205 .03046 .02899 .02763 .02637 .02521 .02412 .02312 .02218 .02131
20........................................ .03355 .03188 .03035 .02892 .02760 .02638 .02524 .02419 .02320 .02229
21........................................ .03509 .03334 .03173 .03024 .02886 .02758 .02638 .02527 .02424 .02328
22........................................ .03669 .03487 .03318 .03162 .03017 .02882 .02757 .02640 .02532 .02430
23........................................ .03837 .03646 .03470 .03306 .03154 .03013 .02881 .02759 .02644 .02538
24........................................ .04018 .03819 .03634 .03463 .03303 .03155 .03016 .02888 .02767 .02655
25........................................ .04214 .04006 .03812 .03633 .03465 .03309 .03164 .03029 .02902 .02784
26........................................ .04428 .04210 .04008 .03820 .03644 .03481 .03328 .03186 .03052 .02928
27........................................ .04662 .04434 .04223 .04025 .03841 .03670 .03509 .03360 .03219 .03088
28........................................ .04915 .04677 .04456 .04249 .04056 .03876 .03708 .03550 .03403 .03264
29........................................ .05189 .04941 .04709 .04493 .04291 .04102 .03925 .03760 .03604 .03458
30........................................ .05485 .05226 .04984 .04757 .04546 .04348 .04162 .03988 .03825 .03671
31........................................ .05805 .05535 .05282 .05045 .04824 .04616 .04421 .04238 .04067 .03905
32........................................ .06149 .05867 .05603 .05356 .05124 .04906 .04702 .04510 .04329 .04160
33........................................ .06520 .06226 .05950 .05692 .05449 .05221 .05007 .04806 .04616 .04438
34........................................ .06916 .06609 .06322 .06052 .05799 .05560 .05336 .05125 .04926 .04738
35........................................ .07339 .07020 .06720 .06439 .06174 .05925 .05690 .05469 .05260 .05063
36........................................ .07787 .07455 .07143 .06850 .06573 .06313 .06068 .05836 .05617 .05411
37........................................ .08262 .07917 .07593 .07287 .06999 .06727 .06470 .06228 .05999 .05783
38........................................ .08765 .08407 .08069 .07751 .07451 .07167 .06899 .06646 .06407 .06180
39........................................ .09296 .08925 .08574 .08243 .07931 .07635 .07356 .07092 .06841 .06604
40........................................ .09858 .09472 .09109 .08765 .08440 .08132 .07841 .07565 .07303 .07055
41........................................ .10449 .10050 .09673 .09316 .08978 .08658 .08355 .08067 .07794 .07535
42........................................ .11069 .10656 .10265 .09895 .09544 .09212 .08896 .08596 .08312 .08041
43........................................ .11718 .11291 .10887 .10503 .10140 .09794 .09466 .09154 .08858 .08576
44........................................ .12399 .11958 .11540 .11143 .10766 .10407 .10067 .09743 .09434 .09141
45........................................ .13111 .12656 .12224 .11814 .11423 .11052 .10699 .10362 .10042 .09736
46........................................ .13856 .13387 .12941 .12516 .12113 .11728 .11362 .11013 .10680 .10363
47........................................ .14633 .14150 .13690 .13252 .12835 .12438 .12059 .11697 .11352 .11022
48........................................ .15442 .14945 .14471 .14020 .13589 .13179 .12787 .12412 .12055 .11713
49........................................ .16280 .15769 .15281 .14816 .14373 .13949 .13544 .13157 .12787 .12433
50........................................ .17147 .16622 .16121 .15643 .15186 .14749 .14331 .13931 .13548 .13182
51........................................ .18045 .17507 .16993 .16501 .16030 .15580 .15150 .14737 .14342 .13963
52........................................ .18979 .18427 .17899 .17394 .16911 .16448 .16004 .15579 .15172 .14780
53........................................ .19947 .19383 .18842 .18324 .17828 .17352 .16896 .16458 .16038 .15635
54........................................ .20950 .20372 .19819 .19288 .18779 .18291 .17822 .17372 .16940 .16524
55........................................ .21986 .21397 .20831 .20288 .19767 .19266 .18785 .18322 .17878 .17450
56........................................ .23058 .22457 .21879 .21324 .20791 .20278 .19785 .19310 .18854 .18414
57........................................ .24167 .23554 .22965 .22399 .21854 .21329 .20824 .20338 .19870 .19419
58........................................ .25314 .24690 .24090 .23512 .22956 .22420 .21904 .21407 .20927 .20464
59........................................ .26497 .25863 .25252 .24664 .24097 .23550 .23023 .22515 .22024 .21551
60........................................ .27712 .27068 .26448 .25849 .25272 .24716 .24178 .23659 .23158 .22674
61........................................ .28956 .28304 .27674 .27067 .26480 .25913 .25366 .24837 .24325 .23831
62........................................ .30228 .29567 .28929 .28312 .27717 .27141 .26584 .26045 .25524 .25020
63........................................ .31525 .30857 .30211 .29586 .28982 .28397 .27832 .27284 .26754 .26240
64........................................ .32851 .32176 .31522 .30890 .30278 .29685 .29111 .28555 .28016 .27493
65........................................ .34209 .33528 .32868 .32229 .31610 .31010 .30429 .29865 .29317 .28787
66........................................ .35604 .34918 .34253 .33609 .32983 .32377 .31788 .31217 .30663 .30124
67........................................ .37037 .36347 .35678 .35028 .34398 .33786 .33191 .32614 .32053 .31508
68........................................ .38508 .37815 .37142 .36489 .35854 .35237 .34638 .34055 .33488 .32937
69........................................ .40008 .39313 .38638 .37982 .37344 .36724 .36120 .35533 .34961 .34405
70........................................ .41533 .40838 .40162 .39504 .38864 .38241 .37634 .37043 .36468 .35907
71........................................ .43076 .42382 .41705 .41047 .40405 .39780 .39171 .38578 .38000 .37436
72........................................ .44638 .43945 .43269 .42611 .41969 .41344 .40733 .40138 .39558 .38991
73........................................ .46218 .45527 .44854 .44197 .43556 .42931 .42321 .41725 .41143 .40575
74........................................ .47823 .47137 .46466 .45812 .45173 .44549 .43940 .43345 .42763 .42195
75........................................ .49459 .48777 .48112 .47462 .46826 .46205 .45598 .45004 .44424 .43856
76........................................ .51127 .50452 .49793 .49148 .48517 .47900 .47297 .46706 .46129 .45563
77........................................ .52823 .52157 .51505 .50867 .50243 .49632 .49033 .48447 .47873 .47311
78........................................ .54541 .53885 .53242 .52613 .51996 .51392 .50800 .50220 .49652 .49094
79........................................ .56267 .55621 .54989 .54369 .53762 .53166 .52582 .52009 .51448 .50897
80........................................ .57987 .57354 .56733 .56125 .55527 .54941 .54366 .53802 .53248 .52705
81........................................ .59685 .59065 .58457 .57860 .57274 .56699 .56134 .55579 .55035 .54499
82........................................ .61351 .60746 .60151 .59567 .58993 .58429 .57875 .57331 .56796 .56270
83........................................ .62978 .62387 .61806 .61236 .60675 .60123 .59581 .59047 .58523 .58007
84........................................ .64567 .63992 .63426 .62869 .62321 .61783 .61253 .60731 .60218 .59713
85........................................ .66125 .65565 .65014 .64472 .63938 .63413 .62896 .62387 .61886 .61392
86........................................ .67636 .67092 .66557 .66030 .65511 .65000 .64496 .64000 .63511 .63030
87........................................ .69081 .68554 .68034 .67522 .67018 .66520 .66031 .65548 .65071 .64602
88........................................ .70468 .69957 .69453 .68956 .68466 .67983 .67507 .67037 .66574 .66117
89........................................ .71821 .71326 .70838 .70357 .69882 .69414 .68952 .68495 .68045 .67601
90........................................ .73153 .72676 .72204 .71739 .71280 .70827 .70379 .69938 .69502 .69071
91........................................ .74447 .73986 .73532 .73083 .72640 .72202 .71770 .71343 .70921 .70504
92........................................ .75669 .75225 .74787 .74354 .73927 .73504 .73087 .72674 .72267 .71864
93........................................ .76807 .76379 .75957 .75540 .75127 .74719 .74317 .73918 .73524 .73135
94........................................ .77849 .77437 .77030 .76627 .76229 .75835 .75446 .75061 .74680 .74303
95........................................ .78792 .78394 .78001 .77611 .77226 .76845 .76468 .76096 .75727 .75362
96........................................ .79630 .79244 .78863 .78485 .78112 .77742 .77377 .77015 .76657 .76303
97........................................ .80391 .80016 .79646 .79280 .78917 .78559 .78203 .77852 .77504 .77160
98........................................ .81076 .80712 .80352 .79996 .79643 .79294 .78948 .78606 .78267 .77931
99........................................ .81709 .81354 .81004 .80657 .80313 .79972 .79635 .79302 .78971 .78644
100....................................... .82296 .81950 .81609 .81270 .80934 .80602 .80273 .79947 .79624 .79304
101....................................... .82855 .82518 .82185 .81854 .81526 .81201 .80880 .80561 .80245 .79932
102....................................... .83438 .83110 .82785 .82462 .82142 .81826 .81512 .81200 .80892 .80586
103....................................... .84056 .83737 .83420 .83106 .82795 .82487 .82181 .81878 .81577 .81279
104....................................... .84743 .84433 .84127 .83822 .83521 .83221 .82924 .82630 .82338 .82048
105....................................... .85591 .85295 .85001 .84709 .84419 .84132 .83846 .83563 .83282 .83003
106....................................... .86816 .86540 .86266 .85993 .85723 .85454 .85187 .84922 .84659 .84397
107....................................... .88592 .88348 .88105 .87863 .87623 .87384 .87147 .86911 .86676 .86443
108....................................... .91493 .91306 .91119 .90934 .90749 .90566 .90383 .90201 .90020 .89840
109....................................... .96211 .96125 .96041 .95956 .95872 .95788 .95704 .95620 .95537 .95455
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table S.--Based on Life Table 80CNSMT Single Life Remainder Factors
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interest rate
Age -------------------------------------------------------------------------------------------------------------
10.2% 10.4% 10.6% 10.8% 11.0% 11.2% 11.4% 11.6% 11.8% 12.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
0......................................... .01891 .01864 .01838 .01814 .01791 .01770 .01750 .01732 .01715 .01698
1......................................... .00770 .00741 .00715 .00690 .00667 .00646 .00626 .00608 .00590 .00574
2......................................... .00751 .00721 .00693 .00667 .00643 .00620 .00600 .00580 .00562 .00544
3......................................... .00760 .00728 .00699 .00671 .00646 .00622 .00600 .00579 .00560 .00541
4......................................... .00786 .00752 .00721 .00692 .00665 .00639 .00616 .00594 .00573 .00554
5......................................... .00824 .00788 .00755 .00724 .00695 .00668 .00643 .00620 .00598 .00578
6......................................... .00869 .00832 .00796 .00764 .00733 .00705 .00678 .00654 .00630 .00608
7......................................... .00923 .00883 .00846 .00811 .00779 .00749 .00720 .00694 .00669 .00646
8......................................... .00986 .00943 .00904 .00867 .00833 .00801 .00771 .00743 .00716 .00692
9......................................... .01059 .01014 .00972 .00933 .00897 .00863 .00831 .00801 .00773 .00747
10........................................ .01142 .01095 .01051 .01009 .00971 .00935 .00901 .00869 .00840 .00812
11........................................ .01239 .01189 .01142 .01098 .01057 .01019 .00983 .00950 .00918 .00889
12........................................ .01345 .01292 .01243 .01197 .01154 .01113 .01075 .01040 .01007 .00975
13........................................ .01457 .01401 .01349 .01300 .01255 .01212 .01172 .01135 .01100 .01067
14........................................ .01567 .01508 .01453 .01402 .01354 .01309 .01267 .01227 .01190 .01155
15........................................ .01672 .01610 .01552 .01498 .01448 .01400 .01356 .01314 .01275 .01238
16........................................ .01772 .01707 .01646 .01589 .01536 .01486 .01439 .01396 .01354 .01315
17........................................ .01866 .01798 .01734 .01674 .01618 .01566 .01516 .01470 .01427 .01386
18........................................ .01958 .01886 .01818 .01755 .01697 .01641 .01590 .01541 .01495 .01452
19........................................ .02050 .01974 .01903 .01837 .01775 .01717 .01662 .01611 .01563 .01517
20........................................ .02143 .02064 .01989 .01919 .01854 .01793 .01735 .01681 .01630 .01582
21........................................ .02238 .02154 .02075 .02002 .01933 .01868 .01807 .01750 .01696 .01646
22........................................ .02336 .02247 .02164 .02087 .02014 .01946 .01882 .01821 .01764 .01711
23........................................ .02438 .02345 .02257 .02176 .02099 .02027 .01959 .01895 .01835 .01778
24........................................ .02550 .02451 .02359 .02273 .02192 .02115 .02044 .01976 .01913 .01853
25........................................ .02673 .02569 .02472 .02381 .02295 .02214 .02138 .02067 .01999 .01936
26........................................ .02811 .02701 .02598 .02502 .02411 .02326 .02246 .02170 .02098 .02031
27........................................ .02965 .02849 .02741 .02639 .02543 .02452 .02367 .02287 .02211 .02140
28........................................ .03134 .03013 .02898 .02790 .02689 .02593 .02503 .02418 .02338 .02262
29........................................ .03322 .03193 .03072 .02958 .02851 .02750 .02654 .02564 .02479 .02398
30........................................ .03527 .03391 .03264 .03143 .03030 .02923 .02821 .02726 .02635 .02550
31........................................ .03753 .03610 .03475 .03348 .03228 .03115 .03008 .02907 .02811 .02720
32........................................ .04000 .03849 .03707 .03573 .03446 .03326 .03213 .03105 .03004 .02907
33........................................ .04269 .04111 .03961 .03819 .03685 .03558 .03438 .03325 .03217 .03115
34........................................ .04561 .04394 .04236 .04087 .03946 .03812 .03685 .03565 .03451 .03342
35........................................ .04877 .04702 .04535 .04378 .04229 .04087 .03953 .03826 .03706 .03591
36........................................ .05215 .05031 .04856 .04690 .04533 .04384 .04242 .04108 .03980 .03859
37........................................ .05578 .05384 .05200 .05025 .04860 .04703 .04553 .04411 .04276 .04148
38........................................ .05965 .05761 .05568 .05385 .05211 .05045 .04888 .04738 .04595 .04460
39........................................ .06379 .06165 .05962 .05770 .05587 .05412 .05247 .05089 .04939 .04795
40........................................ .06820 .06596 .06383 .06181 .05989 .05806 .05631 .05465 .05307 .05155
41........................................ .07288 .07054 .06832 .06620 .06418 .06226 .06042 .05868 .05701 .05541
42........................................ .07784 .07539 .07306 .07085 .06873 .06671 .06479 .06295 .06119 .05952
43........................................ .08308 .08052 .07808 .07576 .07355 .07143 .06941 .06748 .06564 .06387
44........................................ .08861 .08594 .08340 .08097 .07865 .07644 .07432 .07230 .07036 .06851
45........................................ .09445 .09167 .08901 .08648 .08406 .08174 .07953 .07741 .07538 .07343
46........................................ .10060 .09770 .09494 .09230 .08977 .08735 .08503 .08281 .08068 .07865
47........................................ .10707 .10406 .10119 .09843 .09579 .09327 .09085 .08853 .08630 .08417
48........................................ .11386 .11073 .10774 .10487 .10213 .09949 .09697 .09455 .09222 .08999
49........................................ .12094 .11769 .11458 .11160 .10874 .10600 .10337 .10084 .09842 .09609
50........................................ .12831 .12494 .12172 .11862 .11565 .11280 .11006 .10743 .10490 .10247
51........................................ .13600 .13251 .12917 .12596 .12288 .11991 .11706 .11432 .11169 .10915
52........................................ .14405 .14044 .13698 .13366 .13046 .12738 .12442 .12157 .11883 .11619
53........................................ .15247 .14875 .14517 .14172 .13841 .13522 .13215 .12919 .12635 .12360
54........................................ .16124 .15740 .15370 .15014 .14671 .14341 .14023 .13717 .13421 .13136
55........................................ .17039 .16642 .16261 .15893 .15539 .15198 .14868 .14551 .14244 .13948
56........................................ .17991 .17583 .17190 .16811 .16445 .16092 .15752 .15423 .15106 .14799
57........................................ .18984 .18564 .18160 .17769 .17392 .17029 .16677 .16338 .16010 .15692
58........................................ .20018 .19587 .19172 .18770 .18382 .18007 .17645 .17295 .16956 .16628
59........................................ .21093 .20652 .20225 .19812 .19414 .19028 .18655 .18294 .17945 .17606
60........................................ .22206 .21753 .21316 .20893 .20483 .20087 .19703 .19332 .18972 .18624
61........................................ .23353 .22890 .22442 .22009 .21589 .21182 .20788 .20407 .20037 .19678
62........................................ .24532 .24059 .23601 .23158 .22728 .22311 .21907 .21515 .21135 .20767
63........................................ .25742 .25260 .24793 .24339 .23900 .23473 .23060 .22658 .22268 .21890
64........................................ .26987 .26495 .26019 .25556 .25107 .24671 .24248 .23837 .23438 .23050
65........................................ .28271 .27771 .27286 .26815 .26357 .25912 .25480 .25059 .24651 .24254
66........................................ .29601 .29093 .28600 .28120 .27654 .27200 .26760 .26331 .25913 .25507
67........................................ .30978 .30462 .29961 .29474 .29000 .28539 .28090 .27653 .27227 .26813
68........................................ .32401 .31879 .31371 .30877 .30396 .29927 .29471 .29027 .28593 .28171
69........................................ .33863 .33336 .32822 .32322 .31835 .31359 .30896 .30445 .30005 .29576
70........................................ .35361 .34829 .34310 .33804 .33311 .32830 .32361 .31903 .31457 .31021
71........................................ .36886 .36349 .35826 .35316 .34818 .34332 .33858 .33394 .32942 .32500
72........................................ .38439 .37899 .37373 .36858 .36356 .35866 .35387 .34919 .34461 .34015
73........................................ .40021 .39479 .38950 .38432 .37927 .37433 .36950 .36478 .36016 .35565
74........................................ .41639 .41096 .40565 .40046 .39538 .39042 .38556 .38081 .37616 .37161
75........................................ .43301 .42758 .42226 .41706 .41198 .40699 .40212 .39734 .39267 .38809
76........................................ .45009 .44467 .43937 .43417 .42908 .42410 .41921 .41443 .40974 .40514
77........................................ .46761 .46221 .45693 .45175 .44667 .44170 .43682 .43203 .42734 .42274
78........................................ .48548 .48013 .47488 .46973 .46468 .45972 .45486 .45009 .44541 .44082
79........................................ .50356 .49826 .49306 .48795 .48294 .47802 .47319 .46845 .46379 .45922
80........................................ .52171 .51647 .51133 .50628 .50132 .49644 .49166 .48695 .48233 .47779
81........................................ .53974 .53457 .52950 .52451 .51961 .51479 .51006 .50541 .50083 .49633
82........................................ .55753 .55245 .54745 .54254 .53771 .53296 .52828 .52369 .51917 .51472
83........................................ .57500 .57001 .56510 .56026 .55551 .55083 .54623 .54170 .53724 .53285
84........................................ .59216 .58726 .58245 .57770 .57304 .56844 .56391 .55945 .55506 .55074
85........................................ .60906 .60428 .59956 .59492 .59034 .58583 .58139 .57702 .57270 .56845
86........................................ .62555 .62088 .61627 .61173 .60725 .60284 .59849 .59420 .58997 .58580
87........................................ .64139 .63683 .63233 .62790 .62352 .61921 .61495 .61076 .60661 .60253
88........................................ .65666 .65221 .64783 .64350 .63923 .63502 .63086 .62675 .62270 .61871
89........................................ .67163 .66730 .66304 .65882 .65466 .65055 .64650 .64249 .63854 .63463
90........................................ .68646 .68226 .67812 .67402 .66998 .66599 .66204 .65814 .65430 .65049
91........................................ .70093 .69686 .69285 .68888 .68496 .68108 .67725 .67347 .66973 .66604
92........................................ .71466 .71073 .70684 .70300 .69920 .69545 .69173 .68806 .68444 .68085
93........................................ .72750 .72370 .71994 .71622 .71254 .70890 .70530 .70174 .69822 .69474
94........................................ .73931 .73562 .73198 .72838 .72481 .72129 .71780 .71434 .71093 .70755
95........................................ .75001 .74644 .74291 .73941 .73595 .73253 .72914 .72579 .72247 .71919
96........................................ .75953 .75606 .75262 .74923 .74586 .74253 .73924 .73598 .73275 .72955
97........................................ .76819 .76481 .76147 .75816 .75489 .75165 .74844 .74526 .74211 .73899
98........................................ .77599 .77270 .76944 .76621 .76302 .75986 .75672 .75362 .75054 .74750
99........................................ .78319 .77998 .77680 .77365 .77053 .76744 .76437 .76134 .75833 .75535
100....................................... .78987 .78673 .78362 .78054 .77748 .77446 .77146 .76849 .76555 .76263
101....................................... .79622 .79315 .79010 .78708 .78409 .78113 .77819 .77528 .77239 .76953
102....................................... .80283 .79983 .79685 .79390 .79097 .78807 .78519 .78234 .77951 .77671
103....................................... .80983 .80690 .80399 .80111 .79825 .79541 .79260 .78981 .78705 .78430
104....................................... .81760 .81475 .81192 .80912 .80633 .80357 .80083 .79810 .79541 .79273
105....................................... .82726 .82451 .82178 .81907 .81638 .81371 .81106 .80843 .80582 .80322
106....................................... .84137 .83879 .83623 .83368 .83115 .82863 .82614 .82366 .82119 .81874
107....................................... .86211 .85981 .85751 .85523 .85297 .85071 .84847 .84624 .84403 .84182
108....................................... .89660 .89481 .89304 .89127 .88950 .88775 .88601 .88427 .88254 .88081
109....................................... .95372 .95290 .95208 .95126 .95045 .94964 .94883 .94803 .94723 .94643
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table S.--Based on Life Table 80CNSMT Single Life Remainder Factors
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interest rate
Age -------------------------------------------------------------------------------------------------------------
12.2% 12.4% 12.6% 12.8% 13.0% 13.2% 13.4% 13.6% 13.8% 14.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
0......................................... .01683 .01669 .01655 .01642 .01630 .01618 .01607 .01596 .01586 .01576
1......................................... .00559 .00544 .00531 .00518 .00506 .00494 .00484 .00473 .00464 .00454
2......................................... .00528 .00513 .00499 .00485 .00473 .00461 .00449 .00439 .00428 .00419
3......................................... .00524 .00508 .00493 .00479 .00465 .00453 .00441 .00429 .00419 .00408
4......................................... .00536 .00519 .00503 .00488 .00473 .00460 .00447 .00435 .00423 .00412
5......................................... .00558 .00540 .00523 .00507 .00492 .00477 .00464 .00451 .00439 .00427
6......................................... .00588 .00569 .00550 .00533 .00517 .00502 .00487 .00473 .00460 .00448
7......................................... .00624 .00604 .00584 .00566 .00549 .00532 .00517 .00502 .00488 .00475
8......................................... .00668 .00646 .00626 .00606 .00588 .00570 .00554 .00538 .00523 .00509
9......................................... .00722 .00699 .00677 .00656 .00636 .00617 .00600 .00583 .00567 .00552
10........................................ .00785 .00761 .00737 .00715 .00694 .00674 .00655 .00637 .00620 .00604
11........................................ .00861 .00835 .00810 .00786 .00764 .00743 .00723 .00704 .00686 .00668
12........................................ .00946 .00918 .00891 .00866 .00843 .00820 .00799 .00779 .00760 .00741
13........................................ .01035 .01006 .00978 .00951 .00927 .00903 .00880 .00859 .00839 .00819
14........................................ .01122 .01091 .01061 .01034 .01007 .00982 .00958 .00936 .00914 .00894
15........................................ .01203 .01171 .01140 .01110 .01082 .01056 .01031 .01007 .00985 .00963
16........................................ .01279 .01244 .01211 .01181 .01151 .01123 .01097 .01072 .01048 .01025
17........................................ .01347 .01311 .01276 .01244 .01213 .01184 .01156 .01130 .01104 .01081
18........................................ .01411 .01373 .01336 .01302 .01270 .01239 .01210 .01182 .01155 .01130
19........................................ .01474 .01434 .01396 .01359 .01325 .01293 .01262 .01233 .01205 .01178
20........................................ .01537 .01494 .01454 .01415 .01379 .01345 .01313 .01282 .01252 .01224
21........................................ .01598 .01553 .01510 .01470 .01432 .01396 .01361 .01329 .01298 .01268
22........................................ .01660 .01613 .01568 .01525 .01485 .01446 .01410 .01375 .01343 .01312
23........................................ .01725 .01674 .01627 .01581 .01539 .01498 .01460 .01423 .01388 .01355
24........................................ .01796 .01742 .01692 .01644 .01599 .01556 .01515 .01476 .01439 .01404
25........................................ .01876 .01819 .01765 .01714 .01666 .01621 .01577 .01536 .01497 .01460
26........................................ .01967 .01907 .01850 .01796 .01745 .01696 .01650 .01606 .01565 .01525
27........................................ .02072 .02008 .01948 .01890 .01836 .01784 .01735 .01688 .01644 .01601
28........................................ .02190 .02122 .02057 .01996 .01938 .01883 .01831 .01781 .01734 .01689
29........................................ .02322 .02249 .02181 .02116 .02054 .01996 .01940 .01887 .01836 .01788
30........................................ .02469 .02392 .02319 .02250 .02184 .02122 .02062 .02006 .01952 .01900
31........................................ .02634 .02552 .02475 .02401 .02331 .02264 .02201 .02140 .02083 .02028
32........................................ .02816 .02729 .02647 .02568 .02494 .02423 .02355 .02291 .02229 .02170
33........................................ .03018 .02926 .02838 .02755 .02675 .02600 .02528 .02459 .02393 .02331
34........................................ .03239 .03142 .03048 .02960 .02875 .02795 .02718 .02645 .02575 .02508
35........................................ .03482 .03378 .03279 .03185 .03095 .03009 .02928 .02850 .02775 .02704
36........................................ .03743 .03633 .03528 .03428 .03333 .03242 .03155 .03072 .02992 .02916
37........................................ .04026 .03909 .03798 .03692 .03591 .03494 .03401 .03313 .03228 .03147
38........................................ .04330 .04207 .04089 .03977 .03869 .03767 .03668 .03574 .03484 .03398
39........................................ .04658 .04528 .04403 .04284 .04170 .04061 .03957 .03857 .03762 .03670
40........................................ .05011 .04873 .04741 .04615 .04495 .04379 .04269 .04163 .04061 .03964
41........................................ .05389 .05244 .05104 .04971 .04844 .04721 .04604 .04492 .04384 .04281
42........................................ .05791 .05638 .05491 .05350 .05216 .05086 .04962 .04844 .04729 .04620
43........................................ .06219 .06057 .05902 .05754 .05612 .05475 .05344 .05218 .05098 .04981
44........................................ .06673 .06503 .06340 .06184 .06034 .05890 .05752 .05619 .05491 .05368
45........................................ .07157 .06978 .06806 .06642 .06484 .06332 .06186 .06046 .05911 .05781
46........................................ .07669 .07481 .07301 .07128 .06962 .06802 .06649 .06501 .06358 .06221
47........................................ .08212 .08015 .07826 .07645 .07470 .07302 .07140 .06984 .06834 .06690
48........................................ .08784 .08578 .08380 .08190 .08006 .07830 .07660 .07496 .07338 .07186
49........................................ .09384 .09169 .08961 .08762 .08570 .08384 .08206 .08034 .07868 .07708
50........................................ .10013 .09787 .09570 .09361 .09160 .08966 .08779 .08598 .08424 .08256
51........................................ .10671 .10436 .10209 .09991 .09780 .09577 .09381 .09192 .09009 .08832
52........................................ .11365 .11120 .10883 .10655 .10435 .10222 .10017 .09819 .09628 .09442
53........................................ .12095 .11840 .11593 .11355 .11126 .10904 .10689 .10482 .10282 .10088
54........................................ .12860 .12595 .12338 .12090 .11851 .11619 .11396 .11179 .10970 .10767
55........................................ .13663 .13386 .13120 .12862 .12613 .12372 .12138 .11912 .11694 .11482
56........................................ .14503 .14217 .13940 .13672 .13413 .13162 .12919 .12683 .12456 .12235
57........................................ .15385 .15089 .14801 .14523 .14254 .13994 .13741 .13496 .13259 .13029
58........................................ .16311 .16004 .15706 .15418 .15139 .14868 .14606 .14352 .14105 .13866
59........................................ .17279 .16961 .16654 .16355 .16066 .15786 .15514 .15250 .14994 .14745
60........................................ .18286 .17958 .17640 .17332 .17033 .16743 .16462 .16188 .15922 .15664
61........................................ .19330 .18992 .18665 .18347 .18038 .17738 .17447 .17164 .16889 .16622
62........................................ .20409 .20061 .19724 .19396 .19078 .18768 .18467 .18175 .17891 .17614
63........................................ .21522 .21165 .20818 .20480 .20152 .19833 .19523 .19221 .18928 .18642
64........................................ .22672 .22306 .21949 .21602 .21265 .20937 .20617 .20306 .20003 .19708
65........................................ .23867 .23491 .23125 .22769 .22423 .22085 .21757 .21437 .21125 .20821
66........................................ .25112 .24727 .24353 .23988 .23632 .23286 .22948 .22619 .22299 .21986
67........................................ .26409 .26016 .25633 .25260 .24896 .24541 .24195 .23857 .23528 .23206
68........................................ .27760 .27359 .26968 .26586 .26214 .25851 .25497 .25151 .24814 .24484
69........................................ .29157 .28748 .28350 .27961 .27581 .27211 .26849 .26495 .26150 .25812
70........................................ .30596 .30181 .29775 .29379 .28992 .28614 .28245 .27884 .27532 .27187
71........................................ .32069 .31648 .31236 .30833 .30440 .30055 .29679 .29312 .28952 .28600
72........................................ .33578 .33151 .32733 .32325 .31925 .31535 .31152 .30778 .30412 .30054
73........................................ .35123 .34691 .34269 .33855 .33450 .33054 .32666 .32286 .31914 .31550
74........................................ .36715 .36279 .35852 .35434 .35024 .34623 .34230 .33845 .33468 .33098
75........................................ .38360 .37921 .37491 .37069 .36656 .36250 .35853 .35464 .35082 .34708
76........................................ .40064 .39623 .39190 .38765 .38349 .37941 .37540 .37148 .36762 .36384
77........................................ .41823 .41381 .40947 .40521 .40103 .39692 .39290 .38895 .38507 .38126
78........................................ .43632 .43189 .42755 .42329 .41910 .41499 .41095 .40698 .40309 .39926
79........................................ .45473 .45032 .44599 .44173 .43755 .43344 .42940 .42543 .42153 .41770
80........................................ .47333 .46894 .46463 .46040 .45623 .45213 .44811 .44414 .44025 .43642
81........................................ .49191 .48755 .48328 .47907 .47493 .47085 .46684 .46290 .45902 .45520
82........................................ .51034 .50603 .50179 .49762 .49351 .48947 .48549 .48157 .47772 .47392
83........................................ .52852 .52427 .52008 .51595 .51189 .50788 .50394 .50006 .49623 .49246
84........................................ .54648 .54228 .53815 .53407 .53006 .52610 .52221 .51836 .51458 .51084
85........................................ .56426 .56013 .55606 .55205 .54810 .54420 .54035 .53656 .53282 .52913
86........................................ .58169 .57764 .57364 .56970 .56581 .56197 .55818 .55445 .55076 .54713
87........................................ .59850 .59452 .59060 .58673 .58291 .57913 .57541 .57174 .56811 .56453
88........................................ .61476 .61086 .60702 .60322 .59947 .59577 .59212 .58851 .58494 .58142
89........................................ .63078 .62697 .62321 .61950 .61583 .61220 .60862 .60508 .60159 .59813
90........................................ .64674 .64302 .63935 .63573 .63215 .62861 .62511 .62165 .61823 .61485
91........................................ .66238 .65877 .65520 .65167 .64819 .64474 .64133 .63795 .63462 .63132
92........................................ .67730 .67379 .67032 .66689 .66350 .66014 .65682 .65354 .65029 .64708
93........................................ .69130 .68789 .68452 .68119 .67789 .67463 .67140 .66820 .66504 .66191
94........................................ .70421 .70090 .69762 .69438 .69118 .68800 .68486 .68175 .67867 .67563
95........................................ .71594 .71272 .70954 .70639 .70326 .70017 .69712 .69409 .69109 .68812
96........................................ .72638 .72325 .72014 .71707 .71403 .71101 .70803 .70507 .70215 .69925
97........................................ .73590 .73285 .72982 .72682 .72385 .72090 .71799 .71510 .71224 .70941
98........................................ .74448 .74149 .73853 .73560 .73269 .72981 .72696 .72414 .72134 .71856
99........................................ .75240 .74948 .74658 .74371 .74086 .73805 .73525 .73248 .72974 .72702
100....................................... .75974 .75687 .75403 .75121 .74842 .74566 .74292 .74020 .73751 .73484
101....................................... .76669 .76388 .76109 .75833 .75559 .75287 .75018 .74751 .74486 .74223
102....................................... .77393 .77117 .76844 .76573 .76304 .76037 .75773 .75511 .75251 .74993
103....................................... .78158 .77888 .77620 .77355 .77091 .76830 .76571 .76313 .76058 .75805
104....................................... .79007 .78743 .78482 .78222 .77964 .77709 .77455 .77203 .76953 .76705
105....................................... .80065 .79809 .79556 .79304 .79054 .78805 .78559 .78314 .78071 .77829
106....................................... .81631 .81389 .81149 .80911 .80674 .80438 .80204 .79972 .79741 .79511
107....................................... .83963 .83745 .83529 .83313 .83099 .82886 .82674 .82463 .82254 .82045
108....................................... .87910 .87739 .87569 .87400 .87232 .87064 .86897 .86731 .86566 .86401
109....................................... .94563 .94484 .94405 .94326 .94248 .94170 .94092 .94014 .93937 .93860
--------------------------------------------------------------------------------------------------------------------------------------------------------
(f) Effective date. This section is effective as of May 1, 1989.
Par. 9. Section 1.642(c)-6A is further amended by revising the
heading for Table G in newly designated paragraph (d)(4) to read as
follows:
Sec. 1.642(c)-6A Valuation of charitable remainder interests for which
the valuation date is before May 1, 1989.
* * * * *
(d) Present value of remainder interest dependent on the
termination of one life in the case of transfers to pooled income funds
made after November 30, 1983, for which the valuation date is before
May 1, 1989.
* * * * *
(4) * * *
Table G
Table G--Single Life, Unisex--Table Showing the Present Worth of the
Remainder Interest in Property Transferred to a Pooled Income Fund
Having the Yearly Rate of Return Shown--Applicable for Transfers After
November 30, 1983, and Before May 1, 1989
* * * * *
Par. 10. Section 1.664-1 is amended as follows:
1. Paragraph (a)(5)(ii)(b) is revised.
2. Paragraphs (a)(5)(iv) (a) through (c) are revised and paragraph
(a)(5)(iv)(d) is added.
3. Paragraph (a)(6), the introductory text, is revised.
4. The authority citation at the end of the section is removed.
5. The added and revised provisions read as follows:
Sec. 1.664-1 Charitable remainder trusts.
(a) * * *
(5) * * *
(ii) * * *
(b) (1) In the case of transfers made after November 30, 1983, for
which the valuation date is before May 1, 1989, a factor equal to
1.000000 less the factor under the appropriate adjusted payout rate in
column 2 of Table D in Sec. 1.664-4A(d)(6) opposite the number of years
in column 1 between the date of death of the decedent and the date of
the earlier of the death of the last recipient or the last day of such
taxable year.
(2) In the case of transfers for which the valuation date is after
April 30, 1989, a factor equal to 1.000000 less the factor under the
appropriate adjusted payout rate in Table D in Sec. 1.664-4(e)(6)
opposite the number of years in column 1 between the date of death of
the decedent and the date of the earlier of the death of the last
recipient or the last day of such taxable year. The appropriate
adjusted payout rate is determined by using the appropriate Table F
contained in Sec. 1.664-4(e)(6) for the section 7520 rate for the month
of the valuation date.
(3) If the number of years between the date of death and the date
of the earlier of the death of the last recipient or the last day of
such taxable year is between periods for which factors are provided, a
linear interpolation must be made.
* * * * *
(iv) * * *
(a) The section 7520 rate for the month in which the valuation date
with respect to the transfer is (or one of the prior two months if
elected under Sec. 1.7520-2(b)) after April 30, 1989;
(b) 10 percent for instruments executed or amended (other than in
the case of a reformation under section 2055(e)(3)) on or after August
9, 1984, and before May 1, 1989, and not subsequently amended;
(c) 6 percent or 10 percent for instruments executed or amended
(other than in the case of a reformation under section 2055(e)(3))
after October 24, 1983, and before August 9, 1984; and
(d) 6 percent for instruments executed before October 25, 1983, and
not subsequently amended (other than in the case of a reformation under
section 2055(e)(3)).
(6) Examples. The application of the rules in paragraphs (a)(4) and
(a)(5) of this section require the use of actuarial factors contained
in Sec. 1.664-4(e), Sec. 1.664-4A(d), and former Sec. 1.664-4(d) (as
contained in the 26 CFR Part 1 edition revised as of April 1, 1994) and
may be illustrated by use of the following examples:
* * * * *
Par. 11. Section 1.664-2 is amended as follows:
1. Paragraph (c) is revised as set forth below.
2. The authority citation at the end of the section is removed.
Sec. 1.664-2 Charitable remainder annuity trust.
* * * * *
(c) Calculation of the fair market value of the remainder interest
of a charitable remainder annuity trust. For purposes of sections 170,
2055, 2106, and 2522, the fair market value of the remainder interest
of a charitable remainder annuity trust (as described in this section)
is the net fair market value (as of the appropriate valuation date) of
the property placed in trust less the present value of the annuity. For
purposes of this section, valuation date means, in general, the date on
which the property is transferred to the trust by the donor regardless
of when the trust is created. In the case of transfers to a charitable
remainder annuity trust for which the valuation date is after April 30,
1989, if an election is made under section 7520 and Sec. 1.7520-2(b) to
compute the present value of the charitable interest by use of the
interest rate component for either of the 2 months preceding the month
in which the transfer is made, the month so elected is the valuation
date for purposes of determining the interest rate and mortality
tables. For purposes of section 2055 or 2106, the valuation date is the
date of death unless the alternate valuation date is elected in
accordance with section 2032, in which event, and within the
limitations set forth in section 2032 and the regulations thereunder,
the valuation date is the alternate valuation date. If the decedent's
estate elects the alternate valuation date under section 2032 and also
elects, under section 7520 and Sec. 1.7520-2(b), to use the interest
rate component for one of the 2 months preceding the alternate
valuation date, the month so elected is the valuation date for purposes
of determining the interest rate and mortality tables. The present
value of an annuity is computed under Sec. 20.2031-7(d) of this chapter
(Estate Tax Regulations) for transfers for which the valuation date is
after April 30, 1989, or under Sec. 20.2031-7A (a) through (d) of this
chapter, whichever is applicable, for transfers for which the valuation
date is before May 1, 1989. See, however, Sec. 1.7520-3(b) (relating to
exceptions to the use of prescribed tables under certain
circumstances). If the valuation date of a transfer to a charitable
remainder annuity trust is after April 30, 1989, and before June 10,
1994, a transferor can rely on Notice 89-24, 1989-1 C.B. 660, or Notice
89-60, 1989-1 C.B. 700 (See Sec. 601.601(d)(2)(ii)(b) of this chapter),
in valuing the transferred interest.
Par. 12. Immediately following Sec. 1.664-4 an undesignated center
heading and Sec. 1.664-4A are added to read as follows:
Unitrust Actuarial Tables Applicable Before May 1, 1989
Sec. 1.664-4A Valuation of charitable remainder interests for which
the valuation date is before May 1, 1989.
(a) Valuation of charitable remainder interests for which the
valuation date is before January 1, 1952. There was no provision for
the qualification of a charitable remainder unitrust under section 664
until 1969. See Sec. 20.2031-7A(a) of this chapter (Estate Tax
Regulations) for the determination of the present value of a charitable
interest for which the valuation date is before January 1, 1952.
(b) Valuation of charitable remainder interests for which the
valuation date is after December 31, 1951, and before January 1, 1971.
No charitable deduction is allowable for a transfer to a unitrust for
which the valuation date is after the effective dates of the Tax Reform
Act of 1969 unless the unitrust meets the requirements of section 664.
See Sec. 20.2031-7A(b) of this chapter (Estate Tax Regulations) for the
determination of the present value of a charitable remainder interest
for which the valuation date is after December 31, 1951, and before
January 1, 1971.
(c) Valuation of charitable remainder unitrusts having certain
payout sequences for transfers for which the valuation date is after
December 31, 1970, and before December 1, 1983. For the determination
of the present value of a charitable remainder unitrust for which the
valuation date is after December 31, 1970, and before December 1, 1983,
see Sec. 20.2031-7A(c) of this chapter (Estate Tax Regulations) and
former Sec. 1.664-4(d) (as contained in the 26 CFR part 1 edition
revised as of April 1, 1994).
(d) Valuation of charitable remainder unitrusts having certain
payout sequences for transfers for which the valuation date is after
November 30, 1983, and before May 1, 1989--(1) In general. Except as
otherwise provided in paragraph (d)(2) of this section, in the case of
transfers made after November 30, 1983, for which the valuation date is
before May 1, 1989, the present value of a remainder interest that is
dependent on a term of years or the termination of the life of one
individual is determined under paragraphs (d)(3) through (d)(6) of this
section, provided that the amount of the payout as of any payout date
during any taxable year of the trust is not larger than the amount that
the trust could distribute on such date under Sec. 1.664-3(a)(1)(v) if
the taxable year of the trust were to end on such date. The present
value of the remainder interest in the trust is determined by computing
the adjusted payout rate (as defined in paragraph (d)(3) of this
section) and following the procedure outlined in paragraph (d)(4) or
(d)(5) of this section, whichever is applicable. The present value of a
remainder interest that is dependent on a term of years is computed
under paragraph (d)(4) of this section. The present value of a
remainder interest that is dependent on the termination of the life of
one individual is computed under paragraph (d)(5) of this section. See
paragraph (d)(2) of this section for testamentary transfers for which
the valuation date is after November 30, 1983, and before August 9,
1984.
(2) Rules for determining the present value for testamentary
transfers where the decedent dies after November 30, 1983, and before
August 9, 1984. For purposes of section 2055 or 2106, if--
(i) The decedent dies after November 30, 1983, and before August 9,
1984; or
(ii) On December 1, 1983, the decedent was mentally incompetent so
that the disposition of the property could not be changed, and the
decedent died after November 30, 1983, without regaining competency to
dispose of the decedent's property, or died within 90 days of the date
on which the decedent first regained competency, the present value
determined under this section of a remainder interest is determined in
accordance with paragraph (d)(1) and paragraphs (d)(3) through (d)(6)
of this section, or Sec. 1.664-4A(c), at the option of the taxpayer.
Par. 13. Section 1.664-4 is amended as follows:
1. Paragraph (a) is revised.
2. Paragraphs (b)(2) through (b)(5) are redesignated as paragraphs
(d)(3) through (d)(6) of Sec. 1.664-4A, respectively.
3. Paragraph (b)(1) is redesignated as paragraph (b) and revised.
4. Paragraphs (c) and (d) are revised.
5. The authority citation at the end of the section is removed.
6. Paragraphs (e) and (f) are added.
7. The revisions and additions read as follows:
Sec. 1.664-4 Calculation of the fair market value of the remainder
interest in a charitable remainder unitrust.
(a) Rules for determining present value. For purposes of sections
170, 2055, 2106, and 2522, the fair market value of a remainder
interest in a charitable remainder unitrust (as described in
Sec. 1.664-3) is its present value determined under paragraph (d) of
this section. The present value determined under this section shall be
computed on the basis of--
(1) Life contingencies determined as to each life involved, from
the values of lx set forth in Table 80CNSMT contained in Sec. 20.2031-
7(d)(6) of this chapter (Estate Tax Regulations) in the case of
transfers for which the valuation date is after April 30, 1989, or
column 2 of Table LN, of Sec. 20.2031-7A(d)(6) of this chapter in the
case of transfers made after November 30, 1983, for which the valuation
date is before May 1, 1989. See Sec. 20.2031-7A (a) through (c) of this
chapter, whichever is applicable, for transfers for which the valuation
date is before December 1, 1983;
(2) Interest at the section 7520 rate in the case of transfers for
which the valuation date is after April 30, 1989, or 10 percent in the
case of transfers to charitable remainder unitrusts made after November
30, 1983, for which the valuation date is before May 1, 1989. See
Sec. 20.2031-7A (a) through (c) of this chapter, whichever is
applicable, for transfers for which the valuation date is before
December 1, 1983; and
(3) The assumption that the amount described in Sec. 1.664-
3(a)(1)(i)(a) is distributed in accordance with the payout sequence
described in the governing instrument. If the governing instrument does
not prescribe when the distribution is made during the period for which
the payment is made, for purposes of this section, the distribution is
considered payable on the first day of the period for which the payment
is made.
(b) Actuarial Computations by the Internal Revenue Service. The
regulations in this and in related sections provide tables of actuarial
factors and examples that illustrate the use of the tables in
determining the value of remainder interests in property. Section
1.7520-1(c)(2) refers to government publications that provide
additional tables of factors and examples of computations for more
complex situations. If the computation requires the use of a factor
that is not provided in this section, the Commissioner may supply the
factor upon a request for a ruling. A request for a ruling must be
accompanied by a recitation of the facts including the date of birth of
each measuring life, and copies of the relevant documents. A request
for a ruling must comply with the instructions for requesting a ruling
published periodically in the Internal Revenue Bulletin (See
Sec. 601.601(d)(2)(ii)(b) of this chapter) and include payment of the
required user fee. If the Commissioner furnishes the factor, a copy of
the letter supplying the factor should be attached to the tax return in
which the deduction is claimed. If the Commissioner does not furnish
the factor, the taxpayer must furnish a factor computed in accordance
with the principles set forth in this section.
(c) Statement supporting deduction required. Any claim for a
deduction on any return for the value of a remainder interest in a
charitable remainder unitrust must be supported by a full statement
attached to the return showing the computation of the present value of
such interest.
(d) Valuation. The fair market value of a remainder interest in a
charitable remainder unitrust (as described in Sec. 1.664-3) for
transfers for which the valuation date is after April 30, 1989, is its
present value determined under paragraph (e) of this section. The fair
market value of a remainder interest in a charitable remainder unitrust
(as described in Sec. 1.664-3) for transfers for which the valuation
date is before May 1, 1989, is its present value determined under the
following sections:
------------------------------------------------------------------------
Valuation dates
----------------------------------------------------- Applicable
After Before regulations
------------------------------------------------------------------------
01-01-52 1.664-4A(a)
12-31-51................................. 01-01-71 1.664-4A(b)
12-31-70................................. 12-01-83 1.664-4A(c)
11-30-83................................. 05-01-89 1.664-4A(d)
------------------------------------------------------------------------
(e) Valuation of charitable remainder unitrusts having certain
payout sequences for transfers for which the valuation date is after
April 30, 1989--(1) In general. Except as otherwise provided in
paragraph (e)(2) of this section, in the case of transfers for which
the valuation date is after April 30, 1989, the present value of a
remainder interest is determined under paragraphs (e)(3) through (e)(6)
of this section, provided that the amount of the payout as of any
payout date during any taxable year of the trust is not larger than the
amount that the trust could distribute on such date under Sec. 1.664-
3(a)(1)(v) if the taxable year of the trust were to end on such date.
See, however, Sec. 1.7520-3(b) (relating to exceptions to the use of
the prescribed tables under certain circumstances).
(2) Transitional rules for valuation of charitable remainder
unitrusts. (i) If the valuation date of a transfer to a charitable
remainder unitrust is after April 30, 1989, and before June 10, 1994, a
transferor can rely upon Notice 89-24, 1989-1 C.B. 660, or Notice 89-
60, 1989-1 C.B. 700, in valuing the transferred interest. (See
Sec. 601.601(d)(2)(ii)(b) of this chapter.)
(ii) For purposes of sections 2055, 2106, or 2624, if on May 1,
1989, the decedent was mentally incompetent so that the disposition of
the property could not be changed, and the decedent died after April
30, 1989, without having regained competency to dispose of the
decedent's property, or the decedent died within 90 days of the date
that the decedent first regained competency after April 30, 1989, the
present value of a remainder interest determined under this section is
determined as if the valuation date with respect to the decedent's
gross estate is either before May 1, 1989, or after April 30, 1989, at
the option of the decedent's executor.
(3) Adjusted payout rate. For transfers for which the valuation
date is after April 30, 1989, the adjusted payout rate is determined by
using the appropriate Table F, contained in paragraph (e)(6) of this
section, for the section 7520 interest rate applicable to the transfer.
If the interest rate is between 4.2 and 14 percent, see paragraph
(e)(6) of this section. If the interest rate is below 4.2 percent or
greater than 14 percent, see Sec. 1.664-4(b). The adjusted payout rate
is determined by multiplying the fixed percentage described in
Sec. 1.664-3(a)(1)(i)(a) by the factor describing the payout sequence
of the trust and the number of months by which the valuation date for
the first full taxable year of the trust precedes the first payout date
for such taxable year. If the governing instrument does not prescribe
when the distribution or distributions shall be made during the taxable
year of the trust, see Sec. 1.664-4(a). In the case of a trust having a
payout sequence for which no figures have been provided by the
appropriate table, and in the case of a trust that determines the fair
market value of the trust assets by taking the average of valuations on
more than one date during the taxable year, see Sec. 1.664-4(b).
(4) Period is a term of years. If the period described in
Sec. 1.664-3(a)(5) is a term of years, the factor that is used in
determining the present value of the remainder interest for transfers
for which the valuation date is after April 30, 1989, is the factor
under the appropriate adjusted payout rate in Table D in paragraph
(e)(6) of this section corresponding to the number of years in the
years. If the adjusted payout rate is an amount that is between
adjusted payout rates for which factors are provided in Table D, a
linear interpolation must be made. The present value of the remainder
interest is determined by multiplying the net fair market value (as of
the appropriate valuation date) of the property placed in trust by the
factor determined under this paragraph. For purposes of this section,
the valuation date is, in the case of an inter vivos transfer, the date
on which the property is transferred to the trust by the donor.
However, if an election is made under section 7520 and Sec. 1.7520-2(b)
to compute the present value of the charitable interest by use of the
interest rate component for either of the 2 months preceding the month
in which the date of transfer falls, the month so elected is the
valuation date for purposes of determining the interest rate and
mortality tables. In the case of a testamentary transfer under section
2055, 2106, or 2624, the valuation date is the date of death, unless
the alternate valuation date is elected under section 2032, in which
event, and within the limitations set forth in section 2032 and the
regulations thereunder, the valuation date is the alternate valuation
date. If the decedent's estate elects the alternate valuation date
under section 2032 and also elects, under section 7520 and Sec. 1.7520-
2(b), to use the interest rate component for one of the 2 months
preceding the alternate valuation date, the month so elected is the
valuation date for purposes of determining the interest rate and
mortality tables. If the adjusted payout rate is between 4.2 and 14
percent, see paragraph (e)(6) of this section. If the adjusted payout
rate is less than 4.2 percent or greater than 14 percent, see
Sec. 1.664-4(b). The application of this paragraph may be illustrated
by the following example:
Example. D transfers $100,000 to a charitable remainder unitrust
on January 1, 1990. The trust instrument requires that the trust pay
8 percent of the fair market value of the trust assets as of January
1st for a term of 12 years to D in quarterly payments (March 31,
June 30, September 30, and December 31). The section 7520 rate of
January 1990 is 9.6 percent. Under Table F(9.6), the appropriate
adjustment factor is .944628 for quarterly payments payable at the
end of each quarter. The adjusted payout rate is 7.557
(8% x .944628). Based on the remainder factors in Table D, the
present value of the remainder interest is $38,950.30, computed as
follows:
Factor at 7.4 percent for 12 years......................... .397495
Factor at 7.6 percent for 12 years......................... .387314
------------
Difference................................................. .010181
TR10JN94.003
Factor at 7.4 percent for 12 years......................... .397495
Less: Interpolation adjustment............................. .007992
------------
Interpolated factor........................................ .389503
Present value of remainder interest:
($100,000 x .389503)..................................... $38,950.30
(5) Period is the life of one individual. If the period described
in Sec. 1.664-3(a)(5) is the life of one individual, the factor that is
used in determining the present value of the remainder interest for
transfers for which the valuation date is after April 30, 1989, is the
factor in Table U(1) in paragraph (e)(6) of this section under the
appropriate adjusted payout. For purposes of the computations described
in this paragraph, the age of an individual is the age of that
individual at the individual's nearest birthday. If the adjusted payout
rate is an amount that is between adjusted payout rates for which
factors are provided in the appropriate table, a linear interpolation
must be made. The present value of the remainder interest is determined
by multiplying the net fair market value (as of the valuation date as
determined in paragraph (e)(4) of this section) of the property placed
in trust by the factor determined under this paragraph (e)(5). If the
adjusted payout rate is between 4.2 and 14 percent, see paragraph
(e)(6) of this section. If the adjusted payout rate is below 4.2
percent or greater than 14 percent, see Sec. 1.664-4(b). The
application of this paragraph may be illustrated by the following
example:
Example. A, who will be 45 years old on February 19, 1990,
transfers $100,000 to a charitable remainder unitrust on January 1,
1990. The trust instrument requires that the trust pay to A
semiannually (on June 30 and December 31) 9 percent of the fair
market value of the trust assets as of January 1st during A's life.
The section 7520 rate for January 1990 is 9.6 percent. Under Table
F(9.6), the appropriate adjustment factor is .933805 for semiannual
payments payable at the end of the semiannual period. The adjusted
payout rate is 8.404 (9% x .933805). Based on the remainder factors
in Table U(1), the present value of the remainder interest is
$11,098.00, computed as follows:
Factor at 8.4 percent at age 45................................ .11106
Factor at 8.6 percent at age 45................................ .10683
--------
Difference..................................................... .00423
TR10JN94.004
Factor at 8.4 percent at age 45............................ .11106
Less: Interpolation adjustment............................. .00008
------------
Interpolated Factor........................................ .11098
Present value of remainder interest:
($100,000 x .11098)...................................... $11,098.00
(6) Actuarial tables for transfers for which the valuation date is
after April 30, 1989. For transfers for which the valuation date is
after April 30, 1989, the present value of a charitable remainder
unitrust interest that is dependent on a term of years or the
termination of a life interest is determined by using the section 7520
rate and the tables set forth below. See, however, Sec. 1.7520-3(b)
(relating to exceptions to the use of prescribed tables under certain
circumstances). Many actuarial factors not contained in the following
tables are contained in Internal Revenue Service Publication 1458,
``Actuarial Values, Beta Volume,'' (8-89). A copy of this publication
may be purchased from the Superintendent of Documents, United States
Government Printing Office, Washington, DC 20402.
Table D.--Showing the Present Worth of a Remainder Interest Postponed for a Term Certain in a Charitable Remainder Unitrust
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Adjusted payout rate
Years -------------------------------------------------------------------------------------------------------------
4.2% 4.4% 4.6% 4.8% 5.0% 5.2% 5.4% 5.6% 5.8% 6.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
1......................................... .958000 .956000 .954000 .952000 .950000 .948000 .946000 .944000 .942000 .940000
2......................................... .917764 .913936 .910116 .906304 .902500 .898704 .894916 .891136 .887364 .883600
3......................................... .879218 .873723 .868251 .862801 .857375 .851971 .846591 .841232 .835897 .830584
4......................................... .842291 .835279 .828311 .821387 .814506 .807669 .800875 .794123 .787415 .780749
5......................................... .806915 .798527 .790209 .781960 .773781 .765670 .757627 .749652 .741745 .733904
6......................................... .773024 .763392 .753859 .744426 .735092 .725855 .716716 .707672 .698724 .689870
7......................................... .740557 .729802 .719182 .708694 .698337 .688111 .678013 .668042 .658198 .648478
8......................................... .709454 .697691 .686099 .674677 .663420 .652329 .641400 .630632 .620022 .609569
9......................................... .679657 .666993 .654539 .642292 .630249 .618408 .606765 .595317 .584061 .572995
10........................................ .651111 .637645 .624430 .611462 .598737 .586251 .573999 .561979 .550185 .538615
11........................................ .623764 .609589 .595706 .582112 .568800 .555766 .543003 .530508 .518275 .506298
12........................................ .597566 .582767 .568304 .554170 .540360 .526866 .513681 .500800 .488215 .475920
13........................................ .572469 .557125 .542162 .527570 .513342 .499469 .485942 .472755 .459898 .447365
14........................................ .548425 .532611 .517222 .502247 .487675 .473496 .459701 .446281 .433224 .420523
15........................................ .525391 .509177 .493430 .478139 .463291 .448875 .434878 .421289 .408097 .395292
16........................................ .503325 .486773 .470732 .455188 .440127 .425533 .411394 .397697 .384427 .371574
17........................................ .482185 .465355 .449079 .433339 .418120 .403405 .389179 .375426 .362131 .349280
18........................................ .461933 .444879 .428421 .412539 .397214 .382428 .368163 .354402 .341127 .328323
19........................................ .442532 .425304 .408714 .392737 .377354 .362542 .348282 .334555 .321342 .308624
20........................................ .423946 .406591 .389913 .373886 .358486 .343690 .329475 .315820 .302704 .290106
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table D.--Showing the Present Worth of a Remainder Interest Postponed for a Term Certain in a Charitable Remainder Unitrust
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Adjusted payout rate
Years -------------------------------------------------------------------------------------------------------------
6.2% 6.4% 6.6% 6.8% 7.0% 7.2% 7.4% 7.6% 7.8% 8.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
1......................................... .938000 .936000 .934000 .932000 .930000 .928000 .926000 .924000 .922000 .920000
2......................................... .879844 .876096 .872356 .868624 .864900 .861184 .857476 .853776 .850084 .846400
3......................................... .825294 .820026 .814781 .809558 .804357 .799179 .794023 .788889 .783777 .778688
4......................................... .774125 .767544 .761005 .754508 .748052 .741638 .735265 .728933 .722643 .716393
5......................................... .726130 .718421 .710779 .703201 .695688 .688240 .680855 .673535 .666277 .659082
6......................................... .681110 .672442 .663867 .655383 .646990 .638687 .630472 .622346 .614307 .606355
7......................................... .638881 .629406 .620052 .610817 .601701 .592701 .583817 .575048 .566391 .557847
8......................................... .599270 .589124 .579129 .569282 .559582 .550027 .540615 .531344 .522213 .513219
9......................................... .562115 .551420 .540906 .530571 .520411 .510425 .500609 .490962 .481480 .472161
10........................................ .527264 .516129 .505206 .494492 .483982 .473674 .463564 .453649 .443925 .434388
11........................................ .494574 .483097 .471863 .460866 .450104 .439570 .429260 .419171 .409298 .399637
12........................................ .463910 .452179 .440720 .429527 .418596 .407921 .397495 .387314 .377373 .367666
13........................................ .435148 .423239 .411632 .400320 .389295 .378550 .368081 .357879 .347938 .338253
14........................................ .408169 .396152 .384465 .373098 .362044 .351295 .340843 .330680 .320799 .311193
15........................................ .382862 .370798 .359090 .347727 .336701 .326002 .315620 .305548 .295777 .286297
16........................................ .359125 .347067 .335390 .324082 .313132 .302529 .292264 .282326 .272706 .263394
17........................................ .336859 .324855 .313254 .302044 .291213 .280747 .270637 .260870 .251435 .242322
18........................................ .315974 .304064 .292579 .281505 .270828 .260533 .250610 .241044 .231823 .222936
19........................................ .296383 .284604 .273269 .262363 .251870 .241775 .232065 .222724 .213741 .205101
20........................................ .278008 .266389 .255233 .244522 .234239 .224367 .214892 .205797 .197069 .188693
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table D.--Showing the Present Worth of a Remainder Interest Postponed for a Term Certain in a Charitable Remainder Unitrust
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Adjusted payout rate
Years -------------------------------------------------------------------------------------------------------------
8.2% 8.4% 8.6% 8.8% 9.0% 9.2% 9.4% 9.6% 9.8% 10.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
1......................................... .918000 .916000 .914000 .912000 .910000 .908000 .906000 .904000 .902000 .900000
2......................................... .842724 .839056 .835396 .831744 .828100 .824464 .820836 .817216 .813604 .810000
3......................................... .773621 .768575 .763552 .758551 .753571 .748613 .743677 .738763 .733871 .729000
4......................................... .710184 .704015 .697886 .691798 .685750 .679741 .673772 .667842 .661951 .656100
5......................................... .651949 .644878 .637868 .630920 .624032 .617205 .610437 .603729 .597080 .590490
6......................................... .598489 .590708 .583012 .575399 .567869 .560422 .553056 .545771 .538566 .531441
7......................................... .549413 .541089 .532873 .524764 .516761 .508863 .501069 .493377 .485787 .478297
8......................................... .504361 .495637 .487046 .478585 .470253 .462048 .453968 .446013 .438180 .430467
9......................................... .463003 .454004 .445160 .436469 .427930 .419539 .411295 .403196 .395238 .387420
10........................................ .425037 .415867 .406876 .398060 .389416 .380942 .372634 .364489 .356505 .348678
11........................................ .390184 .380934 .371885 .363031 .354369 .345895 .337606 .329498 .321567 .313811
12........................................ .358189 .348936 .339902 .331084 .322475 .314073 .305871 .297866 .290054 .282430
13........................................ .328817 .319625 .310671 .301949 .293453 .285178 .277119 .269271 .261628 .254187
14........................................ .301854 .292777 .283953 .275377 .267042 .258942 .251070 .243421 .235989 .228768
15........................................ .277102 .268184 .259533 .251144 .243008 .235119 .227469 .220053 .212862 .205891
16........................................ .254380 .245656 .237213 .229043 .221137 .213488 .206087 .198928 .192001 .185302
17........................................ .233521 .225021 .216813 .208887 .201235 .193847 .186715 .179830 .173185 .166772
18........................................ .214372 .206119 .198167 .190505 .183124 .176013 .169164 .162567 .156213 .150095
19........................................ .196794 .188805 .181125 .173741 .166643 .159820 .153262 .146960 .140904 .135085
20........................................ .180657 .172946 .165548 .158452 .151645 .145117 .138856 .132852 .127096 .121577
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table D.--Showing the Present Worth of a Remainder Interest Postponed for a Term Certain in a Charitable Remainder Unitrust
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Adjusted payout rate
Years -------------------------------------------------------------------------------------------------------------
10.2% 10.4% 10.6% 10.8% 11.0% 11.2% 11.4% 11.6% 11.8% 12.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
1......................................... .898000 .896000 .894000 .892000 .890000 .888000 .886000 .884000 .882000 .880000
2......................................... .806404 .802816 .799236 .795664 .792100 .788544 .784996 .781456 .777924 .774400
3......................................... .724151 .719323 .714517 .709732 .704969 .700227 .695506 .690807 .686129 .681472
4......................................... .650287 .644514 .638778 .633081 .627422 .621802 .616219 .610673 .605166 .599695
5......................................... .583958 .577484 .571068 .564708 .558406 .552160 .545970 .539835 .533756 .527732
6......................................... .524394 .517426 .510535 .503720 .496981 .490318 .483729 .477214 .470773 .464404
7......................................... .470906 .463613 .456418 .449318 .442313 .435402 .428584 .421858 .415222 .408676
8......................................... .422874 .415398 .408038 .400792 .393659 .386637 .379726 .372922 .366226 .359635
9......................................... .379741 .372196 .364786 .357506 .350356 .343334 .336437 .329663 .323011 .316478
10........................................ .341007 .333488 .326118 .318896 .311817 .304881 .298083 .291422 .284896 .278501
11........................................ .306224 .298805 .291550 .284455 .277517 .270734 .264102 .257617 .251278 .245081
12........................................ .274989 .267729 .260645 .253734 .246990 .240412 .233994 .227734 .221627 .215671
13........................................ .246941 .239886 .233017 .226331 .219821 .213486 .207319 .201317 .195475 .189791
14........................................ .221753 .214937 .208317 .201887 .195641 .189575 .183684 .177964 .172409 .167016
15........................................ .199134 .192584 .186236 .180083 .174121 .168343 .162744 .157320 .152065 .146974
16........................................ .178822 .172555 .166495 .160634 .154967 .149488 .144191 .139071 .134121 .129337
17........................................ .160582 .154609 .148846 .143286 .137921 .132746 .127754 .122939 .118295 .113817
18........................................ .144203 .138530 .133069 .127811 .122750 .117878 .113190 .108678 .104336 .100159
19........................................ .129494 .124123 .118963 .114007 .109247 .104676 .100286 .096071 .092024 .088140
20........................................ .116286 .111214 .106353 .101694 .097230 .092952 .088853 .084927 .081166 .077563
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table D.--Showing the Present Worth of a Remainder Interest Postponed for a Term Certain in a Charitable Remainder Unitrust
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Adjusted payout rate
Years -------------------------------------------------------------------------------------------------------------
12.2% 12.4% 12.6% 12.8% 13.0% 13.2% 13.4% 13.6% 13.8% 14.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
1......................................... .878000 .876000 .874000 .872000 .870000 .868000 .866000 .864000 .862000 .860000
2......................................... .770884 .767376 .763876 .760384 .756900 .753424 .749956 .746496 .743044 .739600
3......................................... .676836 .672221 .667628 .663055 .658503 .653972 .649462 .644973 .640504 .636056
4......................................... .594262 .588866 .583507 .578184 .572898 .567648 .562434 .557256 .552114 .547008
5......................................... .521762 .515847 .509985 .504176 .498421 .492718 .487068 .481469 .475923 .470427
6......................................... .458107 .451882 .445727 .439642 .433626 .427679 .421801 .415990 .410245 .404567
7......................................... .402218 .395848 .389565 .383368 .377255 .371226 .365279 .359415 .353631 .347928
8......................................... .353147 .346763 .340480 .334297 .328212 .322224 .316332 .310535 .304830 .299218
9......................................... .310063 .303764 .297579 .291507 .285544 .279690 .273944 .268302 .262764 .257327
10........................................ .272236 .266098 .260084 .254194 .248423 .242771 .237235 .231813 .226502 .221302
11........................................ .239023 .233102 .227314 .221657 .216128 .210725 .205446 .200286 .195245 .190319
12........................................ .209862 .204197 .198672 .193285 .188032 .182910 .177916 .173047 .168301 .163675
13........................................ .184259 .178877 .173640 .168544 .163588 .158766 .154075 .149513 .145076 .140760
14........................................ .161779 .156696 .151761 .146971 .142321 .137809 .133429 .129179 .125055 .121054
15........................................ .142042 .137266 .132639 .128158 .123819 .119618 .115550 .111611 .107798 .104106
16........................................ .124713 .120245 .115927 .111754 .107723 .103828 .100066 .096432 .092922 .089531
17........................................ .109498 .105334 .101320 .097450 .093719 .090123 .086657 .083317 .080098 .076997
18........................................ .096139 .092273 .088554 .084976 .081535 .078227 .075045 .071986 .069045 .066217
19........................................ .084410 .080831 .077396 .074099 .070936 .067901 .064989 .062196 .059517 .056947
20........................................ .074112 .070808 .067644 .064614 .061714 .058938 .056280 .053737 .051303 .048974
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(4.2).--With Interest at 4.2 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .989820 .984755 .981389
1....................... 2 .996577 .986432 .981385 .978030
2....................... 3 .993166 .983056 .978026
3....................... 4 .989767 .979691 .974679
4....................... 5 .986380 .976338
5....................... 6 .983004 .972996
6....................... 7 .979639 .969666
7....................... 8 .976286
8....................... 9 .972945
9....................... 10 .969615
10...................... 11 .966296
11...................... 12 .962989
12...................... ........................ .959693
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(4.4).--With Interest at 4.4 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .989350 .984054 .980533
1....................... 2 .996418 .985806 .980529 .977021
2....................... 3 .992849 .982275 .977017
3....................... 4 .989293 .978757 .973517
4....................... 5 .985749 .975251
5....................... 6 .982219 .971758
6....................... 7 .978700 .968277
7....................... 8 .975195
8....................... 9 .971702
9....................... 10 .968221
10...................... 11 .964753
11...................... 12 .961298
12...................... ........................ .957854
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(4.6).--With Interest at 4.6 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .988882 .983354 .979680
1....................... 2 .996259 .985183 .979676 .976015
2....................... 3 .992532 .981498 .976011
3....................... 4 .988820 .977826 .972360
4....................... 5 .985121 .974168
5....................... 6 .981436 .970524
6....................... 7 .977764 .966894
7....................... 8 .974107
8....................... 9 .970463
9....................... 10 .966832
10...................... 11 .963216
11...................... 12 .959613
12...................... ........................ .956023
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(4.8).--With Interest at 4.8 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .988415 .982657 .978830
1....................... 2 .996101 .984561 .978825 .975013
2....................... 3 .992217 .980722 .975008
3....................... 4 .988348 .976898 .971206
4....................... 5 .984494 .973089
5....................... 6 .980655 .969294
6....................... 7 .976831 .965515
7....................... 8 .973022
8....................... 9 .969228
9....................... 10 .965448
10...................... 11 .961684
11...................... 12 .957934
12...................... ........................ .954198
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(5.0).--With Interest at 5.0 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .987950 .981961 .977982
1....................... 2 .995942 .983941 .977977 .974014
2....................... 3 .991901 .979949 .974009
3....................... 4 .987877 .975973 .970057
4....................... 5 .983868 .972013
5....................... 6 .979876 .968069
6....................... 7 .975900 .964141
7....................... 8 .971940
8....................... 9 .967997
9....................... 10 .964069
10...................... 11 .960157
11...................... 12 .956261
12...................... ........................ .952381
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(5.2).--With Interest at 5.2 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .987486 .981268 .977137
1....................... 2 .995784 .983323 .977132 .973018
2....................... 3 .991587 .979178 .973012
3....................... 4 .987407 .975050 .968911
4....................... 5 .983244 .970940
5....................... 6 .979099 .966847
6....................... 7 .974972 .962771
7....................... 8 .970862
8....................... 9 .966769
9....................... 10 .962694
10...................... 11 .958636
11...................... 12 .954594
12...................... ........................ .950570
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(5.4).--With Interest at 5.4 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .987023 .980577 .976295
1....................... 2 .995627 .982707 .976289 .972026
2....................... 3 .991273 .978409 .972019
3....................... 4 .986938 .974131 .967769
4....................... 5 .982622 .969871
5....................... 6 .978325 .965629
6....................... 7 .974047 .961407
7....................... 8 .969787
8....................... 9 .965546
9....................... 10 .961323
10...................... 11 .957119
11...................... 12 .952934
12...................... ........................ .948767
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(5.6).--With Interest at 5.6 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .986562 .979888 .975455
1....................... 2 .995470 .982092 .975449 .971036
2....................... 3 .990960 .977643 .971029
3....................... 4 .986470 .973214 .966630
4....................... 5 .982001 .968805
5....................... 6 .977552 .964416
6....................... 7 .973124 .960047
7....................... 8 .968715
8....................... 9 .964326
9....................... 10 .959958
10...................... 11 .955609
11...................... 12 .951279
12...................... ........................ .946970
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(5.8).--With Interest at 5.8 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2 Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .986102 .979201 .974618
1....................... 2 .995313 .981480 .974611 .970050
2....................... 3 .990647 .976879 .970043
3....................... 4 .986004 .972300 .965496
4....................... 5 .981382 .967743
5....................... 6 .976782 .963206
6....................... 7 .972203 .958692
7....................... 8 .967646
8....................... 9 .963111
9....................... 10 .958596
10...................... 11 .954103
11...................... 12 .949631
12...................... ........................ .945180
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(6.0).--With Interest at 6.0 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2 Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .985643 .978516 .973784
1....................... 2 .995156 .980869 .973776 .969067
2....................... 3 .990336 .976117 .969059
3....................... 4 .985538 .971389 .964365
4....................... 5 .980764 .966684
5....................... 6 .976014 .962001
6....................... 7 .971286 .957341
7....................... 8 .966581
8....................... 9 .961899
9....................... 10 .957239
10...................... 11 .952603
11...................... 12 .947988
12...................... ........................ .943396
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(6.2).--With Interest at 6.2 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .985185 .977833 .972952
1....................... 2 .995000 .980259 .972944 .968087
2....................... 3 .990024 .975358 .968079
3....................... 4 .985074 .970481 .963238
4....................... 5 .980148 .965628
5....................... 6 .975247 .960799
6....................... 7 .970371 .955995
7....................... 8 .965519
8....................... 9 .960691
9....................... 10 .955887
10...................... 11 .951107
11...................... 12 .946352
12...................... ........................ .941620
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(6.4).--With Interest at 6.4 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .984729 .977152 .972122
1....................... 2 .994844 .979652 .972114 .967110
2....................... 3 .989714 .974600 .967101
3....................... 4 .984611 .969575 .962115
4....................... 5 .979534 .964576
5....................... 6 .974483 .959602
6....................... 7 .969458 .954654
7....................... 8 .964460
8....................... 9 .959487
9....................... 10 .954539
10...................... 11 .949617
11...................... 12 .944721
12...................... ........................ .939850
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(6.6).--With Interest at 6.6 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .984274 .976473 .971295
1....................... 2 .994688 .979046 .971286 .966136
2....................... 3 .989404 .973845 .966127
3....................... 4 .984149 .968672 .960995
4....................... 5 .978921 .963527
5....................... 6 .973721 .958408
6....................... 7 .968549 .953317
7....................... 8 .963404
8....................... 9 .958286
9....................... 10 .953196
10...................... 11 .948132
11...................... 12 .943096
12...................... ........................ .938086
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(6.8).--With Interest at 6.8 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .983821 .975796 .970471
1....................... 2 .994533 .978442 .970461 .965165
2....................... 3 .989095 .973092 .965156
3....................... 4 .983688 .967772 .959879
4....................... 5 .978309 .962481
5....................... 6 .972961 .957219
6....................... 7 .967641 .951985
7....................... 8 .962351
8....................... 9 .957089
9....................... 10 .951857
10...................... 11 .946653
11...................... 12 .941477
12...................... ........................ .936330
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(7.0).--With Interest at 7.0 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2 Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .983368 .975122 .969649
1....................... 2 .994378 .977839 .969639 .964198
2....................... 3 .988787 .972342 .964187
3....................... 4 .983228 .966875 .958766
4....................... 5 .977700 .961439
5....................... 6 .972203 .956033
6....................... 7 .966736 .950658
7....................... 8 .961301
8....................... 9 .955896
9....................... 10 .950522
10...................... 11 .945178
11...................... 12 .939864
12...................... ........................ .934579
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(7.2).--With Interest at 7.2 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2 Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .982917 .974449 .968830
1....................... 2 .994223 .977239 .968819 .963233
2....................... 3 .988479 .971593 .963222
3....................... 4 .982769 .965980 .957658
4....................... 5 .977091 .960400
5....................... 6 .971446 .954851
6....................... 7 .965834 .949335
7....................... 8 .960255
8....................... 9 .954707
9....................... 10 .949192
10...................... 11 .943708
11...................... 12 .938256
12...................... ........................ .932836
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(7.4).--With Interest at 7.4 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .982467 .973778 .968013
1....................... 2 .994068 .976640 .968002 .962271
2....................... 3 .988172 .970847 .962260
3....................... 4 .982311 .965088 .956552
4....................... 5 .976484 .959364
5....................... 6 .970692 .953673
6....................... 7 .964935 .948017
7....................... 8 .959211
8....................... 9 .953521
9....................... 10 .947866
10...................... 11 .942243
11...................... 12 .936654
12...................... ........................ .931099
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(7.6).--With Interest at 7.6 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .982019 .973109 .967199
1....................... 2 .993914 .976042 .967187 .961313
2....................... 3 .987866 .970103 .961301
3....................... 4 .981854 .964199 .955451
4....................... 5 .975879 .958331
5....................... 6 .969940 .952499
6....................... 7 .964037 .946703
7....................... 8 .958171
8....................... 9 .952340
9....................... 10 .946544
10...................... 11 .940784
11...................... 12 .935058
12...................... ........................ .929368
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(7.8).--With Interest at 7.8 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2 Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.0000000 .981571 .972442 .966387
1....................... 2 .993761 .975447 .966374 .960357
2....................... 3 .987560 .969361 .960345
3....................... 4 .981398 .963312 .954353
4....................... 5 .975275 .957302
5....................... 6 .969190 .951329
6....................... 7 .963143 .945393
7....................... 8 .957133
8....................... 9 .951161
9....................... 10 .945227
10...................... 11 .939329
11...................... 12 .933468
12...................... ........................ .927644
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(8.0).--With Interest at 8.0 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2 Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .981125 .971777 .965578
1....................... 2 .993607 .974853 .965564 .959405
2....................... 3 .987255 .968621 .959392
3....................... 4 980944 .962429 .953258
4....................... 5 .974673 .956276
5....................... 6 .968442 .950162
6....................... 7 .962250 .944088
7....................... 8 .956099
8....................... 9 .949987
9....................... 10 .943913
10...................... 11 .937879
11...................... 12 .931883
12...................... ........................ .925926
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(8.2).--With Interest at 8.2 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1Number of months by which the valuation date for 2 Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .980680 .971114 .964771
1....................... 2 .993454 .974261 .964757 .958455
2....................... 3 .986951 .967883 .958441
3....................... 4 .980490 .961547 .952167
4....................... 5 .974072 .955253
5....................... 6 .967695 .949000
6....................... 7 .961361 .942788
7....................... 8 .955068
8....................... 9 .948816
9....................... 10 .942605
10...................... 11 .936434
11...................... 12 .930304
12...................... ........................ .924214
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(8.2).--With Interest at 8.2 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1Number of months by which the valuation date for 2 Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .980237 .970453 .963966
1....................... 2 .993301 .973670 .963952 .957509
2....................... 3 .986647 .967148 .957494
3....................... 4 .980037 .960669 .951080
4....................... 5 .973472 .954233
5....................... 6 .966951 .947841
6....................... 7 .960473 .941491
7....................... 8 .954039
8....................... 9 .947648
9....................... 10 .941300
10...................... 11 .934994
11...................... 12 .928731
12...................... ........................ .922509
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(8.6).--With Interest at 8.6 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .979794 .969794 .963164
1....................... 2 .993148 .973081 .963149 .956565
2....................... 3 .986344 .966414 .956550
3....................... 4 .979586 .959793 .949996
4....................... 5 .972874 .953217
5....................... 6 .966209 .946686
6....................... 7 .959589 .940199
7....................... 8 .953014
8....................... 9 .946484
9....................... 10 .940000
10...................... 11 .933559
11...................... 12 .927163
12...................... ........................ .920810
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(8.8).--WITH INTEREST AT 8.8 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .979353 .969136 .962364
1....................... 2 .992996 .972494 .962349 .955624
2....................... 3 .986041 .965683 .955609
3....................... 4 .979135 .958919 .948916
4....................... 5 .972278 .952203
5....................... 6 .965468 .945534
6....................... 7 .958706 .938912
7....................... 8 .951992
8....................... 9 .945324
9....................... 10 .938703
10...................... 11 .932129
11...................... 12 .925600
12...................... ........................ .919118
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(9.0).--With Interest at 9.0 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .978913 .968481 .961567
1....................... 2 .992844 .971908 .961551 .954686
2....................... 3 .985740 .964954 .954670
3....................... 4 .978686 .958049 .947839
4....................... 5 .971683 .951193
5....................... 6 .964730 .944387
6....................... 7 .957826 .937629
7....................... 8 .950972
8....................... 9 .944167
9....................... 10 .937411
10...................... 11 .930703
11...................... 12 .924043
12...................... ........................ .917431
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(9.2).--With Interest at 9.2 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .978474 .967827 .960772
1....................... 2 .992693 .971324 .960755 .953752
2....................... 3 .985439 .964226 .953734
3....................... 4 .978238 .957180 .946765
4....................... 5 .971089 .950186
5....................... 6 .963993 .943242
6....................... 7 .956949 .936350
7....................... 8 .949956
8....................... 9 .943014
9....................... 10 .936123
10...................... 11 .929283
11...................... 12 .922492
12...................... ........................ .915751
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F (9.4).--With Interest at 9.4 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .978037 .967176 .959980
1....................... 2 .992541 .970742 .959962 .952820
2....................... 3 .985138 .963501 .952802
3....................... 4 .977790 .956315 .945695
4....................... 5 .970497 .949182
5....................... 6 .963258 .942102
6....................... 7 .956074 .935075
7....................... 8 .948942
8....................... 9 .941865
9....................... 10 .934839
10...................... 11 .927867
11...................... 12 .920946
12...................... ........................ .914077
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(9.6).--With Interest at 9.6 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .977600 .966526 .959190
1....................... 2 .992390 .970161 .959171 .951890
2....................... 3 .984838 .962778 .951872
3....................... 4 .977344 .955452 .944628
4....................... 5 .969906 .948181
5....................... 6 .962526 .940965
6....................... 7 .955201 .933805
7....................... 8 .947932
8....................... 9 .940718
9....................... 10 .933560
10...................... 11 .926455
11...................... 12 .919405
12...................... ........................ .912409
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(9.8).--With Interest at 9.8 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .977165 .965878 .958402
1....................... 2 .992239 .969582 .958382 .950964
2....................... 3 .984539 .962057 .950945
3....................... 4 .976898 .954591 .943565
4....................... 5 .969317 .947183
5....................... 6 .961795 .939832
6....................... 7 .954331 .932539
7....................... 8 .946924
8....................... 9 .939576
9....................... 10 .932284
10...................... 11 .925049
11...................... 12 .917870
12...................... ........................ .910747
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(10.0).--With Interest at 10.0 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .976731 .965232 .957616
1....................... 2 .992089 .969004 .957596 .950041
2....................... 3 .984240 .961338 .950021
3....................... 4 .976454 .953733 .942505
4....................... 5 .968729 .946188
5....................... 6 .961066 .938703
6....................... 7 .953463 .931277
7....................... 8 .945920
8....................... 9 .938436
9....................... 10 .931012
10...................... 11 .923647
11...................... 12 .916340
12...................... ........................ .909091
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(10.2).--With Interest at 10.2 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .976298 .964588 .956833
1....................... 2 .991939 .968428 .956812 .949120
2....................... 3 .983943 .960622 .949099
3....................... 4 .976011 .952878 .941448
4....................... 5 .968143 .945196
5....................... 6 .960338 .937577
6....................... 7 .952597 .930019
7....................... 8 .944918
8....................... 9 .937301
9....................... 10 .929745
10...................... 11 .922250
11...................... 12 .914816
12...................... ........................ .907441
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(10.4).--With Interest at 10.4 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .975867 .963946 .956052
1....................... 2 .991789 .967854 .956031 .948202
2....................... 3 .983645 .959907 .948181
3....................... 4 .975568 .952025 .940395
4....................... 5 .967558 .944208
5....................... 6 .959613 .936455
6....................... 7 .951734 .928765
7....................... 8 .943919
8....................... 9 .936168
9....................... 10 .928481
10...................... 11 .920858
11...................... 12 .913296
12...................... ........................ .905797
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(10.6).--With Interest at 10.6 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .975436 .963305 .955274
1....................... 2 .991639 .967281 .955252 .947287
2....................... 3 .983349 .959194 .947265
3....................... 4 .975127 .951174 .939345
4....................... 5 .966974 .943222
5....................... 6 .958890 .935336
6....................... 7 .950873 .927516
7....................... 8 .942923
8....................... 9 .935039
9....................... 10 .927222
10...................... 11 .919470
11...................... 12 .911782
12...................... ........................ .904159
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(10.8).--With Interest at 10.8 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .975007 .962667 .954498
1....................... 2 .991490 .966710 .954475 .946375
2....................... 3 .983052 .958483 .946352
3....................... 4 .974687 .950327 .938299
4....................... 5 .966392 .942239
5....................... 6 .958168 .934221
6....................... 7 .950014 .926271
7....................... 8 .941930
8....................... 9 .933914
9....................... 10 .925966
10...................... 11 .918086
11...................... 12 .910273
12...................... ........................ .902527
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(11.0).--With Interest at 11.0 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .974579 .962030 .953724
1....................... 2 .991341 .966140 .953700 .945466
2....................... 3 .982757 .957774 .945442
3....................... 4 .974247 .949481 .937255
4....................... 5 .965811 .941260
5....................... 6 .957449 .933109
6....................... 7 .949158 .925029
7....................... 8 .940939
8....................... 9 .932792
9....................... 10 .924715
10...................... 11 .916708
11...................... 12 .908770
12...................... ........................ .900901
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(11.2).--With Interest at 11.2 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .974152 .961395 .952952
1....................... 2 .991192 .965572 .952927 .944559
2....................... 3 .982462 .957068 .944534
3....................... 4 .973809 .948638 .936215
4....................... 5 .965232 .940283
5....................... 6 .956731 .932001
6....................... 7 .948304 .923792
7....................... 8 .939952
8....................... 9 .931673
9....................... 10 .923467
10...................... 11 .915333
11...................... 12 .907272
12...................... ........................ .899281
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(11.4).--With Interest at 11.4 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .973726 .960762 .952183
1....................... 2 .991044 .965005 .952157 .943655
2....................... 3 .982168 .956363 .943630
3....................... 4 .973372 .947798 .935178
4....................... 5 .964654 .939309
5....................... 6 .956015 .930896
6....................... 7 .947452 .922559
7....................... 8 .938967
8....................... 9 .930557
9....................... 10 .922223
10...................... 11 .913964
11...................... 12 .905778
12...................... ........................ .897666
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(11.6).--With Interest at 11.6 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .973302 .960130 .951416
1....................... 2 .990896 .964440 .951389 .942754
2....................... 3 .981874 .955660 .942728
3....................... 4 .972935 .946959 .934145
4....................... 5 .964077 .938338
5....................... 6 .955300 .929795
6....................... 7 .946603 .921330
7....................... 8 .937985
8....................... 9 .929445
9....................... 10 .920984
10...................... 11 .912599
11...................... 12 .904290
12...................... ........................ .896057
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(11.8).--With Interest at 11.8 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Seminannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .972878 .959501 .950651
1....................... 2 .990748 .963877 .950624 .941855
2....................... 3 .981582 .954959 .941828
3....................... 4 .972500 .946124 .933114
4....................... 5 .963502 .937370
5....................... 6 .954588 .928698
6....................... 7 .945756 .920105
7....................... 8 .937006
8....................... 9 .928337
9....................... 10 .919748
10...................... 11 .911238
11...................... 12 .902807
12...................... ........................ .894454
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(12.0).--With Interest at 12.0 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Seminannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .972456 .958873 .949888
1....................... 2 .990600 .963315 .949860 .940960
2....................... 3 .981289 .954260 .940932
3....................... 4 .972065 .945290 .932087
4....................... 5 .962928 .936405
5....................... 6 .953877 .927603
6....................... 7 .944911 .918884
7....................... 8 .936029
8....................... 9 .927231
9....................... 10 .918515
10...................... 11 .909882
11...................... 12 .901329
12...................... ........................ .892857
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(12.2).--With Interest at 12.2 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .972034 .958247 .949128
1....................... 2 .990453 .962754 .949099 .940067
2....................... 3 .980997 .953563 .940038
3....................... 4 .971632 .944460 .931063
4....................... 5 .962356 .935443
5....................... 6 .953168 .926512
6....................... 7 .944069 .917667
7....................... 8 .935056
8....................... 9 .926129
9....................... 10 .917287
10...................... 11 .908530
11...................... 12 .899856
12...................... ........................ .891266
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(12.4).--With Interest at 12.4 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Montly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .971614 .957623 .948370
1....................... 2 .990306 .962195 .948340 .939176
2....................... 3 .980706 .952868 .939147
3....................... 4 .971199 .943631 .930043
4....................... 5 .961785 .934484
5....................... 6 .952461 .925425
6....................... 7 .943228 .916454
7....................... 8 .934085
8....................... 9 .925030
9....................... 10 .916063
10...................... 11 .907183
11...................... 12 .898389
12...................... ........................ .889680
--------------------------------------------------------------------------------------------------------------------------------------------------------
TABLE F(12.6).--With Interest at 12.4 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least but less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .971195 .957000 .947614
1....................... 2 .990159 .961638 .947583 .938289
2....................... 3 .980416 .952175 .938258
3....................... 4 .970768 .942805 .929025
4....................... 5 .961215 .933527
5....................... 6 .951756 .924341
6....................... 7 .942390 .915245
7....................... 8 .933117
8....................... 9 .923934
9....................... 10 .914842
10...................... 11 .905840
11...................... 12 .896926
12...................... ........................ .888099
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(12.8).--With Interest at 12.8 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least but less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .970777 .956379 .946860
1....................... 2 .990013 .961082 .946828 .937403
2....................... 3 .980126 .951484 .937372
3....................... 4 .970337 .941981 .928011
4....................... 5 .960647 .932574
5....................... 6 .951053 .923260
6....................... 7 .941554 .914040
7....................... 8 .932151
8....................... 9 .922842
9....................... 10 .913625
10...................... 11 .904501
11...................... 12 .895468
12...................... ........................ .886525
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(13.0).--With Interest at 13.0 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .970360 .955760 .946108
1....................... 2 .989867 .960528 .946075 .936521
2....................... 3 .979836 .950795 .936489
3....................... 4 .969908 .941160 .926999
4....................... 5 .960079 .931623
5....................... 6 .950351 .922183
6....................... 7 .940721 .912838
7....................... 8 .931188
8....................... 9 .921753
9....................... 10 .912412
10...................... 11 .903167
11...................... 12 .894015
12...................... ........................ .884956
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(13.2).--With Interest at 13.2 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .969945 .955143 .945359
1....................... 2 .989721 .959975 .945325 .935641
2....................... 3 .979548 .950107 .935608
3....................... 4 .969479 .940341 .925991
4....................... 5 .959514 .930675
5....................... 6 .949651 .921109
6....................... 7 .939889 .911641
7....................... 8 .930228
8....................... 9 .920667
9....................... 10 .911203
10...................... 11 .901837
11...................... 12 .892567
12...................... ........................ .883392
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(13.4).--With Interest at 13.4 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quaterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .969530 .954527 .944611
1....................... 2 .989575 .959423 .944577 .934764
2....................... 3 .979260 .949422 .934730
3....................... 4 .969051 .939524 .924986
4....................... 5 .958949 .929730
5....................... 6 .948953 .920038
6....................... 7 .939060 .910447
7....................... 8 .929271
8....................... 9 .919584
9....................... 10 .909998
10...................... 11 .900511
11...................... 12 .891124
12...................... ........................ .881834
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(13.6).--With Interest at 13.6 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quaterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .969117 .953913 .943866
1....................... 2 .989430 .958873 .943831 .933890
2....................... 3 .978972 .948738 .933854
3....................... 4 .968624 .938710 .923984
4....................... 5 .958386 .928788
5....................... 6 .948256 .918971
6....................... 7 .938233 .909257
7....................... 8 .928316
8....................... 9 .918504
9....................... 10 .908796
10...................... 11 .899190
11...................... 12 .889686
12...................... ........................ .880282
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(13.8).--With Interest at 13.8 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1Number of months by which the valuation date for 2Factors for payout at the end of each period
the first full taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .968704 .953301 .943123
1....................... 2 .989285 .958325 .943087 .933018
2....................... 3 .978685 .948056 .932982
3....................... 4 .968199 .937898 .922985
4....................... 5 .957824 .927849
5....................... 6 .947561 .917907
6....................... 7 .937408 .908072
7....................... 8 .927364
8....................... 9 .917428
9....................... 10 .907598
10...................... 11 .897873
11...................... 12 .888252
12...................... ........................ .878735
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table F(14.0).--With Interest at 14.0 Percent, Showing Factors for Computation of the Adjusted Payout Rate for Certain Valuations
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
1Number of months by which the valuation date for 2Factors for payout at the end of each period
the first rull taxable year of the trust precedes -----------------------------------------------------------------------------------------------------
the first payout
--------------------------------------------------- Annual period Semiannual period Quarterly period Monthly period
At least But less than
--------------------------------------------------------------------------------------------------------------------------------------------------------
1 1.000000 .968293 .952691 .942382
1....................... 2 .989140 .957778 .942345 .932148
2....................... 3 .978399 .947377 .932111
3....................... 4 .967774 .937088 .921989
4....................... 5 .957264 .926912
5....................... 6 .946868 .916846
6....................... 7 .936586 .906889
7....................... 8 .926415
8....................... 9 .916354
9....................... 10 .906403
10...................... 11 .896560
11...................... 12 .886824
12...................... ........................ .877193
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table U(1).--Based on Life Table 80CNSMT Unitrust Single Life Remainder Factors
[Applicable After April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Adjusted payout rate
Age -------------------------------------------------------------------------------------------------------------
4.2% 4.4% 4.6% 4.8% 5.0% 5.2% 5.4% 5.6% 5.8% 6.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
0......................................... .06797 .06181 .05645 .05177 .04768 .04410 .04096 .03820 .03578 .03364
1......................................... .05881 .05243 .04686 .04199 .03773 .03400 .03072 .02784 .02531 .02308
2......................................... .06049 .05394 .04821 .04319 .03880 .03494 .03155 .02856 .02593 .02361
3......................................... .06252 .05579 .04990 .04473 .04020 .03621 .03270 .02961 .02688 .02446
4......................................... .06479 .05788 .05182 .04650 .04183 .03771 .03408 .03087 .02804 .02553
5......................................... .06724 .06016 .05393 .04845 .04363 .03937 .03562 .03230 .02936 .02675
6......................................... .06984 .06257 .05618 .05054 .04557 .04117 .03729 .03385 .03080 .02809
7......................................... .07259 .06513 .05856 .05276 .04764 .04310 .03909 .03552 .03236 .02954
8......................................... .07548 .06784 .06109 .05513 .04985 .04517 .04102 .03733 .03405 .03113
9......................................... .07854 .07071 .06378 .05765 .05221 .04738 .04310 .03928 .03588 .03285
10........................................ .08176 .07374 .06663 .06033 .05473 .04976 .04533 .04138 .03786 .03471
11........................................ .08517 .07695 .06966 .06319 .05743 .05230 .04772 .04364 .04000 .03673
12........................................ .08872 .08031 .07284 .06619 .06026 .05498 .05026 .04604 .04227 .03889
13........................................ .09238 .08378 .07612 .06929 .06320 .05776 .05289 .04853 .04463 .04113
14........................................ .09608 .08728 .07943 .07243 .06616 .06056 .05554 .05104 .04701 .04338
15........................................ .09981 .09081 .08276 .07557 .06914 .06337 .05820 .05356 .04938 .04563
16........................................ .10356 .09435 .08612 .07874 .07213 .06619 .06086 .05607 .05176 .04787
17........................................ .10733 .09792 .08949 .08192 .07513 .06902 .06353 .05858 .05413 .05010
18........................................ .11117 .10155 .09291 .08515 .07817 .07189 .06623 .06113 .05652 .05236
19........................................ .11509 .10526 .09642 .08847 .08130 .07484 .06901 .06375 .05899 .05469
20........................................ .11913 .10908 .10003 .09188 .08452 .07788 .07188 .06645 .06154 .05708
21........................................ .12326 .11300 .10375 .09539 .08784 .08101 .07483 .06923 .06416 .05955
22........................................ .12753 .11705 .10758 .09902 .09127 .08426 .07789 .07212 .06688 .06212
23........................................ .13195 .12125 .11156 .10279 .09484 .08763 .08109 .07514 .06973 .06481
24........................................ .13655 .12563 .11573 .10675 .09860 .09119 .08446 .07833 .07274 .06766
25........................................ .14136 .13022 .12010 .11091 .10255 .09495 .08802 .08171 .07595 .07069
26........................................ .14640 .13504 .12471 .11530 .10674 .09893 .09181 .08531 .07937 .07394
27........................................ .15169 .14011 .12956 .11994 .11117 .10316 .09584 .08915 .08302 .07742
28........................................ .15721 .14542 .13465 .12482 .11583 .10762 .10010 .09322 .08691 .08112
29........................................ .16299 .15097 .13999 .12994 .12075 .11233 .10461 .09753 .09104 .08507
30........................................ .16901 .15678 .14559 .13533 .12592 .11729 .10937 .10210 .09541 .08926
31........................................ .17531 .16287 .15146 .14099 .13137 .12254 .11441 .10694 .10006 .09372
32........................................ .18186 .16921 .15759 .14691 .13709 .12804 .11972 .11205 .10497 .09844
33........................................ .18869 .17584 .16401 .15312 .14309 .13384 .12531 .11744 .11017 .10345
34........................................ .19578 .18273 .17070 .15961 .14937 .13992 .13119 .12312 .11565 .10874
35........................................ .20315 .18990 .17767 .16637 .15593 .14628 .13735 .12908 .12142 .11431
36........................................ .21076 .19732 .18490 .17340 .16276 .15291 .14377 .13531 .12745 .12016
37........................................ .21863 .20501 .19239 .18071 .16987 .15982 .15049 .14182 .13377 .12628
38........................................ .22676 .21296 .20016 .18828 .17725 .16701 .15748 .14862 .14037 .13269
39........................................ .23515 .22118 .20820 .19614 .18492 .17448 .16476 .15571 .14727 .13940
40........................................ .24379 .22967 .21652 .20428 .19288 .18225 .17234 .16310 .15447 .14641
41........................................ .25270 .23842 .22511 .21270 .20112 .19031 .18021 .17078 .16197 .15372
42........................................ .26184 .24742 .23395 .22137 .20962 .19864 .18836 .17875 .16975 .16132
43........................................ .27123 .25666 .24305 .23031 .21840 .20724 .19679 .18700 .17782 .16921
44........................................ .28085 .26616 .25241 .23952 .22745 .21613 .20551 .19554 .18618 .17739
45........................................ .29072 .27591 .26203 .24901 .23678 .22530 .21452 .20438 .19485 .18589
46........................................ .30082 .28591 .27191 .25875 .24639 .23476 .22381 .21352 .20382 .19468
47........................................ .31116 .29616 .28204 .26877 .25626 .24449 .23340 .22295 .21309 .20379
48........................................ .32171 .30663 .29241 .27902 .26640 .25449 .24326 .23265 .22264 .21318
49........................................ .33245 .31730 .30300 .28950 .27676 .26473 .25336 .24262 .23246 .22285
50........................................ .34338 .32816 .31379 .30020 .28735 .27521 .26371 .25283 .24253 .23277
51........................................ .35449 .33923 .32479 .31112 .29818 .28593 .27431 .26331 .25287 .24297
52........................................ .36582 .35053 .33603 .32230 .30927 .29692 .28520 .27408 .26352 .25349
53........................................ .37736 .36205 .34751 .33372 .32063 .30819 .29637 .28514 .27446 .26431
54........................................ .38909 .37376 .35921 .34537 .33221 .31970 .30780 .29647 .28569 .27542
55........................................ .40099 .38568 .37111 .35724 .34404 .33146 .31949 .30807 .29719 .28681
56........................................ .41308 .39779 .38322 .36934 .35610 .34348 .33143 .31994 .30898 .29851
57........................................ .42536 .41011 .39555 .38167 .36841 .35575 .34366 .33210 .32106 .31051
58........................................ .43781 .42262 .40810 .39422 .38096 .36828 .35615 .34454 .33344 .32281
59........................................ .45043 .43530 .42083 .40698 .39373 .38104 .36888 .35724 .34609 .33540
60........................................ .46318 .44813 .43372 .41992 .40668 .39400 .38183 .37017 .35898 .34824
61........................................ .47602 .46107 .44674 .43299 .41979 .40713 .39497 .38329 .37207 .36129
62........................................ .48893 .47410 .45986 .44617 .43303 .42039 .40825 .39657 .38534 .37454
63........................................ .50190 .48720 .47306 .45946 .44638 .43379 .42168 .41001 .39878 .38796
64........................................ .51494 .50038 .48636 .47286 .45986 .44733 .43526 .42362 .41240 .40158
65........................................ .52808 .51368 .49980 .48641 .47350 .46104 .44903 .43743 .42624 .41544
66........................................ .54134 .52711 .51338 .50013 .48733 .47496 .46302 .45148 .44033 .42956
67........................................ .55471 .54068 .52712 .51401 .50134 .48908 .47723 .46577 .45467 .44394
68........................................ .56820 .55437 .54100 .52805 .51552 .50339 .49165 .48027 .46925 .45858
69........................................ .58172 .56812 .55495 .54219 .52982 .51783 .50620 .49494 .48401 .47341
70........................................ .59526 .58190 .56894 .55637 .54417 .53234 .52086 .50971 .49889 .48838
71........................................ .60874 .59564 .58291 .57055 .55854 .54687 .53554 .52453 .51382 .50342
72........................................ .62218 .60934 .59685 .58471 .57291 .56143 .55026 .53939 .52882 .51854
73........................................ .63557 .62301 .61078 .59887 .58728 .57600 .56501 .55431 .54389 .53373
74........................................ .64896 .63669 .62472 .61307 .60171 .59064 .57985 .56932 .55906 .54906
75........................................ .66237 .65040 .63872 .62733 .61622 .60538 .59480 .58447 .57439 .56455
76........................................ .67581 .66416 .65279 .64168 .63083 .62023 .60988 .59977 .58989 .58023
77........................................ .68925 .67793 .66688 .65606 .64550 .63516 .62506 .61517 .60551 .59605
78........................................ .70263 .69166 .68093 .67044 .66016 .65010 .64026 .63062 .62119 .61195
79........................................ .71585 .70525 .69486 .68468 .67471 .66495 .65538 .64600 .63681 .62780
80........................................ .72885 .71860 .70856 .69872 .68906 .67959 .67031 .66120 .65227 .64350
81........................................ .74150 .73162 .72193 .71242 .70308 .69392 .68492 .67609 .66742 .65890
82........................................ .75376 .74425 .73490 .72572 .71671 .70785 .69915 .69059 .68219 .67393
83........................................ .76559 .75643 .74744 .73859 .72989 .72134 .71293 .70466 .69652 .68852
84........................................ .77700 .76821 .75955 .75104 .74266 .73441 .72629 .71831 .71044 .70270
85........................................ .78805 .77961 .77130 .76311 .75505 .74711 .73929 .73158 .72399 .71652
86........................................ .79866 .79056 .78258 .77472 .76697 .75933 .75180 .74438 .73707 .72985
87........................................ .80870 .80094 .79329 .78574 .77829 .77095 .76370 .75656 .74951 .74255
88........................................ .81825 .81081 .80348 .79623 .78908 .78202 .77506 .76818 .76139 .75469
89........................................ .82746 .82035 .81332 .80638 .79952 .79275 .78606 .77945 .77292 .76647
90........................................ .83643 .82963 .82291 .81627 .80971 .80322 .79681 .79047 .78420 .77801
91........................................ .84503 .83854 .83212 .82578 .81950 .81330 .80716 .80109 .79509 .78915
92........................................ .85308 .84689 .84076 .83470 .82870 .82276 .81689 .81107 .80532 .79963
93........................................ .86052 .85460 .84875 .84295 .83721 .83152 .82590 .82033 .81481 .80935
94........................................ .86729 .86163 .85602 .85046 .84496 .83951 .83412 .82877 .82348 .81823
95........................................ .87338 .86795 .86257 .85723 .85195 .84672 .84153 .83639 .83129 .82624
96........................................ .87877 .87354 .86836 .86323 .85814 .85309 .84809 .84313 .83822 .83334
97........................................ .88365 .87861 .87362 .86867 .86375 .85888 .85405 .84926 .84450 .83979
98........................................ .88805 .88318 .87835 .87356 .86880 .86409 .85941 .85477 .85016 .84559
99........................................ .89210 .88739 .88271 .87807 .87347 .86890 .86436 .85986 .85539 .85095
100....................................... .89588 .89131 .88678 .88227 .87780 .87337 .86896 .86459 .86024 .85593
101....................................... .89949 .89506 .89066 .88629 .88195 .87764 .87336 .86911 .86488 .86069
102....................................... .90325 .89897 .89471 .89047 .88627 .88209 .87794 .87381 .86971 .86564
103....................................... .90724 .90311 .89900 .89491 .89085 .88681 .88279 .87880 .87484 .87089
104....................................... .91167 .90770 .90376 .89983 .89593 .89205 .88819 .88435 .88053 .87673
105....................................... .91708 .91333 .90959 .90587 .90217 .89848 .89481 .89116 .88752 .88391
106....................................... .92470 .92126 .91782 .91440 .91100 .90760 .90422 .90085 .89749 .89414
107....................................... .93545 .93246 .92948 .92650 .92353 .92057 .91762 .91467 .91173 .90880
108....................................... .95239 .95016 .94792 .94569 .94346 .94123 .93900 .93678 .93456 .93234
109....................................... .97900 .97800 .97700 .97600 .97500 .97400 .97300 .97200 .97100 .97000
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table U(1).--Based on Life Table 80CNSMT Unitrust Single Life Remainder Factors
[Applicable After April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Adjusted payout rate
Age -------------------------------------------------------------------------------------------------------------
6.2% 6.4% 6.6% 6.8% 7.0% 7.2% 7.4% 7.6% 7.8% 8.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
0......................................... .03176 .03009 .02861 .02730 .02613 .02509 .02416 .02333 .02258 .02191
1......................................... .02110 .01936 .01781 .01644 .01522 .01413 .01316 .01229 .01150 .01080
2......................................... .02156 .01974 .01812 .01669 .01541 .01427 .01325 .01234 .01152 .01078
3......................................... .02233 .02043 .01875 .01725 .01591 .01471 .01364 .01268 .01182 .01105
4......................................... .02330 .02132 .01956 .01800 .01660 .01535 .01422 .01322 .01231 .01149
5......................................... .02443 .02237 .02054 .01890 .01743 .01612 .01494 .01389 .01293 .01208
6......................................... .02568 .02353 .02162 .01990 .01837 .01700 .01576 .01465 .01365 .01275
7......................................... .02704 .02480 .02280 .02102 .01941 .01798 .01668 .01552 .01446 .01351
8......................................... .02852 .02619 .02411 .02224 .02057 .01906 .01770 .01648 .01537 .01437
9......................................... .03014 .02772 .02554 .02360 .02184 .02027 .01885 .01756 .01640 .01535
10........................................ .03190 .02938 .02711 .02508 .02325 .02160 .02012 .01877 .01755 .01645
11........................................ .03381 .03119 .02883 .02672 .02481 .02308 .02153 .02012 .01884 .01768
12........................................ .03585 .03313 .03068 .02847 .02648 .02468 .02305 .02157 .02023 .01902
13........................................ .03798 .03515 .03260 .03030 .02822 .02635 .02464 .02310 .02170 .02042
14........................................ .04012 .03718 .03453 .03213 .02997 .02801 .02623 .02462 .02315 .02181
15........................................ .04225 .03919 .03644 .03395 .03169 .02965 .02779 .02611 .02457 .02317
16........................................ .04436 .04120 .03833 .03574 .03339 .03126 .02932 .02756 .02595 .02449
17........................................ .04647 .04319 .04021 .03752 .03507 .03285 .03082 .02898 .02730 .02577
18........................................ .04860 .04519 .04210 .03930 .03675 .03443 .03232 .03040 .02864 .02703
19........................................ .05079 .04725 .04404 .04113 .03847 .03606 .03386 .03185 .03001 .02833
20........................................ .05304 .04938 .04604 .04301 .04025 .03773 .03543 .03333 .03141 .02965
21........................................ .05537 .05157 .04811 .04495 .04208 .03945 .03705 .03486 .03285 .03101
22........................................ .05779 .05385 .05025 .04698 .04398 .04125 .03874 .03645 .03435 .03242
23........................................ .06032 .05623 .05250 .04910 .04598 .04313 .04052 .03812 .03592 .03390
24........................................ .06302 .05878 .05491 .05136 .04812 .04515 .04242 .03992 .03762 .03550
25........................................ .06589 .06150 .05748 .05380 .05042 .04733 .04448 .04187 .03946 .03725
26........................................ .06897 .06442 .06025 .05643 .05292 .04969 .04673 .04400 .04148 .03916
27........................................ .07228 .06757 .06325 .05928 .05563 .05227 .04917 .04632 .04369 .04126
28........................................ .07582 .07094 .06646 .06234 .05854 .05504 .05182 .04884 .04609 .04355
29........................................ .07958 .07454 .06990 .06562 .06167 .05804 .05468 .05157 .04870 .04604
30........................................ .08360 .07838 .07357 .06913 .06504 .06125 .05775 .05452 .05152 .04874
31........................................ .08788 .08249 .07751 .07291 .06866 .06472 .06108 .05771 .05457 .05167
32........................................ .09242 .08685 .08170 .07694 .07252 .06844 .06465 .06113 .05786 .05483
33........................................ .09724 .09149 .08617 .08124 .07666 .07242 .06848 .06482 .06141 .05824
34........................................ .10234 .09641 .09091 .08581 .08107 .07667 .07257 .06876 .06521 .06191
35........................................ .10773 .10161 .09594 .09066 .08575 .08119 .07694 .07298 .06928 .06583
36........................................ .11338 .10708 .10122 .09577 .09070 .08597 .08156 .07744 .07360 .07001
37........................................ .11932 .11283 .10680 .10117 .09592 .09102 .08645 .08217 .07818 .07444
38........................................ .12554 .11887 .11265 .10685 .10142 .09636 .09162 .08719 .08304 .07915
39........................................ .13206 .12521 .11880 .11282 .10722 .10198 .09708 .09249 .08818 .08414
40........................................ .13888 .13184 .12526 .11909 .11332 .10791 .10284 .09808 .09361 .08942
41........................................ .14601 .13878 .13201 .12567 .11972 .11414 .10890 .10398 .09935 .09499
42........................................ .15342 .14601 .13906 .13254 .12641 .12066 .11525 .11016 .10537 .10086
43........................................ .16112 .15353 .14640 .13970 .13340 .12747 .12189 .11663 .11168 .10701
44........................................ .16913 .16136 .15406 .14718 .14070 .13460 .12885 .12342 .11830 .11347
45........................................ .17745 .16951 .16202 .15497 .14832 .14204 .13612 .13053 .12525 .12025
46........................................ .18608 .17796 .17030 .16308 .15625 .14981 .14372 .13796 .13251 .12735
47........................................ .19501 .18673 .17890 .17150 .16451 .15790 .15164 .14571 .14010 .13478
48........................................ .20425 .19579 .18780 .18024 .17308 .16630 .15987 .15378 .14800 .14252
49........................................ .21375 .20514 .19698 .18926 .18193 .17499 .16840 .16214 .15620 .15056
50........................................ .22352 .21476 .20644 .19856 .19107 .18396 .17721 .17080 .16470 .15890
51........................................ .23358 .22467 .21620 .20816 .20051 .19325 .18634 .17976 .17350 .16755
52........................................ .24396 .23490 .22628 .21809 .21030 .20288 .19581 .18908 .18267 .17655
53........................................ .25465 .24545 .23670 .22836 .22042 .21285 .20563 .19875 .19218 .18592
54........................................ .26563 .25631 .24742 .23895 .23086 .22315 .21579 .20876 .20204 .19562
55........................................ .27692 .26747 .25846 .24986 .24164 .23379 .22628 .21911 .21225 .20568
56........................................ .28850 .27895 .26982 .26109 .25275 .24476 .23712 .22981 .22281 .21611
57........................................ .30041 .29076 .28152 .27267 .26421 .25610 .24833 .24089 .23376 .22691
58........................................ .31263 .30288 .29355 .28460 .27602 .26780 .25991 .25234 .24508 .23811
59........................................ .32515 .31532 .30590 .29685 .28817 .27984 .27184 .26416 .25677 .24968
60........................................ .33793 .32803 .31853 .30940 .30062 .29219 .28409 .27630 .26880 .26159
61........................................ .35093 .34098 .33141 .32220 .31335 .30483 .29663 .28873 .28113 .27381
62........................................ .36414 .35414 .34451 .33524 .32631 .31771 .30942 .30144 .29374 .28631
63........................................ .37754 .36750 .35783 .34850 .33951 .33084 .32247 .31440 .30661 .29910
64........................................ .39115 .38108 .37137 .36200 .35296 .34422 .33579 .32765 .31978 .31217
65........................................ .40500 .39493 .38519 .37579 .36670 .35792 .34943 .34122 .33328 .32560
66........................................ .41914 .40906 .39932 .38990 .38079 .37197 .36343 .35517 .34717 .33943
67........................................ .43355 .42350 .41376 .40434 .39521 .38636 .37780 .36950 .36145 .35365
68........................................ .44824 .43822 .42851 .41909 .40996 .40111 .39252 .38419 .37611 .36827
69........................................ .46313 .45316 .44348 .43409 .42498 .41613 .40754 .39919 .39109 .38322
70........................................ .47818 .46827 .45864 .44929 .44020 .43137 .42279 .41445 .40634 .39845
71........................................ .49331 .48348 .47391 .46461 .45557 .44677 .43821 .42988 .42177 .41388
72........................................ .50853 .49879 .48930 .48007 .47108 .46233 .45380 .44550 .43741 .42952
73........................................ .52384 .51421 .50482 .49566 .48674 .47805 .46957 .46130 .45324 .44538
74........................................ .53930 .52979 .52050 .51145 .50261 .49399 .48557 .47736 .46934 .46152
75........................................ .55495 .54557 .53641 .52747 .51873 .51020 .50187 .49372 .48577 .47799
76........................................ .57079 .56157 .55256 .54374 .53513 .52670 .51847 .51041 .50253 .49483
77........................................ .58680 .57775 .56890 .56024 .55176 .54346 .53534 .52739 .51960 .51198
78........................................ .60291 .59405 .58537 .57687 .56855 .56040 .55241 .54458 .53691 .52940
79........................................ .61898 .61032 .60184 .59353 .58537 .57738 .56954 .56185 .55431 .54691
80........................................ .63491 .62647 .61819 .61007 .60210 .59428 .58660 .57907 .57167 .56441
81........................................ .65054 .64234 .63427 .62636 .61858 .61094 .60344 .59606 .58882 .58170
82........................................ .66582 .65784 .65000 .64229 .63472 .62727 .61994 .61274 .60566 .59870
83........................................ .68065 .67291 .66530 .65781 .65044 .64319 .63605 .62903 .62212 .61532
84........................................ .69508 .68758 .68020 .67293 .66577 .65872 .65178 .64495 .63821 .63158
85........................................ .70915 .70190 .69475 .68770 .68076 .67392 .66718 .66054 .65399 .64754
86........................................ .72274 .71573 .70882 .70200 .69528 .68865 .68212 .67567 .66931 .66304
87........................................ .73569 .72892 .72224 .71565 .70915 .70273 .69639 .69014 .68397 .67788
88........................................ .74807 .74154 .73509 .72872 .72243 .71622 .71009 .70403 .69805 .69214
89........................................ .76010 .75381 .74759 .74144 .73537 .72937 .72344 .71758 .71179 .70607
90........................................ .77189 .76584 .75985 .75394 .74809 .74230 .73659 .73093 .72534 .71981
91........................................ .78327 .77746 .77171 .76603 .76040 .75484 .74933 .74388 .73850 .73316
92........................................ .79399 .78841 .78289 .77743 .77202 .76667 .76137 .75613 .75093 .74579
93........................................ .80394 .79858 .79328 .78803 .78283 .77768 .77258 .76753 .76252 .75757
94........................................ .81303 .80788 .80278 .79773 .79272 .78776 .78284 .77797 .77315 .76837
95........................................ .82124 .81628 .81136 .80649 .80166 .79687 .79213 .78742 .78276 .77814
96........................................ .82851 .82372 .81897 .81426 .80959 .80496 .80036 .79581 .79129 .78682
97........................................ .83512 .83048 .82588 .82132 .81679 .81230 .80785 .80343 .79905 .79471
98........................................ .84106 .83656 .83210 .82767 .82328 .81892 .81459 .81030 .80604 .80181
99........................................ .84655 .84218 .83785 .83354 .82927 .82503 .82082 .81664 .81249 .80837
100....................................... .85165 .84740 .84318 .83899 .83483 .83070 .82660 .82252 .81848 .81446
101....................................... .85652 .85238 .84827 .84419 .84013 .83611 .83210 .82813 .82418 .82026
102....................................... .86159 .85757 .85358 .84960 .84566 .84174 .83784 .83397 .83012 .82630
103....................................... .86697 .86307 .85920 .85535 .85152 .84771 .84392 .84016 .83642 .83270
104....................................... .87295 .86919 .86544 .86172 .85802 .85434 .85068 .84704 .84341 .83981
105....................................... .88030 .87672 .87315 .86959 .86605 .86253 .85903 .85554 .85207 .84861
106....................................... .89081 .88749 .88418 .88088 .87760 .87433 .87106 .86782 .86458 .86135
107....................................... .90588 .90296 .90005 .89715 .89425 .89137 .88849 .88561 .88275 .87989
108....................................... .93013 .92791 .92570 .92350 .92129 .91909 .91689 .91469 .91250 .91031
109....................................... .96900 .96800 .96700 .96600 .96500 .96400 .96300 .96200 .96100 .96000
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table U(1).--Based on Life Table 80CNSMT Unitrust Single Life Remainder Factors
[Applicable after APRIL 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Adjusted payout rate
Age -------------------------------------------------------------------------------------------------------------
8.2% 8.4% 8.6% 8.8% 9.0% 9.2% 9.4% 9.6% 9.8% 10.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
0......................................... .02130 .02075 .02025 .01980 .01939 .01901 .01867 .01835 .01806 .01779
1......................................... .01017 .00960 .00908 .00861 .00819 .00780 .00745 .00712 .00683 .00655
2......................................... .01011 .00951 .00897 .00848 .00803 .00762 .00725 .00690 .00659 .00630
3......................................... .01035 .00971 .00914 .00862 .00815 .00771 .00732 .00696 .00663 .00632
4......................................... .01076 .01009 .00948 .00894 .00843 .00798 .00756 .00718 .00683 .00650
5......................................... .01130 .01059 .00996 .00938 .00885 .00836 .00792 .00752 .00714 .00680
6......................................... .01193 .01119 .01051 .00990 .00934 .00883 .00836 .00793 .00754 .00717
7......................................... .01265 .01187 .01116 .01051 .00992 .00938 .00888 .00842 .00800 .00762
8......................................... .01347 .01264 .01189 .01121 .01058 .01001 .00948 .00900 .00856 .00815
9......................................... .01440 .01353 .01274 .01201 .01135 .01075 .01019 .00968 .00921 .00877
10........................................ .01544 .01453 .01369 .01293 .01223 .01159 .01101 .01046 .00997 .00950
11........................................ .01662 .01566 .01478 .01398 .01324 .01257 .01195 .01137 .01085 .01036
12........................................ .01791 .01690 .01597 .01513 .01435 .01364 .01298 .01238 .01182 .01131
13........................................ .01926 .01820 .01722 .01634 .01552 .01477 .01408 .01344 .01285 .01231
14........................................ .02059 .01948 .01846 .01752 .01667 .01588 .01515 .01448 .01386 .01328
15........................................ .02189 .02072 .01965 .01867 .01777 .01694 .01617 .01547 .01481 .01421
16........................................ .02315 .02192 .02080 .01977 .01882 .01795 .01714 .01640 .01572 .01508
17........................................ .02436 .02308 .02190 .02082 .01982 .01891 .01806 .01728 .01656 .01589
18........................................ .02556 .02422 .02298 .02184 .02080 .01983 .01894 .01812 .01736 .01665
19........................................ .02679 .02537 .02408 .02288 .02178 .02077 .01983 .01897 .01817 .01742
20........................................ .02804 .02656 .02519 .02394 .02278 .02172 .02073 .01982 .01898 .01819
21........................................ .02932 .02776 .02633 .02501 .02380 .02268 .02164 .02068 .01979 .01896
22........................................ .03065 .02902 .02751 .02613 .02485 .02367 .02258 .02157 .02063 .01976
23........................................ .03204 .03033 .02876 .02730 .02595 .02471 .02356 .02249 .02150 .02058
24........................................ .03356 .03176 .03010 .02857 .02716 .02585 .02463 .02351 .02246 .02149
25........................................ .03520 .03332 .03158 .02997 .02848 .02710 .02582 .02463 .02352 .02249
26........................................ .03702 .03504 .03321 .03152 .02995 .02850 .02714 .02589 .02472 .02363
27........................................ .03902 .03695 .03502 .03324 .03159 .03006 .02863 .02730 .02607 .02492
28........................................ .04120 .03902 .03700 .03513 .03339 .03178 .03027 .02887 .02757 .02635
29........................................ .04358 .04129 .03917 .03720 .03537 .03367 .03208 .03061 .02923 .02794
30........................................ .04616 .04376 .04154 .03947 .03754 .03575 .03408 .03251 .03106 .02969
31........................................ .04897 .04646 .04413 .04195 .03993 .03804 .03627 .03463 .03309 .03165
32........................................ .05200 .04938 .04693 .04465 .04252 .04053 .03867 .03693 .03531 .03378
33........................................ .05529 .05254 .04998 .04758 .04534 .04325 .04130 .03946 .03775 .03614
34........................................ .05883 .05595 .05326 .05075 .04840 .04620 .04414 .04221 .04040 .03870
35........................................ .06262 .05961 .05680 .05417 .05170 .04939 .04723 .04520 .04329 .04149
36........................................ .06665 .06351 .06057 .05781 .05523 .05280 .05053 .04839 .04638 .04449
37........................................ .07094 .06766 .06459 .06171 .05900 .05646 .05407 .05182 .04971 .04771
38........................................ .07550 .07208 .06888 .06586 .06303 .06037 .05786 .05550 .05327 .05118
39........................................ .08034 .07678 .07344 .07029 .06733 .06454 .06191 .05943 .05709 .05489
40........................................ .08547 .08177 .07828 .07499 .07190 .06898 .06623 .06363 .06118 .05886
41........................................ .09090 .08704 .08341 .07998 .07675 .07371 .07083 .06811 .06553 .06310
42........................................ .09661 .09260 .08882 .08525 .08188 .07870 .07569 .07284 .07015 .06760
43........................................ .10260 .09844 .09451 .09080 .08729 .08397 .08083 .07785 .07503 .07236
44........................................ .10891 .10459 .10051 .09666 .09300 .08954 .08626 .08316 .08021 .07741
45........................................ .11553 .11106 .10683 .10282 .09902 .09542 .09201 .08876 .08568 .08276
46........................................ .12247 .11784 .11346 .10930 .10536 .10161 .09806 .09468 .09146 .08841
47........................................ .12974 .12496 .12042 .11611 .11202 .10813 .10443 .10091 .09756 .09438
48........................................ .13732 .13238 .12769 .12323 .11899 .11495 .11111 .10745 .10397 .10065
49........................................ .14520 .14011 .13526 .13064 .12625 .12207 .11809 .11429 .11066 .10721
50........................................ .15338 .14812 .14312 .13836 .13381 .12948 .12535 .12141 .11765 .11405
51........................................ .16187 .15646 .15130 .14639 .14169 .13721 .13294 .12885 .12495 .12121
52........................................ .17072 .16516 .15985 .15478 .14993 .14531 .14088 .13665 .13261 .12873
53........................................ .17993 .17422 .16876 .16353 .15854 .15377 .14920 .14482 .14064 .13662
54........................................ .18949 .18362 .17801 .17264 .16750 .16258 .15787 .15335 .14902 .14486
55........................................ .19940 .19339 .18763 .18212 .17683 .17176 .16690 .16224 .15777 .15348
56........................................ .20968 .20353 .19762 .19196 .18654 .18132 .17632 .17152 .16691 .16247
57........................................ .22035 .21406 .20802 .20222 .19665 .19129 .18615 .18121 .17646 .17189
58........................................ .23142 .22499 .21881 .21287 .20717 .20168 .19640 .19132 .18643 .18172
59........................................ .24286 .23630 .23000 .22393 .21809 .21247 .20705 .20184 .19682 .19198
60........................................ .25465 .24797 .24154 .23534 .22938 .22363 .21808 .21274 .20759 .20262
61........................................ .26676 .25996 .25341 .24710 .24101 .23513 .22946 .22399 .21871 .21361
62........................................ .27916 .27225 .26559 .25916 .25295 .24695 .24117 .23557 .23017 .22495
63........................................ .29184 .28483 .27806 .27152 .26520 .25909 .25319 .24748 .24196 .23661
64........................................ .30483 .29772 .29085 .28421 .27779 .27157 .26555 .25973 .25409 .24863
65........................................ .31817 .31098 .30402 .29729 .29076 .28444 .27832 .27240 .26665 .26108
66........................................ .33192 .32466 .31762 .31079 .30418 .29777 .29155 .28552 .27968 .27400
67........................................ .34609 .33876 .33164 .32474 .31805 .31156 .30525 .29913 .29319 .28742
68........................................ .36066 .35328 .34610 .33914 .33238 .32581 .31943 .31323 .30720 .30134
69........................................ .37558 .36815 .36093 .35391 .34709 .34045 .33400 .32773 .32163 .31569
70........................................ .39078 .38332 .37606 .36900 .36213 .35545 .34894 .34260 .33643 .33042
71........................................ .40620 .39872 .39144 .38435 .37744 .37071 .36415 .35776 .35153 .34547
72........................................ .42184 .41435 .40706 .39994 .39301 .38625 .37965 .37322 .36694 .36082
73........................................ .43771 .43023 .42293 .41581 .40886 .40207 .39545 .38899 .38267 .37651
74........................................ .45387 .44641 .43912 .43201 .42505 .41826 .41163 .40514 .39881 .39261
75........................................ .47039 .46296 .45570 .44861 .44167 .43488 .42824 .42175 .41541 .40920
76........................................ .48729 .47991 .47269 .46563 .45872 .45196 .44534 .43886 .43251 .42630
77........................................ .50452 .49722 .49006 .48305 .47619 .46946 .46287 .45642 .45009 .44389
78........................................ .52203 .51481 .50773 .50079 .49399 .48732 .48078 .47437 .46808 .46191
79........................................ .53966 .53254 .52556 .51870 .51198 .50538 .49891 .49255 .48632 .48019
80........................................ .55728 .55028 .54340 .53665 .53002 .52351 .51712 .51083 .50466 .49860
81........................................ .57471 .56784 .56109 .55445 .54792 .54151 .53521 .52901 .52292 .51692
82........................................ .59186 .58512 .57850 .57199 .56558 .55927 .55307 .54697 .54097 .53506
83........................................ .60863 .60204 .59556 .58918 .58289 .57671 .57062 .56462 .55872 .55290
84........................................ .62505 .61862 .61228 .60604 .59989 .59383 .58786 .58198 .57618 .57047
85........................................ .64118 .63491 .62873 .62263 .61663 .61070 .60486 .59911 .59343 .58783
86........................................ .65685 .65075 .64473 .63879 .63294 .62716 .62145 .61583 .61027 .60479
87........................................ .67187 .66594 .66008 .65430 .64859 .64296 .63739 .63190 .62647 .62112
88........................................ .68631 .68054 .67485 .66923 .66367 .65818 .65276 .64740 .64211 .63688
89........................................ .70042 .69483 .68930 .68384 .67845 .67311 .66784 .66262 .65747 .65237
90........................................ .71434 .70894 .70359 .69830 .69307 .68790 .68278 .67772 .67271 .66775
91........................................ .72789 .72266 .71750 .71239 .70733 .70232 .69736 .69246 .68760 .68280
92........................................ .74070 .73567 .73068 .72574 .72085 .71601 .71121 .70647 .70176 .69711
93........................................ .75266 .74780 .74298 .73821 .73348 .72880 .72417 .71957 .71502 .71051
94........................................ .76363 .75893 .75428 .74967 .74510 .74057 .73608 .73163 .72722 .72285
95........................................ .77356 .76901 .76451 .76005 .75562 .75123 .74688 .74257 .73829 .73405
96........................................ .78237 .77797 .77360 .76927 .76497 .76071 .75648 .75229 .74813 .74401
97........................................ .79039 .78612 .78187 .77766 .77348 .76934 .76523 .76115 .75710 .75308
98........................................ .79762 .79345 .78932 .78522 .78115 .77711 .77310 .76913 .76518 .76126
99........................................ .80429 .80023 .79620 .79220 .78823 .78429 .78038 .77649 .77264 .76881
100....................................... .81047 .80651 .80258 .79867 .79479 .79094 .78712 .78332 .77955 .77580
101....................................... .81636 .81249 .80865 .80483 .80104 .79727 .79352 .78981 .78611 .78244
102....................................... .82250 .81872 .81497 .81124 .80754 .80386 .80020 .79656 .79295 .78936
103....................................... .82900 .82532 .82167 .81804 .81442 .81083 .80726 .80371 .80018 .79667
104....................................... .83622 .83266 .82911 .82558 .82207 .81858 .81510 .81165 .80821 .80479
105....................................... .84517 .84174 .83833 .83494 .83156 .82819 .82485 .82151 .81820 .81489
106....................................... .85814 .85494 .85175 .84857 .84540 .84225 .83911 .83598 .83286 .82975
107....................................... .87704 .87420 .87136 .86853 .86571 .86290 .86009 .85729 .85450 .85171
108....................................... .90812 .90593 .90375 .90156 .89939 .89721 .89504 .89286 .89070 .88853
109....................................... .95900 .95800 .95700 .95600 .95500 .95400 .95300 .95200 .95100 .95000
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table U(1).--Based on Life Table 80CNSMT Unitrust Single Life Remainder Factors
[Applicable after APRIL 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Adjusted payout rate
Age -------------------------------------------------------------------------------------------------------------
10.2% 10.4% 10.6% 10.8% 11.0% 11.2% 11.4% 11.6% 11.8% 12.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
0......................................... .01754 .01731 .01710 .01690 .01671 .01654 .01638 .01622 .01608 .01594
1......................................... .00630 .00607 .00585 .00565 .00547 .00530 .00514 .00499 .00485 .00472
2......................................... .00604 .00579 .00557 .00536 .00516 .00498 .00481 .00465 .00451 .00437
3......................................... .00604 .00578 .00554 .00532 .00511 .00492 .00474 .00458 .00442 .00427
4......................................... .00621 .00593 .00568 .00544 .00522 .00502 .00483 .00465 .00448 .00433
5......................................... .00648 .00619 .00592 .00567 .00544 .00522 .00502 .00483 .00465 .00449
6......................................... .00684 .00653 .00624 .00597 .00572 .00549 .00528 .00507 .00489 .00471
7......................................... .00726 .00693 .00663 .00634 .00608 .00583 .00560 .00539 .00518 .00499
8......................................... .00777 .00742 .00709 .00679 .00651 .00624 .00600 .00577 .00555 .00535
9......................................... .00837 .00800 .00765 .00733 .00703 .00675 .00649 .00625 .00602 .00580
10........................................ .00908 .00868 .00832 .00797 .00765 .00736 .00708 .00682 .00657 .00634
11........................................ .00991 .00949 .00910 .00874 .00840 .00808 .00779 .00751 .00725 .00700
12........................................ .01083 .01039 .00997 .00959 .00923 .00890 .00858 .00829 .00801 .00775
13........................................ .01181 .01134 .01090 .01049 .01012 .00976 .00943 .00912 .00883 .00855
14........................................ .01275 .01226 .01180 .01137 .01097 .01060 .01025 .00992 .00961 .00932
15........................................ .01365 .01313 .01264 .01219 .01177 .01138 .01101 .01066 .01034 .01003
16........................................ .01449 .01394 .01343 .01295 .01251 .01209 .01171 .01134 .01100 .01068
17........................................ .01526 .01469 .01415 .01365 .01318 .01274 .01233 .01195 .01159 .01125
18........................................ .01600 .01539 .01482 .01430 .01380 .01334 .01291 .01251 .01213 .01177
19........................................ .01673 .01609 .01550 .01494 .01442 .01393 .01348 .01305 .01265 .01227
20........................................ .01747 .01679 .01616 .01557 .01502 .01451 .01403 .01358 .01316 .01276
21........................................ .01820 .01748 .01682 .01620 .01562 .01508 .01457 .01409 .01365 .01323
22........................................ .01895 .01819 .01749 .01683 .01622 .01565 .01511 .01461 .01414 .01369
23........................................ .01972 .01893 .01818 .01749 .01684 .01624 .01567 .01514 .01464 .01417
24........................................ .02058 .01974 .01895 .01822 .01753 .01689 .01629 .01572 .01519 .01469
25........................................ .02154 .02064 .01981 .01903 .01830 .01762 .01698 .01638 .01582 .01529
26........................................ .02262 .02167 .02079 .01996 .01919 .01847 .01779 .01715 .01655 .01599
27........................................ .02385 .02284 .02191 .02103 .02021 .01944 .01872 .01804 .01740 .01680
28........................................ .02521 .02415 .02316 .02222 .02135 .02053 .01977 .01904 .01836 .01772
29........................................ .02673 .02561 .02455 .02357 .02264 .02177 .02095 .02018 .01946 .01877
30........................................ .02842 .02723 .02611 .02506 .02407 .02315 .02227 .02146 .02068 .01996
31........................................ .03030 .02903 .02784 .02673 .02568 .02470 .02377 .02290 .02207 .02130
32........................................ .03235 .03101 .02976 .02857 .02746 .02641 .02543 .02450 .02362 .02279
33........................................ .03463 .03321 .03188 .03062 .02944 .02833 .02728 .02629 .02535 .02447
34........................................ .03711 .03561 .03419 .03286 .03161 .03043 .02931 .02826 .02726 .02632
35........................................ .03981 .03822 .03672 .03531 .03398 .03273 .03154 .03042 .02936 .02836
36........................................ .04271 .04103 .03945 .03796 .03655 .03522 .03396 .03277 .03164 .03057
37........................................ .04584 .04407 .04239 .04081 .03932 .03791 .03657 .03531 .03411 .03297
38........................................ .04920 .04733 .04556 .04389 .04231 .04082 .03940 .03806 .03679 .03558
39........................................ .05280 .05083 .04897 .04721 .04554 .04396 .04246 .04103 .03968 .03840
40........................................ .05667 .05459 .05263 .05077 .04901 .04733 .04575 .04424 .04280 .04144
41........................................ .06080 .05861 .05655 .05459 .05272 .05096 .04928 .04768 .04617 .04472
42........................................ .06518 .06289 .06071 .05864 .05668 .05482 .05305 .05136 .04975 .04822
43........................................ .06982 .06742 .06513 .06296 .06089 .05893 .05706 .05528 .05358 .05196
44........................................ .07475 .07223 .06983 .06754 .06537 .06330 .06133 .05945 .05766 .05595
45........................................ .07998 .07733 .07481 .07242 .07014 .06796 .06588 .06390 .06202 .06021
46........................................ .08550 .08273 .08010 .07758 .07519 .07290 .07072 .06864 .06665 .06474
47........................................ .09134 .08845 .08569 .08306 .08055 .07815 .07586 .07367 .07157 .06957
48........................................ .09748 .09446 .09158 .08882 .08619 .08368 .08128 .07898 .07678 .07467
49........................................ .10391 .10076 .09775 .09487 .09212 .08949 .08697 .08456 .08225 .08003
50........................................ .11062 .10734 .10420 .10120 .09832 .09557 .09293 .09041 .08798 .08566
51........................................ .11764 .11423 .11096 .10783 .10483 .10195 .09919 .09655 .09401 .09158
52........................................ .12503 .12148 .11807 .11481 .11168 .10868 .10581 .10304 .10039 .09784
53........................................ .13278 .12909 .12556 .12216 .11891 .11578 .11278 .10989 .10712 .10445
54........................................ .14088 .13706 .13339 .12986 .12648 .12322 .12009 .11709 .11419 .11141
55........................................ .14936 .14540 .14159 .13793 .13442 .13103 .12778 .12464 .12163 .11872
56........................................ .15821 .15412 .15018 .14639 .14274 .13923 .13584 .13258 .12944 .12642
57........................................ .16749 .16326 .15918 .15526 .15148 .14784 .14433 .14094 .13768 .13453
58........................................ .17719 .17282 .16862 .16456 .16065 .15688 .15324 .14973 .14634 .14306
59........................................ .18731 .18281 .17847 .17429 .17025 .16634 .16258 .15894 .15543 .15203
60........................................ .19782 .19319 .18872 .18440 .18023 .17621 .17231 .16855 .16491 .16139
61........................................ .20869 .20393 .19934 .19489 .19060 .18644 .18242 .17854 .17477 .17113
62........................................ .21990 .21502 .21029 .20573 .20131 .19703 .19289 .18887 .18499 .18123
63........................................ .23144 .22644 .22159 .21690 .21236 .20796 .20370 .19956 .19556 .19167
64........................................ .24335 .23823 .23326 .22845 .22379 .21927 .21489 .21063 .20651 .20250
65........................................ .25568 .25045 .24537 .24044 .23566 .23103 .22653 .22216 .21791 .21379
66........................................ .26850 .26316 .25797 .25293 .24804 .24329 .23868 .23420 .22984 .22560
67........................................ .28182 .27637 .27108 .26594 .26095 .25609 .25137 .24678 .24231 .23797
68........................................ .29565 .29011 .28472 .27949 .27439 .26943 .26461 .25991 .25534 .25089
69........................................ .30991 .30429 .29882 .29349 .28830 .28325 .27833 .27354 .26887 .26432
70........................................ .32457 .31887 .31332 .30791 .30264 .29750 .29249 .28760 .28284 .27820
71........................................ .33955 .33378 .32816 .32267 .31732 .31210 .30701 .30204 .29719 .29246
72........................................ .35485 .34902 .34333 .33778 .33236 .32707 .32190 .31686 .31193 .30711
73........................................ .37049 .36461 .35887 .35326 .34778 .34242 .33719 .33207 .32707 .32218
74........................................ .38656 .38064 .37485 .36920 .36366 .35825 .35296 .34778 .34272 .33776
75........................................ .40312 .39717 .39136 .38566 .38009 .37464 .36930 .36407 .35895 .35394
76........................................ .42022 .41426 .40842 .40271 .39711 .39163 .38625 .38099 .37583 .37077
77........................................ .43782 .43187 .42603 .42031 .41470 .40920 .40380 .39851 .39332 .38823
78........................................ .45586 .44992 .44410 .43839 .43278 .42728 .42188 .41658 .41138 .40627
79........................................ .47418 .46828 .46248 .45679 .45120 .44572 .44033 .43503 .42983 .42472
80........................................ .49264 .48679 .48103 .47538 .46982 .46436 .45900 .45372 .44853 .44343
81........................................ .51103 .50524 .49954 .49394 .48843 .48301 .47768 .47243 .46727 .46219
82........................................ .52925 .52352 .51789 .51235 .50690 .50153 .49624 .49104 .48591 .48087
83........................................ .54718 .54154 .53598 .53051 .52512 .51981 .51459 .50943 .50436 .49936
84........................................ .56484 .55930 .55383 .54844 .54313 .53789 .53273 .52764 .52262 .51767
85........................................ .58231 .57686 .57149 .56619 .56096 .55581 .55072 .54571 .54076 .53588
86........................................ .59939 .59405 .58878 .58358 .57845 .57339 .56839 .56346 .55858 .55377
87........................................ .61583 .61061 .60545 .60035 .59532 .59035 .58545 .58060 .57581 .57108
88........................................ .63171 .62661 .62156 .61658 .61165 .60678 .60196 .59721 .59251 .58786
89........................................ .64733 .64235 .63742 .63255 .62774 .62298 .61827 .61361 .60900 .60444
90........................................ .66285 .65801 .65321 .64847 .64377 .63913 .63453 .62998 .62548 .62103
91........................................ .67804 .67334 .66868 .66407 .65950 .65498 .65050 .64607 .64169 .63735
92........................................ .69250 .68793 .68341 .67893 .67450 .67011 .66575 .66144 .65718 .65295
93........................................ .70604 .70162 .69723 .69288 .68858 .68431 .68008 .67589 .67174 .66762
94........................................ .71852 .71422 .70997 .70575 .70156 .69742 .69331 .68923 .68519 .68119
95........................................ .72984 .72567 .72154 .71744 .71337 .70934 .70534 .70137 .69744 .69354
96........................................ .73992 .73586 .73183 .72784 .72388 .71995 .71605 .71218 .70835 .70454
97........................................ .74910 .74514 .74122 .73733 .73346 .72963 .72582 .72205 .71830 .71458
98........................................ .75737 .75351 .74967 .74587 .74209 .73835 .73463 .73093 .72727 .72363
99........................................ .76501 .76123 .75748 .75376 .75007 .74640 .74276 .73914 .73555 .73198
100....................................... .77208 .76838 .76471 .76107 .75745 .75385 .75028 .74673 .74321 .73971
101....................................... .77879 .77517 .77157 .76800 .76444 .76092 .75741 .75392 .75046 .74702
102....................................... .78579 .78224 .77871 .77521 .77173 .76827 .76483 .76141 .75801 .75463
103....................................... .79318 .78971 .78626 .78283 .77942 .77604 .77266 .76931 .76598 .76267
104....................................... .80139 .79801 .79464 .79129 .78796 .78465 .78136 .77808 .77482 .77157
105....................................... .81161 .80834 .80508 .80184 .79861 .79540 .79220 .78902 .78585 .78270
106....................................... .82665 .82357 .82049 .81743 .81438 .81134 .80831 .80530 .80229 .79930
107....................................... .84893 .84616 .84340 .84064 .83789 .83515 .83241 .82969 .82696 .82425
108....................................... .88637 .88421 .88205 .87989 .87774 .87559 .87344 .87129 .86915 .86701
109....................................... .94900 .94800 .94700 .94600 .94500 .94400 .94300 .94200 .94100 .94000
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table U(1).--Based on Life Table 80CNSMT Unitrust Single Life Remainder Factors
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Adjusted payout rate
Age -------------------------------------------------------------------------------------------------------------
12.2% 12.4% 12.6% 12.8% 13.0% 13.2% 13.4% 13.6% 13.8% 14.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
0......................................... .01581 .01569 .01557 .01546 .01536 .01526 .01516 .01507 .01499 .01490
1......................................... .00459 .00448 .00437 .00426 .00417 .00407 .00399 .00390 .00382 .00375
2......................................... .00424 .00412 .00400 .00389 .00379 .00369 .00360 .00352 .00343 .00335
3......................................... .00414 .00401 .00389 .00377 .00366 .00356 .00346 .00337 .00328 .00320
4......................................... .00418 .00404 .00391 .00379 .00368 .00357 .00347 .00337 .00327 .00319
5......................................... .00433 .00418 .00405 .00391 .00379 .00368 .00357 .00346 .00336 .00327
6......................................... .00454 .00439 .00424 .00410 .00397 .00384 .00372 .00361 .00351 .00341
7......................................... .00482 .00465 .00449 .00434 .00420 .00407 .00394 .00382 .00371 .00360
8......................................... .00516 .00498 .00481 .00465 .00450 .00436 .00422 .00410 .00397 .00386
9......................................... .00560 .00541 .00523 .00505 .00489 .00474 .00459 .00446 .00433 .00420
10........................................ .00613 .00592 .00573 .00555 .00537 .00521 .00505 .00491 .00477 .00463
11........................................ .00677 .00655 .00635 .00615 .00597 .00580 .00563 .00547 .00532 .00518
12........................................ .00751 .00728 .00706 .00685 .00666 .00647 .00629 .00613 .00597 .00581
13........................................ .00829 .00805 .00782 .00760 .00739 .00719 .00701 .00683 .00666 .00650
14........................................ .00905 .00879 .00854 .00831 .00809 .00789 .00769 .00750 .00732 .00715
15........................................ .00974 .00947 .00921 .00897 .00874 .00852 .00831 .00811 .00793 .00775
16........................................ .01037 .01009 .00982 .00956 .00932 .00909 .00887 .00866 .00846 .00827
17........................................ .01093 .01063 .01034 .01007 .00982 .00958 .00935 .00913 .00892 .00873
18........................................ .01143 .01112 .01082 .01053 .01027 .01001 .00977 .00954 .00933 .00912
19........................................ .01192 .01159 .01127 .01097 .01069 .01043 .01017 .00993 .00970 .00949
20........................................ .01239 .01204 .01170 .01139 .01109 .01081 .01055 .01029 .01005 .00983
21........................................ .01283 .01246 .01211 .01178 .01147 .01117 .01089 .01063 .01037 .01013
22........................................ .01328 .01288 .01251 .01216 .01183 .01152 .01122 .01094 .01067 .01042
23........................................ .01372 .01331 .01292 .01254 .01219 .01186 .01155 .01125 .01097 .01070
24........................................ .01422 .01378 .01336 .01297 .01260 .01225 .01191 .01160 .01130 .01101
25........................................ .01479 .01432 .01388 .01346 .01306 .01269 .01233 .01200 .01168 .01138
26........................................ .01545 .01495 .01448 .01404 .01362 .01322 .01284 .01248 .01214 .01182
27........................................ .01623 .01570 .01520 .01472 .01427 .01385 .01344 .01306 .01270 .01235
28........................................ .01712 .01655 .01601 .01551 .01503 .01457 .01414 .01373 .01334 .01298
29........................................ .01813 .01752 .01695 .01641 .01589 .01541 .01494 .01451 .01409 .01370
30........................................ .01927 .01862 .01801 .01743 .01688 .01635 .01586 .01539 .01495 .01452
31........................................ .02056 .01987 .01922 .01859 .01801 .01745 .01692 .01642 .01594 .01548
32........................................ .02201 .02127 .02057 .01990 .01927 .01868 .01811 .01757 .01706 .01657
33........................................ .02363 .02284 .02209 .02138 .02071 .02007 .01946 .01888 .01833 .01781
34........................................ .02543 .02458 .02378 .02302 .02230 .02162 .02096 .02034 .01975 .01919
35........................................ .02741 .02651 .02565 .02484 .02407 .02333 .02264 .02197 .02134 .02073
36........................................ .02956 .02859 .02768 .02681 .02599 .02520 .02446 .02374 .02307 .02242
37........................................ .03189 .03087 .02990 .02897 .02809 .02725 .02645 .02569 .02496 .02427
38........................................ .03443 .03334 .03230 .03131 .03037 .02948 .02862 .02781 .02703 .02628
39........................................ .03718 .03602 .03491 .03386 .03285 .03190 .03099 .03011 .02928 .02849
40........................................ .04015 .03891 .03774 .03662 .03555 .03453 .03355 .03262 .03173 .03088
41........................................ .04335 .04204 .04079 .03959 .03846 .03737 .03633 .03534 .03439 .03348
42........................................ .04677 .04538 .04405 .04278 .04157 .04042 .03931 .03825 .03724 .03627
43........................................ .05042 .04894 .04754 .04619 .04491 .04368 .04250 .04138 .04030 .03926
44........................................ .05432 .05276 .05127 .04984 .04848 .04718 .04593 .04473 .04358 .04248
45........................................ .05849 .05684 .05526 .05375 .05231 .05092 .04960 .04832 .04710 .04593
46........................................ .06292 .06118 .05952 .05792 .05639 .05492 .05352 .05217 .05087 .04963
47........................................ .06765 .06581 .06405 .06237 .06075 .05920 .05771 .05628 .05491 .05359
48........................................ .07265 .07071 .06886 .06708 .06537 .06373 .06216 .06064 .05919 .05779
49........................................ .07791 .07587 .07392 .07204 .07024 .06851 .06685 .06525 .06371 .06223
50........................................ .08343 .08129 .07923 .07726 .07536 .07354 .07178 .07009 .06847 .06690
51........................................ .08924 .08699 .08483 .08276 .08076 .07884 .07699 .07520 .07349 .07183
52........................................ .09539 .09303 .09076 .08858 .08648 .08446 .08251 .08064 .07883 .07708
53........................................ .10189 .09942 .09704 .09475 .09255 .09043 .08838 .08640 .08450 .08266
54........................................ .10872 .10614 .10365 .10126 .09894 .09672 .09456 .09249 .09049 .08855
55........................................ .11592 .11322 .11062 .10811 .10569 .10335 .10110 .09892 .09682 .09478
56........................................ .12350 .12068 .11796 .11534 .11281 .11036 .10800 .10571 .10350 .10137
57........................................ .13148 .12855 .12572 .12298 .12033 .11777 .11530 .11291 .11060 .10836
58........................................ .13990 .13685 .13389 .13104 .12828 .12561 .12303 .12053 .11811 .11576
59........................................ .14875 .14557 .14250 .13953 .13665 .13387 .13118 .12856 .12604 .12359
60........................................ .15799 .15469 .15150 .14841 .14542 .14253 .13972 .13700 .13436 .13180
61........................................ .16761 .16419 .16088 .15768 .15457 .15156 .14864 .14580 .14305 .14039
62........................................ .17758 .17404 .17062 .16729 .16407 .16094 .15791 .15496 .15210 .14932
63........................................ .18791 .18425 .18071 .17726 .17392 .17068 .16753 .16447 .16150 .15861
64........................................ .19862 .19484 .19118 .18762 .18417 .18081 .17754 .17437 .17129 .16829
65........................................ .20979 .20590 .20212 .19845 .19487 .19140 .18802 .18474 .18154 .17843
66........................................ .22149 .21748 .21359 .20980 .20612 .20253 .19904 .19564 .19233 .18911
67........................................ .23374 .22962 .22562 .22172 .21792 .21423 .21062 .20712 .20370 .20037
68........................................ .24656 .24234 .23822 .23422 .23031 .22651 .22280 .21919 .21566 .21222
69........................................ .25988 .25556 .25134 .24724 .24323 .23932 .23551 .23179 .22816 .22461
70........................................ .27367 .26925 .26493 .26073 .25662 .25261 .24870 .24488 .24115 .23750
71........................................ .28784 .28333 .27892 .27462 .27042 .26631 .26230 .25839 .25456 .25082
72........................................ .30241 .29781 .29332 .28893 .28464 .28044 .27634 .27233 .26841 .26457
73........................................ .31740 .31272 .30815 .30368 .29930 .29502 .29084 .28674 .28273 .27880
74........................................ .33291 .32817 .32352 .31897 .31452 .31016 .30589 .30171 .29762 .29361
75........................................ .34903 .34422 .33951 .33490 .33038 .32595 .32161 .31735 .31318 .30909
76........................................ .36581 .36095 .35619 .35152 .34694 .34245 .33805 .33373 .32949 .32533
77........................................ .38324 .37835 .37354 .36883 .36420 .35966 .35520 .35083 .34654 .34232
78........................................ .40126 .39634 .39150 .38676 .38210 .37752 .37302 .36861 .36427 .36001
79........................................ .41970 .41476 .40992 .40515 .40047 .39587 .39135 .38690 .38253 .37823
80........................................ .43842 .43348 .42864 .42387 .41918 .41456 .41002 .40556 .40117 .39685
81........................................ .45719 .45228 .44744 .44267 .43799 .43337 .42883 .42436 .41996 .41562
82........................................ .47590 .47101 .46619 .46145 .45677 .45217 .44764 .44317 .43877 .43443
83........................................ .49443 .48957 .48478 .48007 .47542 .47084 .46632 .46187 .45748 .45315
84........................................ .51279 .50798 .50324 .49856 .49394 .48939 .48490 .48048 .47611 .47180
85........................................ .53106 .52630 .52161 .51698 .51241 .50790 .50345 .49906 .49473 .49045
86........................................ .54902 .54434 .53971 .53514 .53062 .52616 .52176 .51741 .51312 .50888
87........................................ .56640 .56178 .55722 .55271 .54826 .54386 .53951 .53521 .53097 .52677
88........................................ .58326 .57872 .57423 .56979 .56541 .56107 .55678 .55254 .54834 .54420
89........................................ .59994 .59548 .59107 .58671 .58240 .57813 .57391 .56973 .56560 .56152
90........................................ .61662 .61226 .60794 .60367 .59944 .59526 .59112 .58702 .58296 .57894
91........................................ .63305 .62879 .62457 .62040 .61627 .61217 .60812 .60411 .60013 .59619
92........................................ .64876 .64461 .64050 .63643 .63239 .62839 .62443 .62051 .61662 .61277
93........................................ .66355 .65950 .65550 .65153 .64759 .64369 .63983 .63600 .63220 .62843
94........................................ .67722 .67328 .66938 .66551 .66167 .65786 .65409 .65035 .64664 .64296
95........................................ .68967 .68583 .68203 .67825 .67451 .67079 .66711 .66345 .65983 .65623
96........................................ .70076 .69701 .69330 .68961 .68595 .68231 .67871 .67513 .67158 .66806
97........................................ .71089 .70722 .70359 .69998 .69640 .69284 .68931 .68581 .68234 .67888
98........................................ .72001 .71642 .71286 .70933 .70582 .70233 .69887 .69544 .69203 .68864
99........................................ .72844 .72492 .72143 .71796 .71452 .71110 .70770 .70433 .70098 .69765
100....................................... .73623 .73278 .72935 .72594 .72256 .71920 .71586 .71254 .70924 .70597
101....................................... .74361 .74021 .73684 .73349 .73016 .72685 .72356 .72029 .71704 .71382
102....................................... .75128 .74794 .74463 .74133 .73806 .73480 .73157 .72835 .72515 .72198
103....................................... .75938 .75610 .75284 .74961 .74639 .74319 .74000 .73684 .73369 .73056
104....................................... .76835 .76514 .76194 .75877 .75561 .75246 .74934 .74623 .74313 .74005
105....................................... .77956 .77643 .77332 .77023 .76714 .76408 .76102 .75798 .75496 .75195
106....................................... .79632 .79334 .79038 .78743 .78449 .78157 .77865 .77575 .77285 .76997
107....................................... .82154 .81884 .81615 .81346 .81079 .80811 .80545 .80279 .80014 .79750
108....................................... .86487 .86274 .86061 .85848 .85635 .85423 .85210 .84998 .84787 .84575
109....................................... .93900 .93800 .93700 .93600 .93500 .93400 .93300 .93200 .93100 .93000
--------------------------------------------------------------------------------------------------------------------------------------------------------
(f) Effective date. This section is effective as of May 1, 1989.
Par. 14. Section 1.664-4A is further amended as follows:
1. The fifth sentence of newly designated paragraph (d)(4) is
revised.
2. Newly designated paragraph (d)(5) is amended by:
a. Revising the first and fifth sentences.
b. Removing the reference ``(b)(4)'' in both places it appears and
adding ``(b)(5)'' in each place.
3. The heading for newly designated paragraph (d)(6) is revised.
4. The headings for Table D, Table E, and Table F(1) in newly
designated paragraph (d)(6) are revised.
5. The revisions read as follows:
Sec. 1.664-4A Valuation of charitable remainder interests for which
the valuation date is before May 1, 1989.
* * * * *
(d) * * *
(4) Period is a term of years. * * * If the adjusted payout rate is
greater than 14 percent, see Sec. 1.664-4(b).
* * * * *
(5) Period is the life of one individual. If the period described
in paragraph (a)(5) of Sec. 1.664-3 is the life of one individual, the
factor that is used in determining the present value of the remainder
interest is the factor under the appropriate adjusted payout rate in
column (2) of Table E in paragraph (d)(6) of this section opposite the
number in column (1) that corresponds to the age of the individual
whose life measures the period. * * * If the adjusted payout rate is
greater than 14 percent, see Sec. 1.664-4(b). * * *
(6) Actuarial tables for transfers for which the valuation date is
after November 30, 1983, and before May 1, 1989.
* * * * *
Table D
Table D--Term Certain--Table Showing the Present Worth of a Remainder
Interest Postponed for a Term of Years in a Charitable Remainder
Unitrust Having the Adjusted Payout Rate Shown--Applicable for
Transfers After November 30, 1983, and Before May 1, 1989
* * * * *
Table E
Table E--Single Life, Unisex--Table Showing the Present Worth of the
Remainder Interest in Property Transferred to a Unitrust Having the
Adjusted Payout Rate Shown--Applicable for Transfers After November 30,
1983, and Before May 1, 1989
* * * * *
Table F(1)
Table F(1)--10 Percent--Table Showing Factors for Computations of the
Adjusted Payout Rate for Certain Valuations and Payout Sequences--
Applicable for Transfers After November 30, 1983, and Before May 1,
1989
* * * * *
Par. 14a. An undesignated center heading is added immediately
before Sec. 1.665(a)-0A to read as follows:
Treatment of Excess Distributions of Trusts Applicable to Taxable Years
Beginning on or After January 1, 1969
Par. 14b. The undesignated center heading immediately preceding
Sec. 1.665(a)-0 is revised to read as follows:
Treatment of Excess Distributions of Trusts Applicable to Taxable Years
Beginning Before January 1, 1969
Par. 15. Section 1.1011-2, paragraph (c), Example (8)(b) is amended
by adding the following three sentences at the end of the paragraph.
Sec. 1.1011-2 Bargain sale to charitable organization.
* * * * *
(c) * * *
Example (8).
* * * * *
(b) * * * See Rev. Rul. 84-162, 1984-2 C.B. 200, for transfers for
which the valuation date falls after November 23, 1984. (See
Sec. 601.601(d)(2)(ii)(b) of this chapter). For the applicable
valuation tables in connection therewith, see Sec. 20.2031-7(d)(6) of
this chapter. See, however, Sec. 1.7520-3(b) (relating to exceptions to
the use of standard actuarial factors in certain circumstances).
* * * * *
Par. 16. Immediately following Sec. 1.7519-3T, an undesignated
center heading and Secs. 1.7520-1 through 1.7520-4 are added to read as
follows:
General Actuarial Valuations
Sec. 1.7520-1 Valuation of annuities, unitrust interests, interests
for life or terms of years, and remainder or reversionary interests.
(a) General actuarial valuations. (1) Except as otherwise provided
in this section and in Sec. 1.7520-3 (relating to exceptions to the use
of prescribed tables under certain circumstances), in the case of
certain transactions after April 30, 1989, subject to income tax, the
fair market value of annuities, interests for life or for a term of
years (including unitrust interests), remainders, and reversions is
their present value determined under this section. See Sec. 20.2031-
7(d) (and, for certain prior periods, Sec. 20.2031-7A) of this chapter,
Estate Tax Regulations, for the computation of the value of annuities,
unitrust interests, life estates, terms for years, remainders, and
reversions, other than interests described in paragraphs (a)(2) and
(a)(3) of this section.
(2) For a transfer to a pooled income fund after April 30, 1989,
see Sec. 1.642(c)-6(e) (or, for certain prior periods, Sec. 1.642(c)-
6A) with respect to the valuation of the remainder interest.
(3) For a transfer to a charitable remainder annuity trust after
April 30, 1989, see Sec. 1.664-2 with respect to the valuation of the
remainder interest. See Sec. 1.664-4 (or, for certain prior periods,
Sec. 1.664-4A) with respect to the valuation of the remainder interest
in property transferred to a charitable remainder unitrust.
(b) Components of valuation--(1) Interest rate component--(i)
Section 7520 Interest rate. The section 7520 interest rate is the rate
of return, rounded to the nearest two-tenths of one percent, that is
equal to 120 percent of the applicable Federal mid-term rate,
compounded annually, for purposes of section 1274(d)(1), for the month
in which the valuation date falls. In rounding the rate to the nearest
two-tenths of a percent, any rate that is midway between one two-tenths
of a percent and another is rounded up to the higher of those two
rates. For example, if 120 percent of the applicable Federal mid-term
rate is 10.30, the section 7520 interest rate component is 10.4. The
section 7520 interest rate is published monthly by the Internal Revenue
Service in the Internal Revenue Bulletin (see Sec. 601.601(d)(2)(ii)(b)
of this chapter).
(ii) Valuation date. Except as provided in Sec. 1.7520-2, the
valuation date is the date on which the transaction takes place.
(2) Mortality component. The mortality component reflects the
mortality data most recently available from the United States census.
As new mortality data becomes available after each decennial census,
the mortality component described in this section will be revised
periodically and the revised mortality component tables will be
published in the regulations at that time. For transactions with
valuation dates after April 30, 1989, the mortality component table
(Table 80CNSMT) is contained in Sec. 20.2031-7(d) of this chapter
(Estate Tax Regulations). See Sec. 20.2031-7A for mortality component
tables applicable to transactions for which the valuation date falls
before May 1, 1989.
(c) Tables. The present value on the valuation date of an annuity,
life estate, term of years, remainder, or reversion is computed by
using the section 7520 interest rate component that is described in
paragraph (b)(1) of this section and the mortality component that is
described in paragraph (b)(2) of this section. Actuarial factors for
determining these present values are included in tables in these
regulations and in publications by the Internal Revenue Service. If a
special factor is required in order to value an interest, the Internal
Revenue Service will furnish the factor upon a request for a ruling.
The request for a ruling must be accompanied by a recitation of the
facts, including the date of birth for each measuring life and copies
of relevant instruments. A request for a ruling must comply with the
instructions for requesting a ruling published periodically in the
Internal Revenue Bulletin (see Rev. Proc. 94-1, 1994-1 I.R.B. 10, and
subsequent updates, and Secs. 601.201 and 601.601(d)(2)(ii)(b) of this
chapter) and include payment of the required user fee.
(1) Regulation sections containing tables with interest rates
between 4.2 and 14 percent. Section 1.642(c)-6(e)(4) contains Table S
used for determining the present value of a single life remainder
interest in a pooled income fund as defined in Sec. 1.642(c)-5. Section
1.664-4(e)(6) contains Table D (actuarial factors used in determining
the present value of a remainder interest postponed for a term of
years), Table U(1) (actuarial factors for one life), and Table F
(payout factors) used in determining the present value of a remainder
interest in a charitable remainder unitrust as defined in Sec. 1.664-3.
Section 20.2031-7(d)(6) of this chapter (Estate Tax Regulations)
contains Table S (actuarial factors for one life), Table B (actuarial
factors used in determining the present value of an interest for a term
of years), Table K (annuity end-of-interval adjustment factors), Table
J (term certain annuity beginning-of-interval adjustment factors), and
Table 80CNSMT (mortality components) used in determining the present
value of annuities, life estates, remainders, and reversions. The
regulations will be revised periodically to include new mortality
component tables and new tables of factors.
(2) Internal Revenue Service publications containing tables with
interest rates between 2.2 and 26 percent. The following documents
(with the exception of Publication 1459) have been published for sale
by the Superintendent of Documents, United States Government Printing
Office, Washington, DC 20402:
(i) Internal Revenue Service Publication 1457, ``Actuarial Values,
Alpha Volume,'' (8/89). This publication includes tables of valuation
factors, as well as examples that show how to compute other valuation
factors, for determining the present value of annuities, life estates,
terms of years, remainders, and reversions, measured by one or two
lives. These factors may also be used in the valuation of interests in
a charitable remainder annuity trust as defined in Sec. 1.664-2 of this
chapter and a pooled income fund as defined in Sec. 1.642(c)-5 of this
chapter.
(ii) Internal Revenue Service Publication 1458, ``Actuarial Values,
Beta Volume,'' (8/89). This publication includes term certain tables
and tables of one and two life valuation factors for determining the
present value of remainder interests in a charitable remainder unitrust
as defined in Sec. 1.664-3 of this chapter.
(iii) Internal Revenue Service Publication 1459, ``Actuarial
Values, Gamma Volume,'' (8-89) is no longer available for purchase from
the Superintendent of Documents. However, it may be obtained by
requesting a copy from: CC:DOM:CORP:T:R (IRS Publication 1459), room
5228, Internal Revenue Service, POB 7604, Ben Franklin Station,
Washington, DC 20044. This publication includes tables for computing
depreciation adjustment factors. See Sec. 1.170A-12 of this chapter.
(d) Effective date. This section is effective as of May 1, 1989.
Sec. 1.7520-2 Valuation of charitable interests.
(a) In general--(1) Valuation. Except as otherwise provided in this
section and in Sec. 1.7520-3 (relating to exceptions to the use of
prescribed tables under certain circumstances), the fair market value
of annuities, interests for life or for a term of years, remainders,
and reversions for which an income tax charitable deduction is
allowable is the present value of such interests determined under
Sec. 1.7520-1.
(2) Prior-month election rule. If any part of the property interest
transferred qualifies for an income tax charitable deduction under
section 170(c), the taxpayer may elect (under paragraph (b) of this
section) to compute the present value of the interest transferred by
use of the section 7520 interest rate for the month during which the
interest is transferred or the section 7520 interest rate component for
either of the 2 months preceding the month during which the interest is
transferred. Paragraph (b) of this section explains how a prior-month
election is made. The interest rate for the month so elected is the
applicable section 7520 interest rate. If the actuarial factor for
either or both of the 2 months preceding the month during which the
interest is transferred is based on a mortality experience that is
different from the mortality experience at the date of the transfer and
if the taxpayer elects to use the section 7520 rate for a prior month
with the different mortality experience, the taxpayer must use the
actuarial factor derived from the mortality experience in effect during
the month of the section 7520 rate elected. All actuarial computations
relating to the transfer must be made by applying the interest rate
component and the mortality component of the month elected by the
taxpayer.
(3) Transfers of more than one interest in the same property. If a
taxpayer transfers more than one interest in the same property at the
same time, for purposes of valuing the transferred interests, the
taxpayer must use the same interest rate and mortality component for
each interest in the property transferred. If more than one interest in
the same property is transferred in two or more separate transfers at
different times, the value of each interest is determined by the use of
the interest rate component and mortality component in effect during
the month of the transfer of that interest or, if applicable under
paragraph (a)(2) of this section, either of the two months preceding
the month of the transfer.
(4) Information required with tax return. The following information
must be attached to the income tax return (or to the amended return) if
the taxpayer claims a charitable deduction for the present value of a
temporary or remainder interest in property--
(i) A complete description of the interest that is transferred,
including a copy of the instrument of transfer;
(ii) The valuation date of the transfer;
(iii) The names and identification numbers of the beneficiaries of
the transferred interest;
(iv) The names and birthdates of any measuring lives, a description
of any relevant terminal illness condition of any measuring life, and
(if applicable) an explanation of how any terminal illness condition
was taken into account in valuing the interest; and
(v) A computation of the deduction showing the applicable section
7520 interest rate that is used to value the transferred interest.
(5) Place for filing returns. See section 6091 of the Internal
Revenue Code and the regulations thereunder for the place for filing
the return or other document required by this section.
(b) Election of interest rate component--(1) Time for making
election. A taxpayer makes a prior-month election under paragraph
(a)(2) of this section by attaching the information described in
paragraph (b)(2) of this section to the taxpayer's income tax return or
to an amended return for that year that is filed within 24 months after
the later of the date the original return for the year was filed or the
due date for filing the return.
(2) Manner of making election. A statement that the prior-month
election under section 7520(a) of the Internal Revenue Code is being
made and that identifies the elected month must be attached to the
income tax return (or to the amended return).
(3) Revocability. The prior-month election may be revoked by filing
an amended return within 24 months after the later of the date the
original return of tax for the year was filed or the due date for
filing the return. The revocation must be filed in the place referred
to in paragraph (a)(5) of this section.
(c) Effective dates. Paragraph (a) of this section is effective as
of May 1, 1989. Paragraph (b) of this section is effective for
elections made after June 10, 1994.
Sec. 1.7520-3 Limitation on the application of section 7520.
(a) Internal Revenue Code sections to which section 7520 does not
apply. Section 7520 of the Internal Revenue Code does not apply for
purposes of--
(1) Part I, subchapter D of subtitle A (section 401 et. seq.),
relating to the income tax treatment of certain qualified plans.
(However, section 7520 does apply to the estate and gift tax treatment
of certain qualified plans and for purposes of determining excess
accumulations under section 4980A);
(2) Sections 72 and 101(b), relating to the income taxation of life
insurance, endowment, and annuity contracts, unless otherwise provided
for in the regulations under sections 72, 101, and 1011 (see,
particularly, Secs. 1.101-2(e)(1)(iii)(b)(2), and 1.1011-2(c), Example
8);
(3) Sections 83 and 451, unless otherwise provided for in the
regulations under those sections;
(4) Section 457, relating to the valuation of deferred
compensation, unless otherwise provided for in the regulations under
section 457;
(5) Sections 3121(v) and 3306(r), relating to the valuation of
deferred amounts, unless otherwise provided for in the regulations
under those sections;
(6) Section 6058, relating to valuation statements evidencing
compliance with qualified plan requirements, unless otherwise provided
for in the regulations under section 6058;
(7) Section 7872, relating to income and gift taxation of interest-
free loans and loans with below-market interest rates, unless otherwise
provided for in the regulations under section 7872; or
(8) Section 2702(a)(2)(A), relating to the value of a nonqualified
retained interest upon a transfer of an interest in trust to or for the
benefit of a member of the transferor's family; and
(9) Any other sections of the Internal Revenue Code to the extent
provided by the Internal Revenue Service in revenue rulings or revenue
procedures. (See Secs. 601.201 and 601.601 of this chapter).
(b) Other limitations on the application of section 7520.
[Reserved]
(c) Effective date. Section 1.7520-3(a) is effective as of May 1,
1989.
Sec. 1.7520-4 Transitional rules.
(a) Reliance. If the valuation date is after April 30, 1989, and
before June 10, 1994, a taxpayer can rely on Notice 89-24, 1989-1 C.B.
660, or Notice 89-60, 1989-1 C.B. 700 (See Sec. 601.601(d)(2)(ii)(b) of
this chapter), in valuing the transferred interest.
(b) Effective date. This section is effective as of May 1, 1989.
PART 20--ESTATE TAX; ESTATES OF DECEDENTS DYING AFTER AUGUST 16,
1954
Par. 17. The authority citation for part 20 is revised to read as
follows:
Authority: 26 U.S.C. 7805.
Section 20.2031-7 also issued under 26 U.S.C. 7520(c)(2).
Section 20.2031-7A also issued under 26 U.S.C. 7520(c)(2).
Section 20.7520-1 also issued under 26 U.S.C. 7520(c)(2).
Section 20.7520-2 also issued under 26 U.S.C. 7520(c)(2).
Section 20.7520-3 also issued under 26 U.S.C. 7520(c)(2).
Section 20.7520-4 also issued under 26 U.S.C. 7520(c)(2).
Par. 18. Section Sec. 20.2013-4 is amended by:
1. Revising the second sentence of the introductory text of
paragraph (a).
2. Revising the fourth sentence in Example (2) of paragraph (a).
3. The revisions read as follows:
Sec. 20.2013-4 Valuation of property transferred.
(a) * * * If the decedent received a life estate or a remainder or
other limited interest in property that was included in a transferor
decedent's gross estate, the value of the interest is determined as of
the date of the transferor's death on the basis of recognized valuation
principles (see Secs. 20.2031-7 (or, for certain prior periods,
Sec. 20.2031-7A) and 20.7520-1 through 20.7520-4). * * *
* * * * *
Example (2). * * * The part of that value attributable to the
life estate is $44,688 and the part of that value attributable to
the remainder is $55,312 (see Sec. 20.2031-7A(b)).
* * * * *
Par. 19. Section 20.2031-0 is added to read as follows:
Sec. 20.2031-0 Table of contents.
This section lists the section headings and undesignated center
headings that appear in the regulations under section 2031.
Sec. 2031-1 Definition of gross estate; valuation of property.
Sec. 20.2031-2 Valuation of stocks and bonds.
Sec. 20.2031-3 Valuation of interests in businesses.
Sec. 20.2031-4 Valuation of notes.
Sec. 20.2031-5 Valuation of cash on hand or on deposit.
Sec. 20.2031-6 Valuation of household and personal effects.
Sec. 20.2031-7 Valuation of annuities, interests for life or term
of years, and remainder or reversionary interests for estates of
decedents for which the valuation date of the gross estate is after
April 30, 1989.
Sec. 20.2031-8 Valuation of certain life insurance and annuity
contracts; valuation of shares in an open-end investment company.
Sec. 20.2031-9 Valuation of other property.
Actuarial Tables Applicable Before May 1, 1989
Sec. 20.2031-7A Valuation of annuities, interests for life or term
of years, and remainder or reversionary interests for estates of
decedents for which the valuation date of the gross estate is before
May 1, 1989.
Par. 20. Immediately following Sec. 20.2046-1 an undesignated
center heading and Sec. 20.2031-7A are added to read as follows:
Actuarial Tables Applicable Before May 1, 1989
Sec. 20.2031-7A Valuation of annuities, interests for life or term of
years, and remainder or reversionary interests for estates of decedents
for which the valuation date of the gross estate is before May 1, 1989.
(a) Valuation of annuities, interests for life or term of years,
and remainder or reversionary interests for estates of decedents for
which the valuation date of the gross estate is before January 1, 1952.
Except as otherwise provided in Sec. 20.2031-7(b), if the valuation
date of the decedent's gross estate is before January 1, 1952, the
present value of annuities, life estates, terms for years, remainders,
and reversions is their present value determined under this section. If
the valuation of the interest involved is dependent upon the
continuation or termination of one or more lives or upon a term certain
concurrent with one or more lives, the factor for the present value is
computed on the basis of interest at the rate of 4 percent a year,
compounded annually, and life contingencies as to each life involved
from values that are based on the Actuaries' or Combined Experience
Table of Mortality, as extended. This table and related factors are
described in former Sec. 81.10 (as contained in the 26 CFR Part 81
edition revised as of April 1, 1958). The present value of an interest
measured by a term of years is computed on the basis of interest at the
rate of 4 percent a year.
(b) Valuation of annuities, interests for life or term of years,
and remainder or reversionary interests for estates of decedents for
which the valuation date of the gross estate is after December 31,
1951, and before January 1, 1971. Except as otherwise provided in
Sec. 20.2031-7(b), if the valuation date for the decedent's gross
estate is after December 31, 1951, and before January 1, 1971, the
present value of annuities, life estates, terms of years, remainders,
and reversions is their present value determined under this section. If
the valuation of the interest involved is dependent upon the
continuation or termination of one or more lives, or upon a term
certain concurrent with one or more lives, the factor for the present
value is computed on the basis of interest at the rate of 3\1/2\
percent a year, compounded annually, and life contingencies as to each
life involved are taken from U.S. Life Table 38. This table and related
factors are set forth in former Sec. 20.2031-7 (as contained in the 26
CFR Part 20 edition revised as of April 1, 1984). Special factors
involving one and two lives may be found in or computed with the use of
tables contained in the publication entitled ``Actuarial Values for
Estate and Gift Tax,'' Internal Revenue Service Publication Number 11
(Rev. 5-59). This publication is no longer available for purchase from
the Superintendent of Documents. However, it may be obtained by
requesting a copy from: CC:DOM:CORP:T:R (IRS Publication 11), room
5228, Internal Revenue Service, POB 7604, Ben Franklin Station,
Washington, DC 20044. The present value of an interest measured by a
term of years is computed on the basis of interest at the rate of 3\1/
2\ percent a year.
(c) Valuation of annuities, interests for life or term of years,
and remainder or reversionary interests for estates of decedents for
which the valuation date of the gross estate is after December 31,
1970, and before December 1, 1983. Except as otherwise provided in
Sec. 20.2031-7(b), if the valuation date of the decedent's gross estate
is after December 31, 1970, and before December 1, 1983, the present
value of annuities, life estates, terms of years, remainders, and
reversions is their present value determined under this section. If the
valuation of the interest involved is dependent upon the continuation
of or termination of one or more lives or upon a term certain
concurrent with one or more lives, the factor for the present value is
computed on the basis of interest at the rate of 6 percent a year,
compounded annually, and life contingencies are determined as to each
male and female life involved, from values that are set forth in Table
LN. Table LN contains values that are taken from the life table for
total males and the life table for total females appearing as Tables 2
and 3, respectively, in United States Life Tables: 1959- 1960,
published by the Department of Health and Human Services, Public Health
Service. Table LN and related factors are set forth in former
Sec. 20.2031-10 (as contained in the 26 CFR part 20 edition revised as
of April 1, 1994). Special factors involving one and two lives may be
found in or computed with the use of tables contained in Internal
Revenue Service Publication 723, ``Actuarial Values I: Valuation of
Last Survivor Charitable Remainders,'' (12-70), and Internal Revenue
Service Publication 723A, ``Actuarial Values II: Factors at 6 Percent
Involving One and Two Lives,'' (12-70). These publications are no
longer available for purchase from the Superintendent of Documents.
However, a copy of each may be obtained from: CC:DOM:CORP:T:R (IRS
Publication 723/723A), room 5228, Internal Revenue Service, POB 7604,
Ben Franklin Station, Washington, DC 20044.
Par. 21. Section 20.2031-7 is redesignated as Sec. 20.2031-7A,
paragraph (d) and amended as follows:
1. The following redesignation table indicates the old CFR unit
numbers for Sec. 20.2031-7 and the corresponding new CFR unit numbers
for Sec. 20.2031-7A(d):
------------------------------------------------------------------------
Corresponding new No. in Sec.
Old CFR unit No. in Sec. 20.2031-7 20.2031-7A
------------------------------------------------------------------------
Sec. 20.2031-7 heading............. Paragraph (d) heading.
(a)................................ (d)(1).
(a)(1)............................. (d)(1)(i).
(a)(2)............................. (d)(1)(ii).
(a)(3)............................. (d)(1)(iii).
(b)................................ (d)(2).
(b)(1)............................. (d)(2)(i).
(b)(2)............................. (d)(2)(ii).
(b)(3)............................. (d)(2)(iii).
(b)(3)(i).......................... (d)(2)(iii)(A).
(b)(3)(ii)......................... (d)(2)(iii)(B).
(c) through (f).................... (d)(3) through (d)(6).
------------------------------------------------------------------------
2. The paragraph heading for paragraph (d) is revised.
3. Paragraphs (d)(1)(i) and (iii) are revised.
4. Paragraph (d)(5), third and fourth sentences are revised and a
new sentence is added after the fourth sentence.
5. Paragraph (d)(6), the headings for Tables A, B, and LN are
revised.
6. The added and revised provisions read as follows:
Sec. 20.2031-7A Valuation of annuities, interests for life or term of
years, and remainder or reversionary interests for estates of decedents
for which the valuation date of the gross estate is before May 1, 1989.
* * * * *
(d) Valuation of annuities, interests for life or term of years,
and remainder or reversionary interests for estates of decedents for
which the valuation date of the gross estate is after November 30,
1983, and before May 1, 1989--(1) In general. (i) Except as otherwise
provided in Sec. 20.2031-7(b), if the decedent died after November 30,
1983, and the valuation date for the gross estate is before May 1,
1989, the fair market value of annuities, life estates, terms of years,
remainders, and reversions is their present value determined under this
section. If the decedent died after November 30, 1983, and before
August 9, 1984, or, in cases where the valuation date of the decedent's
gross estate is before May 1, 1989, if, on December 1, 1983, the
decedent was mentally incompetent so that the disposition of the
decedent's property could not be changed, and the decedent died on or
after December 1, 1983, without having regained competency to dispose
of the decedent's property, or if the decedent died within 90 days of
the date on which the decedent first regained competency, the fair
market value of annuities, life estates, terms for years, remainders,
and reversions included in the gross estate of such decedent is their
present value determined under either this section or Sec. 20.2031-
7A(c), at the option of the taxpayer. The value of annuities issued by
companies regularly engaged in their sale, and of insurance policies on
the lives of persons other than the decedent, is determined under
Sec. 20.2031-8. The fair market value of a remainder interest in a
charitable remainder unitrust, as defined in Sec. 1.664-3 of this
chapter, is its present value determined under Sec. 1.664-4 of this
chapter. The fair market value of a life interest or term for years in
a charitable remainder unitrust is the fair market value of the
property as of the date of valuation less the fair market value of the
remainder interest on such date determined under Sec. 1.664-4 of this
chapter. The fair market value of the interests in a pooled income
fund, as defined in Sec. 1.642(c)-5 of this chapter, is their value
determined under Sec. 1.642(c)-6 of this chapter.
* * * * *
(iii) In all examples set forth in this section, the decedent is
assumed to have died on or after August 9, 1984, with the valuation
date of the decedent's gross estate before May 1, 1989, and to have
been competent to change the disposition of the property on December 1,
1983.
* * * * *
(5) Actuarial computations by the Internal Revenue Service. * * *
Table LN contains values of lx taken from the life table for the total
population appearing as Table 1 of United States Life Tables: 1969-71,
published by the Department of Health and Human Services, Public Health
Service. Many special factors involving one and two lives may be found
in or computed with the use of the tables contained in Internal Revenue
Service Publication 723E, ``Actuarial Values II: Factors at 10 Percent
Involving One and Two Lives,'' (12-83). This publication is no longer
available for purchase from the Superintendent of Documents. However,
it may be obtained by requesting a copy from: CC:DOM:CORP:T:R (IRS
Publication 723E), room 5228, Internal Revenue Service, POB 7604, Ben
Franklin Station, Washington, DC 20044.
(6) * * *
Table A
Table A--Single Life, Unisex, 10 Percent--Table Showing the Present
Worth of An Annuity, of a Life Estate, and a Remainder Interest--
Applicable for Transfers After November 30, 1983, and Before May 1,
1989
* * * * *
Table B
Table B--Term Certain, Unisex, 10 Percent--Table Showing the Present
Worth of an Annuity for a Term Certain, of an Income Interest for a
Term Certain, and of a Remainder Interest Postponed for a Term
Certain--Applicable for Transfers After November 30, 1983, and before
May 1, 1989
* * * * *
Table LN
Table LN--Applicable for Transfers After November 30, 1983, and Before
May 1, 1989
* * * * *
Par. 22. New Sec. 20.2031-7 is added to read as follows:
Sec. 20.2031-7 Valuation of annuities, interests for life or term of
years, and remainder or reversionary interests for estates of decedents
for which the valuation date of the gross estate is after April 30,
1989.
(a) In general. Except as otherwise provided in paragraph (b) of
this section and Sec. 20.7520-3(b) (pertaining to certain limitations
on the use of prescribed tables), the fair market value of annuities,
life estates, terms of years, remainders, and reversionary interests
for estates of decedents is the present value of such interests,
determined under paragraph (d) of this section. The regulations in this
and in related sections provide tables with standard actuarial factors
and examples that illustrate how to use the tables to compute the
present value of ordinary annuity, life, and remainder interests in
property. These sections also refer to standard and special actuarial
factors that may be necessary to compute the present value of similar
interests in more unusual fact situations.
(b) Commercial annuities and insurance contracts. The value of
annuities issued by companies regularly engaged in their sale, and of
insurance policies on the lives of persons other than the decedent, is
determined under Sec. 20.2031-8. See Sec. 20.2042-1 with respect to
insurance policies on the decedent's life.
(c) Actuarial valuations before May 1, 1989. The present value of
annuities, life estates, terms of years, remainders, and reversions for
estates of decedents for which the valuation date of the gross estate
is before May 1, 1989, is determined under the following sections:
------------------------------------------------------------------------
Valuation date
--------------------------------------------- Applicable section
After Before
------------------------------------------------------------------------
01-01-52 20.2031-7A(a)
12-31-51............. 01-01-71 20.2031-7A(b)
12-31-70............. 12-01-83 20.2031-7A(c)
11-30-83............. 05-01-89 20.2031-7A(d)
------------------------------------------------------------------------
(d) Actuarial valuations after April 30, 1989--(1) In general.
Except as otherwise provided in paragraph (b) of this section and
Sec. 20.7520-3(b) (pertaining to certain limitations on the use of
prescribed tables), if the valuation date for the gross estate of the
decedent is after April 30, 1989, the fair market value of annuities,
life estates, terms of years, remainders, and reversionary interests is
their present value determined by use of standard or special section
7520 actuarial factors. These factors are derived by using the
appropriate section 7520 interest rate and, if applicable, the
mortality component for the valuation date of the interest that is
being valued. See Secs. 20.7520-1 through 20.7520-4.
(2) Specific Interests--(i) Charitable Remainder Trusts. The fair
market value of a remainder interest in a pooled income fund, as
defined in Sec. 1.642(c)-5 of this chapter, is its value determined
under Sec. 1.642(c)-6(e) of this chapter. The fair market value of a
remainder interest in a charitable remainder annuity trust, as defined
in Sec. 1.664-2(a) of this chapter, is its present value determined
under Sec. 1.664-2(c) of this chapter. The fair market value of a
remainder interest in a charitable remainder unitrust, as defined in
Sec. 1.664-3 of this chapter, is its present value determined under
Sec. 1.664-4(e) of this chapter. The fair market value of a life
interest or term of years in a charitable remainder unitrust is the
fair market value of the property as of the date of valuation less the
fair market value of the remainder interest on that date determined
under Sec. 1.664-4(e) of this chapter.
(ii) Ordinary remainder and reversionary interests. If the interest
to be valued is to take effect after a definite number of years or
after the death of one individual, the present value of the interest is
computed by multiplying the value of the property by the appropriate
remainder interest actuarial factor (that corresponds to the applicable
section 7520 interest rate and remainder interest period) in Table B
(for a term certain) or Table S (for one measuring life), as the case
may be. Tables B and S are included in paragraph (d)(6) of this section
and in Internal Revenue Service Publication 1457. For information about
obtaining actuarial factors for other types of remainder interests, see
paragraph (d)(4) of this section.
(iii) Ordinary term-of-years and life interests. If the interest to
be valued is the right of a person to receive the income of certain
property, or to use certain nonincome-producing property, for a term of
years or for the life of one individual, the present value of the
interest is computed by multiplying the value of the property by the
appropriate term-of-years or life interest actuarial factor (that
corresponds to the applicable section 7520 interest rate and term-of-
years or life interest period). Internal Revenue Service Publication
1457 includes actuarial factors for an interest for a term of years in
Table B and for the life of one individual in Table S. However, term-
of-years and life interest actuarial factors are not included in Table
B or Table S in Sec. 20.2031-7(d)(6) of this chapter. If Internal
Revenue Service Publication 1457 (or any other reliable source of term-
of-years and life interest actuarial factors) is not conveniently
available, an actuarial factor for the interest may be derived
mathematically. This actuarial factor may be derived by subtracting the
correlative remainder factor (that corresponds to the applicable
section 7520 interest rate and the term of years or the life) in Table
B (for a term of years) or in Table S (for the life of one individual)
in Sec. 20.2031-7(d)(6), as the case may be, from 1.000000. For
information about obtaining actuarial factors for other types of term-
of-years and life interests, see paragraph (d)(4) of this section.
(iv) Annuities. (A) If the interest to be valued is the right of a
person to receive an annuity that is payable at the end of each year
for a term of years or for the life of one individual, the present
value of the interest is computed by multiplying the aggregate amount
payable annually by the appropriate annuity actuarial factor (that
corresponds to the applicable section 7520 interest rate and annuity
period). Internal Revenue Publication 1457 includes actuarial factors
in Table B (for an annuity payable for a term of years) and in Table S
(for an annuity payable for the life of one individual). However,
annuity actuarial factors are not included in Table B or Table S in
paragraph (d)(6) of this section. If Internal Revenue Service
Publication 1457 (or any other reliable source of annuity actuarial
factors) is not conveniently available, a required annuity factor for a
term of years or for one life may be mathematically derived. This
annuity factor may be derived by subtracting the applicable remainder
factor (that corresponds to the applicable section 7520 interest rate
and annuity period) in Table B (in the case of a term-of-years annuity)
or in Table S (in the case of a one-life annuity) in paragraph (d)(6)
of this section, as the case may be, from 1.000000 and then dividing
the result by the applicable section 7520 interest rate expressed as a
decimal number.
(B) If the annuity is payable at the end of semiannual, quarterly,
monthly, or weekly periods, the product obtained by multiplying the
annuity factor by the aggregate amount payable annually is then
multiplied by the applicable adjustment factor set forth in Table K for
payments made at the end of the specified periods. The provisions of
this paragraph (d)(2)(iv)(B) are illustrated by the following example:
Example. At the time of the decedent's death in January 1990,
the annuitant, age 72, is entitled to receive an annuity of $15,000
a year for life payable in equal monthly installments at the end of
each period. The section 7520 rate for January 1990 is 9.6 percent.
Under Table S, the remainder factor at 9.6 percent for an individual
aged 72 is .40138. By converting the remainder factor to an annuity
factor, as described above, the annuity factor at 9.6 percent for an
individual aged 72 is 6.2356 (1.00000 minus .40138, divided by
.096). Under Table K, the adjustment factor under the column for
payments made at the end of each monthly period at the rate of 9.6
percent is 1.0433. The aggregate annual amount, $15,000, is
multiplied by the factor 6.2356 and the product multiplied by
1.0433. The present value of the annuity at the date of the
decedent's death is, therefore, $97,584.02
($15,000 x 6.2356 x 1.0433).
(C) If an annuity is payable at the beginning of annual,
semiannual, quarterly, monthly, or weekly periods for a term of years,
the value of the annuity is computed by multiplying the aggregate
amount payable annually by the annuity factor described in paragraph
(d)(2)(iv)(A) of this section; and the product so obtained is then
multiplied by the adjustment factor in Table J at the appropriate
interest rate component for payments made at the beginning of specified
periods. If an annuity is payable at the beginning of annual,
semiannual, quarterly, monthly, or weekly periods for one or more
lives, the value of the annuity is the sum of the first payment plus
the present value of a similar annuity, the first payment of which is
not to be made until the end of the payment period, determined as
provided in this paragraph (d)(2)(iv).
(v) Annuity and unitrust interests for a term of years or until the
prior death of an individual. See Sec. 25.2512-5(d)(2)(v) of this
chapter for examples explaining how to compute the present value of an
annuity or unitrust interest that is payable until the earlier of the
lapse of a specific number of years or the death of an individual.
(3) Transitional rule. (i) If the valuation date is after April 30,
1989, and before June 10, 1994, a taxpayer can rely on Notice 89-24,
1989-1 C.B. 660, or Notice 89-60, 1989-1 C.B. 700 (See
Sec. 601.601(d)(2)(ii)(b) of this chapter).
(ii) If a decedent dies after April 30, 1989, and if on May 1,
1989, the decedent was mentally incompetent so that the disposition of
the decedent's property could not be changed, and the decedent dies
without having regained competency to dispose of the decedent's
property or dies within 90 days of the date on which the decedent first
regains competency, the fair market value of annuities, life estates,
terms for years, remainders, and reversions included in the gross
estate of the decedent is their present value determined either under
this section or under the corresponding section applicable at the time
the decedent became mentally incompetent, at the option of the
decedent's executor. For example, see Sec. 20.2031-7A(d).
(4) Publications and actuarial computations by the Internal Revenue
Service. Many standard actuarial factors not included in paragraph
(d)(6) of this section are included in Internal Revenue Service
Publication 1457, ``Actuarial Values, Alpha Volume,'' (8-89).
Publication 1457 also includes examples that illustrate how to compute
many special factors for more unusual situations. A copy of this
publication may be purchased from the Superintendent of Documents,
United States Government Printing Office, Washington, DC 20402. If a
special factor is required in the case of an actual decedent, the
Service may furnish the factor to the executor upon a request for a
ruling. The request for a ruling must be accompanied by a recitation of
the facts including a statement of the date of birth for each measuring
life, the date of the decedent's death, any other applicable dates, and
a copy of the will, trust, or other relevant documents. A request for a
ruling must comply with the instructions for requesting a ruling
published periodically in the Internal Revenue Bulletin (see
Secs. 601.201 and 601.601(d)(2)(ii)(b) of this chapter) and include
payment of the required user fee.
(5) Examples. The provisions of this section are illustrated by the
following examples:
Example 1. Remainder payable at an individual's death. The
decedent, or the decedent's estate, was entitled to receive certain
property worth $50,000 upon the death of the decedent's elder
sister, to whom the income was bequeathed for life. The decedent
died in February 1990. At the time of the decedent's death, the
elder sister was 47 years 5 months old. In February 1990, the
section 7520 rate was 9.8 percent. Under Table S in paragraph (d)(6)
of this section, the remainder factor at 9.8 percent for determining
the present value of the remainder interest due at the death of a
person aged 47, the number of years nearest the elder sister's
actual age at the decedent's death, is .11352. The present value of
the remainder interest at the date of the decedent's death is,
therefore, $5,676.00 ($50,000 x .11352).
Example 2. Income payable for an individual's life. A's parent
bequeathed an income interest in property to A for life, with the
remainder interest passing to B at A's death. At the time of the
parent's death in October 1989, the value of the property was
$50,000 and A was 30 years 10 months old. The section 7520 rate in
October 1989 was 10.2 percent. Under Table S in paragraph (d)(6) of
this section, the remainder factor at 10.2 percent for determining
the present value of the remainder interest due at the death of a
person aged 31, the number of years closest to A's age at the
decedent's death, is .03753. Converting this remainder factor to an
income factor, as described in paragraph (d)(2)(iii) of this
section, the factor for determining the present value of an income
interest for the life of a person aged 31 is .96247. The present
value of A's interest at the time of the parent's death is,
therefore, $48,123.50 ($50,000 x .96247).
Example 3. Annuity payable for an individual's life. A purchased
an annuity for the benefit of both A and B. Under the terms of the
annuity contract, at A's death, a survivor annuity of $10,000 a year
payable in equal semiannual installments made at the end of each
interval is payable to B for life. A died in September 1989. For
September 1989, the section 7520 rate was 9.6 percent. At A's death,
B was 45 years 7 months old. Under Table S in paragraph (d)(6) of
this section, the factor at 9.6 percent for determining the present
value of the remainder interest at the death of a person age 46 (the
number of years nearest B's actual age) is .11013. By converting the
factor to an annuity factor, as described in paragraph (d)(2)(iv) of
this section, the factor for the present value of an annuity payable
until the death of a person age 46 is 9.2695 (1.00000 minus .11013,
divided by .096). The adjustment factor from Table K in paragraph
(d)(6) of this section at an interest rate of 9.6 percent for
semiannual annuity payments made at the end of the period is 1.0235.
The present value of the annuity at the date of A's death is,
therefore, $94,873.33 ($10,000 x 9.2695 x 1.0235).
Example 4. Annuity payable for a term of years. The decedent, or
the decedent's estate, was entitled to receive an annuity of $10,000
a year payable in equal quarterly installments at the end of each
quarter throughout a term certain. The decedent died in February
1990. For February 1990, the section 7520 rate was 9.8 percent. A
quarterly payment had just been made prior to the decedent's death
and payments were to continue for 5 more years. Under Table B in
paragraph (d)(6) of this section for the interest rate of 9.8
percent, the factor for the present value of a remainder interest
due after a term of 5 years is .626597. Converting the factor to an
annuity factor, as described in paragraph (d)(2)(iv) of this
section, the factor for the present value of an annuity for a term
of 5 years is 3.8102. The adjustment factor from Table K in
paragraph (d)(6) of this section at an interest rate of 9.8 percent
for quarterly annuity payments made at the end of the period is
1.0360. The present value of the annuity is, therefore, $39,473.67
($10,000 x 3.8102 x 1.0360).
(6) Actuarial Tables. Except as provided in Sec. 20.7520-3(b)
(pertaining to certain limitations on the use of prescribed tables),
the following tables must be used in the application of the provisions
of this section when the section 7520 interest rate component is
between 4.2 and 14 percent.
Table B.--Term Certain Remainder Factors Applicable After April 30, 1989
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interest rate
Years -------------------------------------------------------------------------------------------------------------
4.2% 4.4% 4.6% 4.8% 5.0% 5.2% 5.4% 5.6% 5.8% 6.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
1......................................... .959693 .957854 .956023 .954198 .952381 .950570 .948767 .946970 .945180 .943396
2......................................... .921010 .917485 .913980 .910495 .907029 .903584 .900158 .896752 .893364 .889996
3......................................... .883887 .878817 .873786 .868793 .863838 .858920 .854040 .849197 .844390 .839619
4......................................... .848260 .841779 .835359 .829001 .822702 .816464 .810285 .804163 .798100 .792094
5......................................... .814069 .806302 .798623 .791031 .783526 .776106 .768771 .761518 .754348 .747258
6......................................... .781257 .772320 .763501 .754801 .746215 .737744 .729384 .721135 .712994 .704961
7......................................... .749766 .739770 .729925 .720230 .710681 .701277 .692015 .682893 .673908 .665057
8......................................... .719545 .708592 .697825 .687242 .676839 .666613 .656561 .646679 .636964 .627412
9......................................... .690543 .678728 .667137 .655765 .644609 .633663 .622923 .612385 .602045 .591898
10........................................ .662709 .650122 .637798 .625730 .613913 .602341 .591009 .579910 .569041 .558395
11........................................ .635997 .622722 .609750 .597071 .584679 .572568 .560729 .549157 .537846 .526788
12........................................ .610362 .596477 .582935 .569724 .556837 .544266 .532001 .520035 .508361 .496969
13........................................ .585760 .571339 .557299 .543630 .530321 .517363 .504745 .492458 .480492 .468839
14........................................ .562150 .547259 .532790 .518731 .505068 .491790 .478885 .466343 .454151 .442301
15........................................ .539491 .524195 .509360 .494972 .481017 .467481 .454350 .441612 .429255 .417265
16........................................ .517746 .502102 .486960 .472302 .458112 .444374 .431072 .418194 .405723 .393646
17........................................ .496877 .480941 .465545 .450670 .436297 .422408 .408987 .396017 .383481 .371364
18........................................ .476849 .460671 .445071 .430028 .415521 .401529 .388033 .375016 .362458 .350344
19........................................ .457629 .441256 .425498 .410332 .395734 .381681 .368153 .355129 .342588 .330513
20........................................ .439183 .422659 .406786 .391538 .376889 .362815 .349291 .336296 .323807 .311805
21........................................ .421481 .404846 .388897 .373605 .358942 .344881 .331396 .318462 .306056 .294155
22........................................ .404492 .387783 .371794 .356494 .341850 .327834 .314417 .301574 .289278 .277505
23........................................ .388188 .371440 .355444 .340166 .325571 .311629 .298309 .285581 .273420 .261797
24........................................ .372542 .355785 .339813 .324586 .310068 .296225 .283025 .270437 .258431 .246979
25........................................ .357526 .340791 .324869 .309719 .295303 .281583 .268525 .256096 .244263 .232999
26........................................ .343115 .326428 .310582 .295533 .281241 .267664 .254768 .242515 .230873 .219810
27........................................ .329285 .312670 .296923 .281998 .267848 .254434 .241715 .229654 .218216 .207368
28........................................ .316012 .299493 .283866 .269082 .255094 .241857 .229331 .217475 .206253 .195630
29........................................ .303275 .286870 .271382 .256757 .242946 .229902 .217582 .205943 .194947 .184557
30........................................ .291051 .274780 .259447 .244997 .231377 .218538 .206434 .195021 .184260 .174110
31........................................ .279319 .263199 .248038 .233776 .220359 .207736 .195858 .184679 .174158 .164255
32........................................ .268061 .252106 .237130 .223069 .209866 .197468 .185823 .174886 .164611 .154957
33........................................ .257256 .241481 .226702 .212852 .199873 .187707 .176303 .165612 .155587 .146186
34........................................ .246887 .231304 .216732 .203103 .190355 .178429 .167270 .156829 .147058 .137912
35........................................ .236935 .221556 .207201 .193801 .181290 .169609 .158701 .148512 .138996 .130105
36........................................ .227385 .212218 .198089 .184924 .172657 .161225 .150570 .140637 .131376 .122741
37........................................ .218220 .203274 .189377 .176454 .164436 .153256 .142856 .133179 .124174 .115793
38........................................ .209424 .194707 .181049 .168373 .156605 .145681 .135537 .126116 .117367 .109239
39........................................ .200983 .186501 .173087 .160661 .149148 .138480 .128593 .119428 .110933 .103056
40........................................ .192882 .178641 .165475 .153302 .142046 .131635 .122004 .113095 .104851 .097222
41........................................ .185107 .171112 .158198 .146281 .135282 .125128 .115754 .107098 .099103 .091719
42........................................ .177646 .163900 .151241 .139581 .128840 .118943 .109823 .101418 .093670 .086527
43........................................ .170486 .156992 .144590 .133188 .122704 .113064 .104197 .096040 .088535 .081630
44........................................ .163614 .150376 .138231 .127088 .116861 .107475 .098858 .090947 .083682 .077009
45........................................ .157019 .144038 .132152 .121267 .111297 .102163 .093793 .086124 .079094 .072650
46........................................ .150690 .137968 .126340 .115713 .105997 .097113 .088988 .081557 .074758 .068538
47........................................ .144616 .132153 .120784 .110413 .100949 .092312 .084429 .077232 .070660 .064658
48........................................ .138787 .126583 .115473 .105356 .096142 .087749 .080103 .073136 .066786 .060998
49........................................ .133193 .121248 .110395 .100530 .091564 .083412 .075999 .069258 .063125 .057546
50........................................ .127824 .116138 .105540 .095926 .087204 .079289 .072106 .065585 .059665 .054288
51........................................ .122672 .111243 .100898 .091532 .083051 .075370 .068411 .062107 .056394 .051215
52........................................ .117728 .106555 .096461 .087340 .079096 .071644 .064907 .058813 .053302 .048316
53........................................ .112982 .102064 .092219 .083340 .075330 .068103 .061581 .055695 .050380 .045582
54........................................ .108428 .097763 .088164 .079523 .071743 .064737 .058426 .052741 .047618 .043001
55........................................ .104058 .093642 .084286 .075880 .068326 .061537 .055433 .049944 .045008 .040567
56........................................ .099864 .089696 .080580 .072405 .065073 .058495 .052593 .047296 .042541 .038271
57........................................ .095839 .085916 .077036 .069089 .061974 .055604 .049898 .044787 .040208 .036105
58........................................ .091976 .082295 .073648 .065924 .059023 .052855 .047342 .042412 .038004 .034061
59........................................ .088268 .078826 .070409 .062905 .056212 .050243 .044916 .040163 .035921 .032133
60........................................ .084710 .075504 .067313 .060024 .053536 .047759 .042615 .038033 .033952 .030314
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table B.--Term Certain Remainder Factors Applicable After April 30, 1989
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interest rate
Years -------------------------------------------------------------------------------------------------------------
6.2% 6.4% 6.6% 6.8% 7.0% 7.2% 7.4% 7.6% 7.8% 8.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
1......................................... .941620 .939850 .938086 .936330 .934579 .932836 .931099 .929368 .927644 .925926
2......................................... .886647 .883317 .880006 .876713 .873439 .870183 .866945 .863725 .860523 .857339
3......................................... .834885 .830185 .825521 .820892 .816298 .811738 .807211 .802718 .798259 .793832
4......................................... .786144 .780249 .774410 .768626 .762895 .757218 .751593 .746021 .740500 .735030
5......................................... .740248 .733317 .726464 .719687 .712986 .706360 .699808 .693328 .686920 .680583
6......................................... .697032 .689208 .681486 .673864 .666342 .658918 .651590 .644357 .637217 .630170
7......................................... .656339 .647752 .639292 .630959 .622750 .614662 .606694 .598845 .591111 .583490
8......................................... .618022 .608789 .599711 .590786 .582009 .573379 .564892 .556547 .548340 .540269
9......................................... .581942 .572170 .562581 .553170 .543934 .534868 .525971 .517237 .508664 .500249
10........................................ .547968 .537754 .527750 .517950 .508349 .498944 .489731 .480704 .471859 .463193
11........................................ .515977 .505408 .495075 .484972 .475093 .465433 .455987 .446750 .437717 .428883
12........................................ .485854 .475007 .464423 .454093 .444012 .434173 .424569 .415196 .406046 .397114
13........................................ .457490 .446436 .435669 .425181 .414964 .405012 .395316 .385870 .376666 .367698
14........................................ .430781 .419582 .408695 .398109 .387817 .377810 .368078 .358615 .349412 .340461
15........................................ .405632 .394344 .383391 .372762 .362446 .352434 .342717 .333285 .324130 .315242
16........................................ .381951 .370624 .359654 .349028 .338735 .328763 .319103 .309745 .300677 .291890
17........................................ .359653 .348331 .337386 .326805 .316574 .306682 .297117 .287867 .278921 .270269
18........................................ .338656 .327379 .316498 .305997 .295864 .286084 .276645 .267534 .258739 .250249
19........................................ .318885 .307687 .296902 .286514 .276508 .266870 .257584 .248638 .240018 .231712
20........................................ .300268 .289179 .278520 .268272 .258419 .248946 .239836 .231076 .222651 .214548
21........................................ .282739 .271785 .261276 .251191 .241513 .232225 .223311 .214755 .206541 .198656
22........................................ .266232 .255437 .245099 .235197 .225713 .216628 .207925 .199586 .191596 .183941
23........................................ .250689 .240073 .229924 .220222 .210947 .202078 .193598 .185489 .177733 .170315
24........................................ .236054 .225632 .215689 .206201 .197147 .188506 .180259 .172387 .164873 .157699
25........................................ .222273 .212060 .202334 .193072 .184249 .175845 .167839 .160211 .152943 .146018
26........................................ .209297 .199305 .189807 .180779 .172195 .164035 .156275 .148895 .141877 .135202
27........................................ .197078 .187317 .178056 .169269 .160930 .153017 .145507 .138379 .131611 .125187
28........................................ .185572 .176049 .167031 .158491 .150402 .142740 .135482 .128605 .122088 .115914
29........................................ .174739 .165460 .156690 .148400 .140563 .133153 .126147 .119521 .113255 .107328
30........................................ .164537 .155507 .146989 .138951 .131367 .124210 .117455 .111079 .105060 .099377
31........................................ .154932 .146154 .137888 .130104 .122773 .115868 .109362 .103233 .097458 .092016
32........................................ .145887 .137362 .129351 .121820 .114741 .108085 .101827 .095942 .090406 .085200
33........................................ .137370 .129100 .121342 .114064 .107235 .100826 .094811 .089165 .083865 .078889
34........................................ .129350 .121335 .113830 .106802 .100219 .094054 .088278 .082867 .077797 .073045
35........................................ .121798 .114036 .106782 .100001 .093663 .087737 .082196 .077014 .072168 .067635
36........................................ .114688 .107177 .100171 .093634 .087535 .081844 .076532 .071574 .066946 .062625
37........................................ .107992 .100730 .093969 .087673 .081809 .076347 .071259 .066519 .062102 .057986
38........................................ .101688 .094671 .088151 .082090 .076457 .071219 .066349 .061821 .057609 .053690
39........................................ .095751 .088977 .082693 .076864 .071455 .066436 .061778 .057454 .053440 .049713
40........................................ .090161 .083625 .077573 .071970 .066780 .061974 .057521 .053396 .049573 .046031
41........................................ .084897 .078595 .072770 .067387 .062412 .057811 .053558 .049625 .045987 .042621
42........................................ .079941 .073867 .068265 .063097 .058329 .053929 .049868 .046120 .042659 .039464
43........................................ .075274 .069424 .064038 .059079 .054513 .050307 .046432 .042862 .039572 .036541
44........................................ .070880 .065248 .060074 .055318 .050946 .046928 .043233 .039835 .036709 .033834
45........................................ .066742 .061323 .056354 .051796 .047613 .043776 .040254 .037021 .034053 .031328
46........................................ .062845 .057635 .052865 .048498 .044499 .040836 .037480 .034406 .031589 .029007
47........................................ .059176 .054168 .049592 .045410 .041587 .038093 .034898 .031976 .029303 .026859
48........................................ .055722 .050910 .046522 .042519 .038867 .035535 .032493 .029717 .027183 .024869
49........................................ .052469 .047848 .043641 .039812 .036324 .033148 .030255 .027618 .025216 .023027
50........................................ .049405 .044970 .040939 .037277 .033948 .030922 .028170 .025668 .023392 .021321
51........................................ .046521 .042265 .038405 .034903 .031727 .028845 .026229 .023855 .021699 .019742
52........................................ .043805 .039722 .036027 .032681 .029651 .026907 .024422 .022170 .020129 .018280
53........................................ .041248 .037333 .033796 .030600 .027711 .025100 .022739 .020604 .018673 .016925
54........................................ .038840 .035087 .031704 .028652 .025899 .023414 .021172 .019149 .017322 .015672
55........................................ .036572 .032977 .029741 .026828 .024204 .021842 .019714 .017796 .016068 .014511
56........................................ .034437 .030993 .027900 .025119 .022621 .020375 .018355 .016539 .014906 .013436
57........................................ .032427 .029129 .026172 .023520 .021141 .019006 .017091 .015371 .013827 .012441
58........................................ .030534 .027377 .024552 .022023 .019758 .017730 .015913 .014285 .012827 .011519
59........................................ .028751 .025730 .023032 .020620 .018465 .016539 .014817 .013276 .011899 .010666
60........................................ .027073 .024183 .021606 .019307 .017257 .015428 .013796 .012339 .011038 .009876
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table B.--Term Certain Remainder Factors
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interest rate
Years ---------------------------------------------------------------------------------------------------
8.2% 8.4% 8.6% 8.8% 9.0% 9.2% 9.4% 9.6% 9.8% 10.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
1................................................... .924214 .922509 .920810 .919118 .917431 .915751 .914077 .912409 .910747 .909091
2................................................... .854172 .851023 .847892 .844777 .841680 .838600 .835536 .832490 .829460 .826446
3................................................... .789438 .785077 .780747 .776450 .772183 .767948 .763744 .759571 .755428 .751315
4................................................... .729610 .724241 .718920 .713649 .708425 .703250 .698121 .693039 .688003 .683013
5................................................... .674316 .668119 .661989 .655927 .649931 .644001 .638136 .632335 .626597 .620921
6................................................... .623213 .616346 .609566 .602874 .596267 .589745 .583305 .576948 .570671 .564474
7................................................... .575982 .568585 .561295 .554112 .547034 .540059 .533186 .526412 .519737 .513158
8................................................... .532331 .524524 .516846 .509294 .501866 .494560 .487373 .480303 .473349 .466507
9................................................... .491988 .483879 .475917 .468101 .460428 .452894 .445496 .438233 .431101 .424098
10.................................................. .454703 .446383 .438230 .430240 .422411 .414738 .407218 .399848 .392624 .385543
11.................................................. .420243 .411792 .403526 .395441 .387533 .379797 .372228 .364824 .357581 .350494
12.................................................. .388394 .379882 .371571 .363457 .355535 .347799 .340245 .332869 .325666 .318631
13.................................................. .358960 .350445 .342147 .334060 .326179 .318497 .311010 .303713 .296599 .289664
14.................................................. .331756 .323288 .315052 .307040 .299246 .291664 .284287 .277110 .270127 .263331
15.................................................. .306613 .298236 .290103 .282206 .274538 .267092 .259860 .252838 .246017 .239392
16.................................................. .283376 .275126 .267130 .259381 .251870 .244589 .237532 .230691 .224059 .217629
17.................................................. .261901 .253806 .245976 .238401 .231073 .223983 .217123 .210485 .204061 .197845
18.................................................. .242052 .234139 .226497 .219119 .211994 .205113 .198467 .192048 .185848 .179859
19.................................................. .223708 .215995 .208561 .201396 .194490 .187832 .181414 .175226 .169260 .163508
20.................................................. .206754 .199257 .192045 .185107 .178431 .172007 .165826 .159878 .154153 .148644
21.................................................. .191085 .183817 .176837 .170135 .163698 .157516 .151578 .145874 .140395 .135131
22.................................................. .176604 .169573 .162834 .156374 .150182 .144245 .138554 .133097 .127864 .122846
23.................................................. .163220 .156432 .149939 .143726 .137781 .132093 .126649 .121439 .116452 .111678
24.................................................. .150850 .144310 .138065 .132101 .126405 .120964 .115767 .110802 .106058 .101526
25.................................................. .139418 .133128 .127132 .121416 .115968 .110773 .105820 .101097 .096592 .092296
26.................................................. .128852 .122811 .117064 .111596 .106393 .101441 .096727 .092241 .087971 .083905
27.................................................. .119087 .113295 .107794 .102570 .097608 .092894 .088416 .084162 .080119 .076278
28.................................................. .110062 .104515 .099258 .094274 .089548 .085068 .080819 .076790 .072968 .069343
29.................................................. .101721 .096416 .091398 .086649 .082155 .077901 .073875 .070064 .066456 .063039
30.................................................. .094012 .088945 .084160 .079640 .075371 .071338 .067527 .063927 .060524 .057309
31.................................................. .086887 .082053 .077495 .073199 .069148 .065328 .061725 .058327 .055122 .052099
32.................................................. .080302 .075694 .071358 .067278 .063438 .059824 .056422 .053218 .050202 .047362
33.................................................. .074216 .069829 .065708 .061837 .058200 .054784 .051574 .048557 .045722 .043057
34.................................................. .068592 .064418 .060504 .056835 .053395 .050168 .047142 .044304 .041641 .039143
35.................................................. .063394 .059426 .055713 .052238 .048986 .045942 .043092 .040423 .037924 .035584
36.................................................. .058589 .054821 .051301 .048013 .044941 .042071 .039389 .036882 .034539 .032349
37.................................................. .054149 .050573 .047239 .044130 .041231 .038527 .036005 .033652 .031457 .029408
38.................................................. .050045 .046654 .043498 .040560 .037826 .035281 .032911 .030704 .028649 .026735
39.................................................. .046253 .043039 .040053 .037280 .034703 .032309 .030083 .028015 .026092 .024304
40.................................................. .042747 .039703 .036881 .034264 .031838 .029587 .027498 .025561 .023763 .022095
41.................................................. .039508 .036627 .033961 .031493 .029209 .027094 .025136 .023322 .021642 .020086
42.................................................. .036514 .033789 .031271 .028946 .026797 .024811 .022976 .021279 .019711 .018260
43.................................................. .033746 .031170 .028795 .026605 .024584 .022721 .021002 .019415 .017951 .016600
44.................................................. .031189 .028755 .026515 .024453 .022555 .020807 .019197 .017715 .016349 .015091
45.................................................. .028825 .026527 .024415 .022475 .020692 .019054 .017548 .016163 .014890 .013719
46.................................................. .026641 .024471 .022482 .020657 .018984 .017449 .016040 .014747 .013561 .012472
47.................................................. .024622 .022575 .020701 .018986 .017416 .015978 .014662 .013456 .012351 .011338
48.................................................. .022756 .020825 .019062 .017451 .015978 .014632 .013402 .012277 .011248 .010307
49.................................................. .021031 .019212 .017552 .016039 .014659 .013400 .012250 .011202 .010244 .009370
50.................................................. .019437 .017723 .016163 .014742 .013449 .012271 .011198 .010221 .009330 .008519
51.................................................. .017964 .016350 .014883 .013550 .012338 .011237 .010236 .009325 .008497 .007744
52.................................................. .016603 .015083 .013704 .012454 .011319 .010290 .009356 .008508 .007739 .007040
53.................................................. .015345 .013914 .012619 .011446 .010385 .009423 .008552 .007763 .007048 .006400
54.................................................. .014182 .012836 .011620 .010521 .009527 .008629 .007817 .007083 .006419 .005818
55.................................................. .013107 .011841 .010699 .009670 .008741 .007902 .007146 .006463 .005846 .005289
56.................................................. .012114 .010923 .009852 .008888 .008019 .007237 .006532 .005897 .005324 .004809
57.................................................. .011196 .010077 .009072 .008169 .007357 .006627 .005971 .005380 .004849 .004371
58.................................................. .010347 .009296 .008354 .007508 .006749 .006069 .005458 .004909 .004416 .003974
59.................................................. .009563 .008576 .007692 .006901 .006192 .005557 .004989 .004479 .004022 .003613
60.................................................. .008838 .007911 .007083 .006343 .005681 .005089 .004560 .004087 .003663 .003284
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table B.--Term Certain Remainder Factors Applicable After April 30, 1989
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interest rate
Years ---------------------------------------------------------------------------------------------------
10.2% 10.4% 10.6% 10.8% 11.0% 11.2% 11.4% 11.6% 11.8% 12.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
1................................................... .907441 .905797 .904159 .902527 .900901 .899281 .897666 .896057 .894454 .892857
2................................................... .823449 .820468 .817504 .814555 .811622 .808706 .805804 .802919 .800049 .797194
3................................................... .747232 .743178 .739153 .735158 .731191 .727253 .723343 .719461 .715607 .711780
4................................................... .678069 .673168 .668312 .663500 .658731 .654005 .649321 .644679 .640078 .635518
5................................................... .615307 .609754 .604261 .598827 .593451 .588134 .582873 .577669 .572520 .567427
6................................................... .558355 .552313 .546348 .540457 .534641 .528897 .523225 .517625 .512093 .506631
7................................................... .506674 .500284 .493985 .487777 .481658 .475627 .469682 .463821 .458044 .452349
8................................................... .459777 .453156 .446641 .440232 .433926 .427722 .421617 .415610 .409700 .403883
9................................................... .417221 .410467 .403835 .397322 .390925 .384642 .378472 .372411 .366458 .360610
10.................................................. .378603 .371800 .365131 .358593 .352184 .345901 .339741 .333701 .327780 .321973
11.................................................. .343560 .336775 .330137 .323640 .317283 .311062 .304974 .299016 .293184 .287476
12.................................................. .311760 .305050 .298496 .292094 .285841 .279732 .273765 .267935 .262240 .256675
13.................................................. .282904 .276313 .269888 .263623 .257514 .251558 .245749 .240085 .234561 .229174
14.................................................. .256719 .250284 .244022 .237927 .231995 .226221 .220601 .215130 .209804 .204620
15.................................................. .232957 .226706 .220634 .214735 .209004 .203436 .198026 .192769 .187661 .182696
16.................................................. .211395 .205350 .199489 .193804 .188292 .182946 .177761 .172732 .167854 .163122
17.................................................. .191828 .186005 .180369 .174914 .169633 .164520 .159570 .154778 .150138 .145644
18.................................................. .174073 .168483 .163083 .157864 .152822 .147950 .143241 .138690 .134291 .130040
19.................................................. .157961 .152612 .147453 .142477 .137678 .133048 .128582 .124274 .120117 .116107
20.................................................. .143340 .138235 .133321 .128589 .124034 .119648 .115424 .111357 .107439 .103667
21.................................................. .130073 .125213 .120543 .116055 .111742 .107597 .103612 .099782 .096100 .092560
22.................................................. .118033 .113418 .108990 .104743 .100669 .096760 .093009 .089410 .085957 .082643
23.................................................. .107108 .102733 .098544 .094533 .090693 .087014 .083491 .080117 .076884 .073788
24.................................................. .097195 .093056 .089100 .085319 .081705 .078250 .074947 .071789 .068770 .065882
25.................................................. .088198 .084289 .080560 .077003 .073608 .070369 .067278 .064327 .061511 .058823
26.................................................. .080035 .076349 .072839 .069497 .066314 .063281 .060393 .057641 .055019 .052521
27.................................................. .072627 .069157 .065858 .062723 .059742 .056908 .054213 .051650 .049212 .046894
28.................................................. .065905 .062642 .059547 .056609 .053822 .051176 .048665 .046281 .044018 .041869
29.................................................. .059804 .056741 .053840 .051091 .048488 .046022 .043685 .041470 .039372 .037383
30.................................................. .054269 .051396 .048680 .046111 .043683 .041386 .039214 .037160 .035216 .033378
31.................................................. .049246 .046554 .044014 .041617 .039354 .037218 .035201 .033297 .031500 .029802
32.................................................. .044688 .042169 .039796 .037560 .035454 .033469 .031599 .029836 .028175 .026609
33.................................................. .040552 .038196 .035982 .033899 .031940 .030098 .028365 .026735 .025201 .023758
34.................................................. .036798 .034598 .032533 .030595 .028775 .027067 .025463 .023956 .022541 .021212
35.................................................. .033392 .031339 .029415 .027613 .025924 .024341 .022857 .021466 .020162 .018940
36.................................................. .030301 .028387 .026596 .024921 .023355 .021889 .020518 .019235 .018034 .016910
37.................................................. .027497 .025712 .024047 .022492 .021040 .019684 .018418 .017236 .016131 .015098
38.................................................. .024952 .023290 .021742 .020300 .018955 .017702 .016533 .015444 .014428 .013481
39.................................................. .022642 .021096 .019658 .018321 .017077 .015919 .014841 .013839 .012905 .012036
40.................................................. .020546 .019109 .017774 .016535 .015384 .014316 .013323 .012400 .011543 .010747
41.................................................. .018645 .017309 .016071 .014923 .013860 .012874 .011959 .011111 .010325 .009595
42.................................................. .016919 .015678 .014531 .013469 .012486 .011577 .010735 .009956 .009235 .008567
43.................................................. .015353 .014201 .013138 .012156 .011249 .010411 .009637 .008922 .008260 .007649
44.................................................. .013932 .012864 .011879 .010971 .010134 .009362 .008651 .007994 .007389 .006830
45.................................................. .012642 .011652 .010740 .009902 .009130 .008419 .007765 .007163 .006609 .006098
46.................................................. .011472 .010554 .009711 .008937 .008225 .007571 .006971 .006419 .005911 .005445
47.................................................. .010410 .009560 .008780 .008065 .007410 .006809 .006257 .005752 .005287 .004861
48.................................................. .009447 .008659 .007939 .007279 .006676 .006123 .005617 .005154 .004729 .004340
49.................................................. .008572 .007844 .007178 .006570 .006014 .005506 .005042 .004618 .004230 .003875
50.................................................. .007779 .007105 .006490 .005929 .005418 .004952 .004526 .004138 .003784 .003460
51.................................................. .007059 .006435 .005868 .005351 .004881 .004453 .004063 .003708 .003384 .003089
52.................................................. .006406 .005829 .005306 .004830 .004397 .004005 .003647 .003322 .003027 .002758
53.................................................. .005813 .005280 .004797 .004359 .003962 .003601 .003274 .002977 .002708 .002463
54.................................................. .005275 .004783 .004337 .003934 .003569 .003238 .002939 .002668 .002422 .002199
55.................................................. .004786 .004332 .003922 .003551 .003215 .002912 .002638 .002390 .002166 .001963
56.................................................. .004343 .003924 .003546 .003205 .002897 .002619 .002368 .002142 .001938 .001753
57.................................................. .003941 .003554 .003206 .002892 .002610 .002355 .002126 .001919 .001733 .001565
58.................................................. .003577 .003220 .002899 .002610 .002351 .002118 .001908 .001720 .001550 .001398
59.................................................. .003246 .002916 .002621 .002356 .002118 .001905 .001713 .001541 .001387 .001248
60.................................................. .002945 .002642 .002370 .002126 .001908 .001713 .001538 .001381 .001240 .001114
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table B.--Term Certain Remainder Factors Applicable After April 30, 1989
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interest rate
Years -------------------------------------------------------------------------------------------------------------
12.2% 12.4% 12.6% 12.8% 13.0% 13.2% 13.4% 13.6% 13.8% 14.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
1......................................... .891266 .889680 .888099 .886525 .884956 .883392 .881834 .880282 .878735 .877193
2......................................... .794354 .791530 .788721 .785926 .783147 .780382 .777632 .774896 .772175 .769468
3......................................... .707981 .704208 .700462 .696743 .693050 .689383 .685742 .682127 .678536 .674972
4......................................... .630999 .626520 .622080 .617680 .613319 .608996 .604711 .600464 .596254 .592080
5......................................... .562388 .557402 .552469 .547589 .542760 .537982 .533255 .528577 .523949 .519369
6......................................... .501237 .495909 .490648 .485451 .480319 .475249 .470242 .465297 .460412 .455587
7......................................... .446735 .441200 .435744 .430364 .425061 .419831 .414676 .409592 .404580 .399637
8......................................... .398160 .392527 .386984 .381529 .376160 .370876 .365675 .360557 .355518 .350559
9......................................... .354866 .349223 .343680 .338235 .332885 .327629 .322465 .317391 .312406 .307508
10........................................ .316280 .310697 .305222 .299853 .294588 .289425 .284361 .279394 .274522 .269744
11........................................ .281889 .276421 .271068 .265827 .260698 .255676 .250759 .245945 .241232 .236617
12........................................ .251238 .245926 .240735 .235663 .230706 .225862 .221128 .216501 .211979 .207559
13........................................ .223920 .218795 .213797 .208921 .204165 .199525 .194998 .190582 .186273 .182069
14........................................ .199572 .194658 .189873 .185213 .180677 .176258 .171956 .167766 .163685 .159710
15........................................ .177872 .173183 .168626 .164196 .159891 .155705 .151637 .147681 .143835 .140096
16........................................ .158531 .154077 .149757 .145564 .141496 .137549 .133718 .130001 .126393 .122892
17........................................ .141293 .137080 .132999 .129046 .125218 .121510 .117917 .114438 .111066 .107800
18........................................ .125930 .121957 .118116 .114403 .110812 .107341 .103984 .100737 .097598 .094561
19........................................ .112237 .108503 .104899 .101421 .098064 .094824 .091696 .088677 .085762 .082948
20........................................ .100033 .096533 .093161 .089912 .086782 .083767 .080861 .078061 .075362 .072762
21........................................ .089156 .085883 .082736 .079709 .076798 .073999 .071306 .068716 .066224 .063826
22........................................ .079462 .076408 .073478 .070664 .067963 .065370 .062880 .060489 .058193 .055988
23........................................ .070821 .067979 .065255 .062646 .060144 .057747 .055450 .053247 .051136 .049112
24........................................ .063121 .060480 .057953 .055537 .053225 .051014 .048898 .046873 .044935 .043081
25........................................ .056257 .053807 .051468 .049235 .047102 .045065 .043119 .041261 .039486 .037790
26........................................ .050140 .047871 .045709 .043648 .041683 .039810 .038024 .036321 .034698 .033149
27........................................ .044688 .042590 .040594 .038695 .036888 .035168 .033531 .031973 .030490 .029078
28........................................ .039829 .037892 .036052 .034304 .032644 .031067 .029569 .028145 .026793 .025507
29........................................ .035498 .033711 .032017 .030411 .028889 .027444 .026075 .024776 .023544 .022375
30........................................ .031638 .029992 .028435 .026960 .025565 .024244 .022994 .021810 .020689 .019627
31........................................ .028198 .026684 .025253 .023901 .022624 .021417 .020277 .019199 .018180 .017217
32........................................ .025132 .023740 .022427 .021189 .020021 .018920 .017881 .016900 .015975 .015102
33........................................ .022399 .021121 .019917 .018785 .017718 .016714 .015768 .014877 .014038 .013248
34........................................ .019964 .018791 .017689 .016653 .015680 .014765 .013905 .013096 .012336 .011621
35........................................ .017793 .016718 .015709 .014763 .013876 .013043 .012261 .011528 .010840 .010194
36........................................ .015858 .014873 .013951 .013088 .012279 .011522 .010813 .010148 .009525 .008942
37........................................ .014134 .013233 .012390 .011603 .010867 .010178 .009535 .008933 .008370 .007844
38........................................ .012597 .011773 .011004 .010286 .009617 .008992 .008408 .007864 .007355 .006880
39........................................ .011227 .010474 .009772 .009119 .008510 .007943 .007415 .006922 .006463 .006035
40........................................ .010007 .009319 .008679 .008084 .007531 .007017 .006538 .006093 .005679 .005294
41........................................ .008919 .008291 .007708 .007167 .006665 .006199 .005766 .005364 .004991 .004644
42........................................ .007949 .007376 .006845 .006354 .005898 .005476 .005085 .004722 .004386 .004074
43........................................ .007084 .006562 .006079 .005633 .005219 .004837 .004484 .004157 .003854 .003573
44........................................ .006314 .005838 .005399 .004993 .004619 .004273 .003954 .003659 .003386 .003135
45........................................ .005628 .005194 .004795 .004427 .004088 .003775 .003487 .003221 .002976 .002750
46........................................ .005016 .004621 .004258 .003924 .003617 .003335 .003075 .002835 .002615 .002412
47........................................ .004470 .004111 .003782 .003479 .003201 .002946 .002711 .002496 .002298 .002116
48........................................ .003984 .003658 .003359 .003084 .002833 .002602 .002391 .002197 .002019 .001856
49........................................ .003551 .003254 .002983 .002734 .002507 .002299 .002108 .001934 .001774 .001628
50........................................ .003165 .002895 .002649 .002424 .002219 .002031 .001859 .001702 .001559 .001428
51........................................ .002821 .002576 .002353 .002149 .001963 .001794 .001640 .001499 .001370 .001253
52........................................ .002514 .002292 .002089 .001905 .001737 .001585 .001446 .001319 .001204 .001099
53........................................ .002241 .002039 .001856 .001689 .001538 .001400 .001275 .001161 .001058 .000964
54........................................ .001997 .001814 .001648 .001497 .001361 .001237 .001124 .001022 .000930 .000846
55........................................ .001780 .001614 .001463 .001327 .001204 .001093 .000991 .000900 .000817 .000742
56........................................ .001586 .001436 .001300 .001177 .001066 .000965 .000874 .000792 .000718 .000651
57........................................ .001414 .001277 .001154 .001043 .000943 .000853 .000771 .000697 .000631 .000571
58........................................ .001260 .001136 .001025 .000925 .000835 .000753 .000680 .000614 .000554 .000501
59........................................ .001123 .001011 .000910 .000820 .000739 .000665 .000600 .000540 .000487 .000439
60........................................ .001001 .000900 .000809 .000727 .000654 .000588 .000529 .000476 .000428 .000385
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table J.--Adjustment Factors for Term Certain Annuities Payable at the Beginning of Each Interval Applicable
After April 30, 1989
[Frequency of payments]
----------------------------------------------------------------------------------------------------------------
Semi
Interest rate Annually annually Quarterly Monthly Weekly
----------------------------------------------------------------------------------------------------------------
4.2............................................ 1.0420 1.0314 1.0261 1.0226 1.0213
4.4............................................ 1.0440 1.0329 1.0274 1.0237 1.0223
4.6............................................ 1.0460 1.0344 1.0286 1.0247 1.0233
4.8............................................ 1.0480 1.0359 1.0298 1.0258 1.0243
5.0............................................ 1.0500 1.0373 1.0311 1.0269 1.0253
5.2............................................ 1.0520 1.0388 1.0323 1.0279 1.0263
5.4............................................ 1.0540 1.0403 1.0335 1.0290 1.0273
5.6............................................ 1.0560 1.0418 1.0348 1.0301 1.0283
5.8............................................ 1.0580 1.0433 1.0360 1.0311 1.0293
6.0............................................ 1.0600 1.0448 1.0372 1.0322 1.0303
6.2............................................ 1.0620 1.0463 1.0385 1.0333 1.0313
6.4............................................ 1.0640 1.0478 1.0397 1.0343 1.0323
6.6............................................ 1.0660 1.0492 1.0409 1.0354 1.0333
6.8............................................ 1.0680 1.0507 1.0422 1.0365 1.0343
7.0............................................ 1.0700 1.0522 1.0434 1.0375 1.0353
7.2............................................ 1.0720 1.0537 1.0446 1.0386 1.0363
7.4............................................ 1.0740 1.0552 1.0458 1.0396 1.0373
7.6............................................ 1.0760 1.0567 1.0471 1.0407 1.0383
7.8............................................ 1.0780 1.0581 1.0483 1.0418 1.0393
8.0............................................ 1.0800 1.0596 1.0495 1.0428 1.0403
8.2............................................ 1.0820 1.0611 1.0507 1.0439 1.0413
8.4............................................ 1.0840 1.0626 1.0520 1.0449 1.0422
8.6............................................ 1.0860 1.0641 1.0532 1.0460 1.0432
8.8............................................ 1.0880 1.0655 1.0544 1.0471 1.0442
9.0............................................ 1.0900 1.0670 1.0556 1.0481 1.0452
9.2............................................ 1.0920 1.0685 1.0569 1.0492 1.0462
9.4............................................ 1.0940 1.0700 1.0581 1.0502 1.0472
9.6............................................ 1.0960 1.0715 1.0593 1.0513 1.0482
9.8............................................ 1.0980 1.0729 1.0605 1.0523 1.0492
10.0........................................... 1.1000 1.0744 1.0618 1.0534 1.0502
10.2........................................... 1.1020 1.0759 1.0630 1.0544 1.0512
10.4........................................... 1.1040 1.0774 1.0642 1.0555 1.0521
10.6........................................... 1.1060 1.0788 1.0654 1.0565 1.0531
10.8........................................... 1.1080 1.0803 1.0666 1.0576 1.0541
11.0........................................... 1.1100 1.0818 1.0679 1.0586 1.0551
11.2........................................... 1.1120 1.0833 1.0691 1.0597 1.0561
11.4........................................... 1.1140 1.0847 1.0703 1.0607 1.0571
11.6........................................... 1.1160 1.0862 1.0715 1.0618 1.0581
11.8........................................... 1.1180 1.0877 1.0727 1.0628 1.0590
12.0........................................... 1.1200 1.0892 1.0739 1.0639 1.0600
12.2........................................... 1.1220 1.0906 1.0752 1.0649 1.0610
12.4........................................... 1.1240 1.0921 1.0764 1.0660 1.0620
12.6........................................... 1.1260 1.0936 1.0776 1.0670 1.0630
12.8........................................... 1.1280 1.0950 1.0788 1.0681 1.0639
13.0........................................... 1.1300 1.0965 1.0800 1.0691 1.0649
13.2........................................... 1.1320 1.0980 1.0812 1.0701 1.0659
13.4........................................... 1.1340 1.0994 1.0824 1.0712 1.0669
13.6........................................... 1.1360 1.1009 1.0836 1.0722 1.0679
13.8........................................... 1.1380 1.1024 1.0849 1.0733 1.0688
14.0........................................... 1.1400 1.1039 1.0861 1.0743 1.0698
----------------------------------------------------------------------------------------------------------------
Table K.--Adjustment Factors For Annuities Payable At The End Of Each Interval Applicable After April 30, 1989
[Frequency of Payments]
----------------------------------------------------------------------------------------------------------------
Semi
Interest Rate Annually annually Quarterly Monthly Weekly
----------------------------------------------------------------------------------------------------------------
4.2............................................ 1.0000 1.0104 1.0156 1.0191 1.0205
4.4............................................ 1.0000 1.0109 1.0164 1.0200 1.0214
4.6............................................ 1.0000 1.0114 1.0171 1.0209 1.0224
4.8............................................ 1.0000 1.0119 1.0178 1.0218 1.0234
5.0............................................ 1.0000 1.0123 1.0186 1.0227 1.0243
5.2............................................ 1.0000 1.0128 1.0193 1.0236 1.0253
5.4............................................ 1.0000 1.0133 1.0200 1.0245 1.0262
5.6............................................ 1.0000 1.0138 1.0208 1.0254 1.0272
5.8............................................ 1.0000 1.0143 1.0215 1.0263 1.0282
6.0............................................ 1.0000 1.0148 1.0222 1.0272 1.0291
6.2............................................ 1.0000 1.0153 1.0230 1.0281 1.0301
6.4............................................ 1.0000 1.0158 1.0237 1.0290 1.0311
6.6............................................ 1.0000 1.0162 1.0244 1.0299 1.0320
6.8............................................ 1.0000 1.0167 1.0252 1.0308 1.0330
7.0............................................ 1.0000 1.0172 1.0259 1.0317 1.0339
7.2............................................ 1.0000 1.0177 1.0266 1.0326 1.0349
7.4............................................ 1.0000 1.0182 1.0273 1.0335 1.0358
7.6............................................ 1.0000 1.0187 1.0281 1.0344 1.0368
7.8............................................ 1.0000 1.0191 1.0288 1.0353 1.0378
8.0............................................ 1.0000 1.0196 1.0295 1.0362 1.0387
8.2............................................ 1.0000 1.0201 1.0302 1.0370 1.0397
8.4............................................ 1.0000 1.0206 1.0310 1.0379 1.0406
8.6............................................ 1.0000 1.0211 1.0317 1.0388 1.0416
8.8............................................ 1.0000 1.0215 1.0324 1.0397 1.0425
9.0............................................ 1.0000 1.0220 1.0331 1.0406 1.0435
9.2............................................ 1.0000 1.0225 1.0339 1.0415 1.0444
9.4............................................ 1.0000 1.0230 1.0346 1.0424 1.0454
9.6............................................ 1.0000 1.0235 1.0353 1.0433 1.0463
9.8............................................ 1.0000 1.0239 1.0360 1.0442 1.0473
10.0........................................... 1.0000 1.0244 1.0368 1.0450 1.0482
10.2........................................... 1.0000 1.0249 1.0375 1.0459 1.0492
10.4........................................... 1.0000 1.0254 1.0382 1.0468 1.0501
10.6........................................... 1.0000 1.0258 1.0389 1.0477 1.0511
10.8........................................... 1.0000 1.0263 1.0396 1.0486 1.0520
11.0........................................... 1.0000 1.0268 1.0404 1.0495 1.0530
11.2........................................... 1.0000 1.0273 1.0411 1.0503 1.0539
11.4........................................... 1.0000 1.0277 1.0418 1.0512 1.0549
11.6........................................... 1.0000 1.0282 1.0425 1.0521 1.0558
11.8........................................... 1.0000 1.0287 1.0432 1.0530 1.0568
12.0........................................... 1.0000 1.0292 1.0439 1.0539 1.0577
12.2........................................... 1.0000 1.0296 1.0447 1.0548 1.0587
12.4........................................... 1.0000 1.0301 1.0454 1.0556 1.0596
12.6........................................... 1.0000 1.0306 1.0461 1.0565 1.0605
12.8........................................... 1.0000 1.0310 1.0468 1.0574 1.0615
13.0........................................... 1.0000 1.0315 1.0475 1.0583 1.0624
13.2........................................... 1.0000 1.0320 1.0482 1.0591 1.0634
13.4........................................... 1.0000 1.0324 1.0489 1.0600 1.0643
13.6........................................... 1.0000 1.0329 1.0496 1.0609 1.0652
13.8........................................... 1.0000 1.0334 1.0504 1.0618 1.0662
14.0........................................... 1.0000 1.0339 1.0511 1.0626 1.0671
----------------------------------------------------------------------------------------------------------------
Table S.--Based on Life Table 80CNSMT Single Life Remainder Factors
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interest rate
Age -------------------------------------------------------------------------------------------------------------
4.2% 4.4% 4.6% 4.8% 5.0% 5.2% 5.4% 5.6% 5.8% 6.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
0......................................... .07389 .06749 .06188 .05695 .05261 .04879 .04541 .04243 .03978 .03744
1......................................... .06494 .05832 .05250 .04738 .04287 .03889 .03537 .03226 .02950 .02705
2......................................... .06678 .05999 .05401 .04874 .04410 .03999 .03636 .03314 .03028 .02773
3......................................... .06897 .06200 .05587 .05045 .04567 .04143 .03768 .03435 .03139 .02875
4......................................... .07139 .06425 .05796 .05239 .04746 .04310 .03922 .03578 .03271 .02998
5......................................... .07401 .06669 .06023 .05451 .04944 .04494 .04094 .03738 .03421 .03137
6......................................... .07677 .06928 .06265 .05677 .05156 .04692 .04279 .03911 .03583 .03289
7......................................... .07968 .07201 .06521 .05918 .05381 .04903 .04477 .04097 .03757 .03453
8......................................... .08274 .07489 .06792 .06172 .05621 .05129 .04689 .04297 .03945 .03630
9......................................... .08597 .07794 .07079 .06443 .05876 .05370 .04917 .04511 .04148 .03821
10........................................ .08936 .08115 .07383 .06730 .06147 .05626 .05159 .04741 .04365 .04027
11........................................ .09293 .08453 .07704 .07035 .06436 .05900 .05419 .04988 .04599 .04250
12........................................ .09666 .08807 .08040 .07354 .06739 .06188 .05693 .05248 .04847 .04486
13........................................ .10049 .09172 .08387 .07684 .07053 .06487 .05977 .05518 .05104 .04731
14........................................ .10437 .09541 .08738 .08017 .07370 .06788 .06263 .05791 .05364 .04978
15........................................ .10827 .09912 .09090 .08352 .07688 .07090 .06551 .06064 .05623 .05225
16........................................ .11220 .10285 .09445 .08689 .08008 .07394 .06839 .06337 .05883 .05472
17........................................ .11615 .10661 .09802 .09028 .08330 .07699 .07129 .06612 .06144 .05719
18........................................ .12017 .11043 .10165 .09373 .08656 .08009 .07422 .06890 .06408 .05969
19........................................ .12428 .11434 .10537 .09726 .08992 .08327 .07724 .07177 .06679 .06226
20........................................ .12850 .11836 .10919 .10089 .09337 .08654 .08035 .07471 .06959 .06492
21........................................ .13282 .12248 .11311 .10462 .09692 .08991 .08355 .07775 .07247 .06765
22........................................ .13728 .12673 .11717 .10848 .10059 .09341 .08686 .08090 .07546 .07049
23........................................ .14188 .13113 .12136 .11248 .10440 .09703 .09032 .08418 .07858 .07345
24........................................ .14667 .13572 .12575 .11667 .10839 .10084 .09395 .08764 .08187 .07659
25........................................ .15167 .14051 .13034 .12106 .11259 .10486 .09778 .09130 .08536 .07991
26........................................ .15690 .14554 .13517 .12569 .11703 .10910 .10184 .09518 .08907 .08346
27........................................ .16237 .15081 .14024 .13056 .12171 .11359 .10614 .09930 .09302 .08724
28........................................ .16808 .15632 .14555 .13567 .12662 .11831 .11068 .10366 .09720 .09125
29........................................ .17404 .16208 .15110 .14104 .13179 .12329 .11547 .10827 .10163 .09551
30........................................ .18025 .16808 .15692 .14665 .13721 .12852 .12051 .11313 .10631 .10002
31........................................ .18672 .17436 .16300 .15255 .14291 .13403 .12584 .11827 .11127 .10480
32........................................ .19344 .18090 .16935 .15870 .14888 .13980 .13142 .12367 .11650 .10985
33........................................ .20044 .18772 .17598 .16514 .15513 .14587 .13730 .12936 .12201 .11519
34........................................ .20770 .19480 .18287 .17185 .16165 .15221 .14345 .13533 .12780 .12080
35........................................ .21522 .20215 .19005 .17884 .16846 .15883 .14989 .14159 .13388 .12670
36........................................ .22299 .20974 .19747 .18609 .17552 .16571 .15660 .14812 .14022 .13287
37........................................ .23101 .21760 .20516 .19360 .18286 .17288 .16358 .15492 .14685 .13933
38........................................ .23928 .22572 .21311 .20139 .19048 .18032 .17085 .16201 .15377 .14607
39........................................ .24780 .23409 .22133 .20945 .19837 .18804 .17840 .16939 .16097 .15310
40........................................ .25658 .24273 .22982 .21778 .20654 .19605 .18624 .17706 .16847 .16043
41........................................ .26560 .25163 .23858 .22639 .21499 .20434 .19436 .18502 .17627 .16806
42........................................ .27486 .26076 .24758 .23525 .22370 .21289 .20276 .19326 .18434 .17597
43........................................ .28435 .27013 .25683 .24436 .23268 .22172 .21143 .20177 .19270 .18416
44........................................ .29407 .27975 .26633 .25373 .24191 .23081 .22038 .21057 .20134 .19265
45........................................ .30402 .28961 .27608 .26337 .25142 .24019 .22962 .21966 .21028 .20144
46........................................ .31420 .29970 .28608 .27326 .26120 .24983 .23913 .22904 .21951 .21053
47........................................ .32460 .31004 .29632 .28341 .27123 .25975 .24892 .23870 .22904 .21991
48........................................ .33521 .32058 .30679 .29379 .28151 .26992 .25897 .24862 .23883 .22957
49........................................ .34599 .33132 .31746 .30438 .29201 .28032 .26926 .25879 .24888 .23949
50........................................ .35695 .34224 .32833 .31518 .30273 .29094 .27978 .26921 .25918 .24966
51........................................ .36809 .35335 .33940 .32619 .31367 .30180 .29055 .27987 .26973 .26010
52........................................ .37944 .36468 .35070 .33744 .32486 .31292 .30158 .29081 .28057 .27083
53........................................ .39098 .37622 .36222 .34892 .33629 .32429 .31288 .30203 .29170 .28186
54........................................ .40269 .38794 .37393 .36062 .34795 .33590 .32442 .31349 .30308 .29316
55........................................ .41457 .39985 .38585 .37252 .35983 .34774 .33621 .32522 .31474 .30473
56........................................ .42662 .41194 .39796 .38464 .37193 .35981 .34824 .33720 .32666 .31658
57........................................ .43884 .42422 .41028 .39697 .38426 .37213 .36053 .34945 .33885 .32872
58........................................ .45123 .43668 .42279 .40951 .39682 .38468 .37307 .36196 .35132 .34114
59........................................ .46377 .44931 .43547 .42224 .40958 .39745 .38584 .37471 .36405 .35383
60........................................ .47643 .46206 .44830 .43513 .42250 .41040 .39880 .38767 .37699 .36674
61........................................ .48916 .47491 .46124 .44814 .43556 .42350 .41192 .40080 .39012 .37985
62........................................ .50196 .48783 .47427 .46124 .44874 .43672 .42518 .41408 .40340 .39314
63........................................ .51480 .50081 .48736 .47444 .46201 .45006 .43856 .42749 .41684 .40658
64........................................ .52770 .51386 .50054 .48773 .47540 .46352 .45208 .44105 .43043 .42019
65........................................ .54069 .52701 .51384 .50115 .48892 .47713 .46577 .45480 .44422 .43401
66........................................ .55378 .54029 .52727 .51472 .50262 .49093 .47965 .46876 .45824 .44808
67........................................ .56697 .55368 .54084 .52845 .51648 .50491 .49373 .48293 .47248 .46238
68........................................ .58026 .56717 .55453 .54231 .53049 .51905 .50800 .49729 .48694 .47691
69........................................ .59358 .58072 .56828 .55624 .54459 .53330 .52238 .51179 .50154 .49160
70........................................ .60689 .59427 .58205 .57021 .55874 .54762 .53683 .52638 .51624 .50641
71........................................ .62014 .60778 .59578 .58415 .57287 .56193 .55131 .54100 .53099 .52126
72........................................ .63334 .62123 .60948 .59808 .58700 .57624 .56579 .55563 .54577 .53617
73........................................ .64648 .63465 .62315 .61198 .60112 .59056 .58029 .57030 .56059 .55113
74........................................ .65961 .64806 .63682 .62590 .61527 .60492 .59485 .58504 .57550 .56620
75........................................ .67274 .66149 .65054 .63987 .62948 .61936 .60950 .59990 .59053 .58140
76........................................ .68589 .67495 .66429 .65390 .64377 .63390 .62427 .61487 .60570 .59676
77........................................ .69903 .68841 .67806 .66796 .65811 .64849 .63910 .62993 .62097 .61223
78........................................ .71209 .70182 .69179 .68199 .67242 .66307 .65393 .64501 .63628 .62775
79........................................ .72500 .71507 .70537 .69588 .68660 .67754 .66867 .65999 .65151 .64321
80........................................ .73768 .72809 .71872 .70955 .70058 .69180 .68320 .67479 .66655 .65849
81........................................ .75001 .74077 .73173 .72288 .71422 .70573 .69741 .68926 .68128 .67345
82........................................ .76195 .75306 .74435 .73582 .72746 .71926 .71123 .70335 .69562 .68804
83........................................ .77346 .76491 .75654 .74832 .74026 .73236 .72460 .71699 .70952 .70219
84........................................ .78456 .77636 .76831 .76041 .75265 .74503 .73756 .73021 .72300 .71592
85........................................ .79530 .78743 .77971 .77212 .76466 .75733 .75014 .74306 .73611 .72928
86........................................ .80560 .79806 .79065 .78337 .77621 .76917 .76225 .75544 .74875 .74216
87........................................ .81535 .80813 .80103 .79404 .78717 .78041 .77375 .76720 .76076 .75442
88........................................ .82462 .81771 .81090 .80420 .79760 .79111 .78472 .77842 .77223 .76612
89........................................ .83356 .82694 .82043 .81401 .80769 .80147 .79533 .78929 .78334 .77747
90........................................ .84225 .83593 .82971 .82357 .81753 .81157 .80570 .79991 .79420 .78857
91........................................ .85058 .84455 .83861 .83276 .82698 .82129 .81567 .81013 .80466 .79927
92........................................ .85838 .85263 .84696 .84137 .83585 .83040 .82503 .81973 .81449 .80933
93........................................ .86557 .86009 .85467 .84932 .84405 .83884 .83370 .82862 .82360 .81865
94........................................ .87212 .86687 .86169 .85657 .85152 .84653 .84160 .83673 .83192 .82717
95........................................ .87801 .87298 .86801 .86310 .85825 .85345 .84872 .84404 .83941 .83484
96........................................ .88322 .87838 .87360 .86888 .86420 .85959 .85502 .85051 .84605 .84165
97........................................ .88795 .88328 .87867 .87411 .86961 .86515 .86074 .85639 .85208 .84782
98........................................ .89220 .88769 .88323 .87883 .87447 .87016 .86589 .86167 .85750 .85337
99........................................ .89612 .89176 .88745 .88318 .87895 .87478 .87064 .86656 .86251 .85850
100....................................... .89977 .89555 .89136 .88722 .88313 .87908 .87506 .87109 .86716 .86327
101....................................... .90326 .89917 .89511 .89110 .88712 .88318 .87929 .87543 .87161 .86783
102....................................... .90690 .90294 .89901 .89513 .89128 .88746 .88369 .87995 .87624 .87257
103....................................... .91076 .90694 .90315 .89940 .89569 .89200 .88835 .88474 .88116 .87760
104....................................... .91504 .91138 .90775 .90415 .90058 .89704 .89354 .89006 .88661 .88319
105....................................... .92027 .91681 .91337 .90996 .90658 .90322 .89989 .89659 .89331 .89006
106....................................... .92763 .92445 .92130 .91816 .91506 .91197 .90890 .90586 .90284 .89983
107....................................... .93799 .93523 .93249 .92977 .92707 .92438 .92170 .91905 .91641 .91378
108....................................... .95429 .95223 .95018 .94814 .94611 .94409 .94208 .94008 .93809 .93611
109....................................... .97985 .97893 .97801 .97710 .97619 .97529 .97438 .97348 .97259 .97170
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table S.--Based on Life Table 80CNSMT Single Life Remainder Factors
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interest rate
Age -------------------------------------------------------------------------------------------------------------
6.2% 6.4% 6.6% 6.8% 7.0% 7.2% 7.4% 7.6% 7.8% 8.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
0......................................... .03535 .03349 .03183 .03035 .02902 .02783 .02676 .02579 .02492 .02413
1......................................... .02486 .02292 .02119 .01963 .01824 .01699 .01587 .01486 .01395 .01312
2......................................... .02547 .02345 .02164 .02002 .01857 .01727 .01609 .01504 .01408 .01321
3......................................... .02640 .02429 .02241 .02073 .01921 .01785 .01662 .01552 .01451 .01361
4......................................... .02753 .02535 .02339 .02163 .02005 .01863 .01735 .01619 .01514 .01418
5......................................... .02883 .02656 .02453 .02269 .02105 .01956 .01822 .01700 .01590 .01490
6......................................... .03026 .02790 .02578 .02387 .02215 .02060 .01919 .01792 .01677 .01572
7......................................... .03180 .02935 .02714 .02515 .02336 .02174 .02027 .01894 .01773 .01664
8......................................... .03347 .03092 .02863 .02656 .02469 .02300 .02146 .02007 .01881 .01766
9......................................... .03528 .03263 .03025 .02810 .02615 .02438 .02278 .02133 .02000 .01880
10........................................ .03723 .03449 .03201 .02977 .02774 .02590 .02423 .02271 .02133 .02006
11........................................ .03935 .03650 .03393 .03160 .02949 .02757 .02583 .02424 .02279 .02147
12........................................ .04160 .03865 .03598 .03356 .03136 .02936 .02755 .02589 .02438 .02299
13........................................ .04394 .04088 .03811 .03560 .03331 .03123 .02934 .02761 .02603 .02458
14........................................ .04629 .04312 .04025 .03764 .03527 .03311 .03113 .02933 .02768 .02617
15........................................ .04864 .04536 .04238 .03968 .03721 .03496 .03290 .03103 .02930 .02773
16........................................ .05099 .04759 .04451 .04170 .03913 .03679 .03466 .03270 .03090 .02926
17........................................ .05333 .04982 .04662 .04370 .04104 .03861 .03638 .03434 .03247 .03075
18........................................ .05570 .05207 .04875 .04573 .04296 .04044 .03812 .03599 .03404 .03225
19........................................ .05814 .05438 .05095 .04781 .04494 .04231 .03990 .03769 .03565 .03378
20........................................ .06065 .05677 .05321 .04996 .04698 .04424 .04173 .03943 .03731 .03535
21........................................ .06325 .05922 .05554 .05217 .04907 .04623 .04362 .04122 .03901 .03697
22........................................ .06594 .06178 .05797 .05447 .05126 .04831 .04559 .04309 .04078 .03865
23........................................ .06876 .06446 .06051 .05688 .05355 .05048 .04766 .04505 .04265 .04042
24........................................ .07174 .06729 .06321 .05945 .05599 .05281 .04987 .04715 .04465 .04233
25........................................ .07491 .07031 .06609 .06219 .05861 .05530 .05224 .04941 .04680 .04438
26........................................ .07830 .07355 .06918 .06515 .06142 .05799 .05481 .05187 .04915 .04662
27........................................ .08192 .07702 .07250 .06832 .06446 .06090 .05759 .05454 .05170 .04906
28........................................ .08577 .08071 .07603 .07171 .06772 .06402 .06059 .05740 .05445 .05170
29........................................ .08986 .08464 .07981 .07534 .07120 .06736 .06380 .06049 .05742 .05456
30........................................ .09420 .08882 .08383 .07921 .07492 .07095 .06725 .06381 .06061 .05763
31........................................ .09881 .09327 .08812 .08335 .07891 .07479 .07095 .06738 .06405 .06095
32........................................ .10369 .09797 .09267 .08774 .08315 .07888 .07491 .07120 .06774 .06451
33........................................ .10885 .10297 .09750 .09241 .08767 .08325 .07913 .07529 .07170 .06834
34........................................ .11430 .10824 .10261 .09736 .09246 .08790 .08363 .07964 .07592 .07243
35........................................ .12002 .11380 .10800 .10259 .09754 .09282 .08841 .08428 .08041 .07679
36........................................ .12602 .11963 .11366 .10809 .10288 .09800 .09344 .08917 .08516 .08140
37........................................ .13230 .12574 .11961 .11387 .10850 .10347 .09876 .09433 .09018 .08628
38........................................ .13887 .13214 .12584 .11994 .11441 .10922 .10436 .09978 .09549 .09145
39........................................ .14573 .13883 .13237 .12630 .12061 .11527 .11025 .10553 .10109 .09690
40........................................ .15290 .14583 .13920 .13297 .12712 .12162 .11644 .11157 .10698 .10266
41........................................ .16036 .15312 .14633 .13994 .13393 .12827 .12294 .11792 .11318 .10871
42........................................ .16810 .16071 .15375 .14720 .14103 .13522 .12973 .12456 .11967 .11505
43........................................ .17614 .16858 .16146 .15475 .14842 .14245 .13682 .13149 .12645 .12169
44........................................ .18447 .17675 .16948 .16261 .15613 .15000 .14421 .13873 .13355 .12864
45........................................ .19310 .18524 .17780 .17078 .16414 .15787 .15192 .14630 .14096 .13591
46........................................ .20204 .19402 .18644 .17926 .17247 .16604 .15995 .15418 .14870 .14350
47........................................ .21128 .20311 .19538 .18806 .18112 .17454 .16830 .16238 .15676 .15141
48........................................ .22080 .21249 .20462 .19716 .19007 .18335 .17696 .17090 .16513 .15964
49........................................ .23059 .22214 .21413 .20653 .19930 .19244 .18591 .17970 .17379 .16816
50........................................ .24063 .23206 .22391 .21617 .20881 .20180 .19514 .18879 .18274 .17697
51........................................ .25095 .24225 .23398 .22610 .21861 .21147 .20466 .19818 .19199 .18609
52........................................ .26157 .25275 .24436 .23636 .22874 .22147 .21453 .20791 .20159 .19556
53........................................ .27249 .26357 .25505 .24694 .23919 .23180 .22474 .21799 .21154 .20537
54........................................ .28369 .27466 .26604 .25782 .24995 .24244 .23526 .22839 .22181 .21552
55........................................ .29518 .28605 .27734 .26900 .26103 .25341 .24611 .23912 .23243 .22601
56........................................ .30695 .29774 .28893 .28050 .27242 .26469 .25728 .25019 .24338 .23685
57........................................ .31902 .30973 .30084 .29232 .28415 .27632 .26881 .26161 .25469 .24805
58........................................ .33138 .32203 .31306 .30446 .29621 .28829 .28069 .27339 .26637 .25962
59........................................ .34402 .33461 .32558 .31691 .30859 .30059 .29290 .28550 .27839 .27155
60........................................ .35690 .34745 .33836 .32963 .32124 .31317 .30540 .29792 .29073 .28379
61........................................ .36999 .36050 .35137 .34259 .33414 .32601 .31817 .31062 .30334 .29633
62........................................ .38325 .37374 .36458 .35576 .34726 .33907 .33117 .32356 .31621 .30912
63........................................ .39669 .38717 .37799 .36913 .36060 .35236 .34441 .33674 .32933 .32217
64........................................ .41031 .40078 .39159 .38272 .37415 .36588 .35789 .35016 .34270 .33548
65........................................ .42416 .41464 .40545 .39656 .38798 .37968 .37166 .36390 .35639 .34912
66........................................ .43825 .42876 .41958 .41070 .40211 .39380 .38576 .37797 .37043 .36312
67........................................ .45260 .44315 .43399 .42513 .41655 .40824 .40019 .39238 .38482 .37749
68........................................ .46720 .45779 .44868 .43985 .43129 .42299 .41494 .40713 .39956 .39221
69........................................ .48197 .47263 .46357 .45478 .44625 .43798 .42995 .42215 .41458 .40722
70........................................ .49686 .48760 .47861 .46988 .46140 .45316 .44516 .43738 .42983 .42248
71........................................ .51182 .50265 .49374 .48508 .47666 .46847 .46051 .45276 .44523 .43790
72........................................ .52685 .51778 .50896 .50038 .49203 .48390 .47599 .46829 .46079 .45349
73........................................ .54194 .53298 .52426 .51578 .50751 .49946 .49161 .48397 .47652 .46926
74........................................ .55714 .54832 .53972 .53134 .52317 .51520 .50744 .49986 .49247 .48527
75........................................ .57250 .56382 .55536 .54710 .53904 .53118 .52351 .51601 .50870 .50156
76........................................ .58803 .57951 .57120 .56308 .55515 .54740 .53984 .53245 .52522 .51817
77........................................ .60369 .59535 .58720 .57923 .57144 .56383 .55639 .54912 .54200 .53504
78........................................ .61942 .61126 .60329 .59549 .58787 .58040 .57310 .56596 .55896 .55212
79........................................ .63508 .62713 .61935 .61174 .60428 .59698 .58983 .58283 .57597 .56925
80........................................ .65059 .64285 .63527 .62785 .62058 .61345 .60646 .59961 .59290 .58632
81........................................ .66579 .65827 .65090 .64368 .63659 .62965 .62283 .61615 .60959 .60316
82........................................ .68061 .67332 .66616 .65914 .65226 .64550 .63886 .63235 .62595 .61968
83........................................ .69499 .68793 .68099 .67418 .66749 .66092 .65447 .64813 .64191 .63579
84........................................ .70896 .70213 .69541 .68881 .68233 .67595 .66969 .66353 .65748 .65153
85........................................ .72256 .71596 .70947 .70308 .69681 .69063 .68456 .67859 .67271 .66693
86........................................ .73569 .72931 .72305 .71688 .71081 .70484 .69896 .69318 .68748 .68188
87........................................ .74818 .74204 .73599 .73003 .72417 .71839 .71271 .70711 .70159 .69616
88........................................ .76011 .75419 .74836 .74261 .73695 .73137 .72588 .72046 .71512 .70986
89........................................ .77169 .76599 .76037 .75484 .74938 .74400 .73870 .73347 .72831 .72323
90........................................ .78302 .77755 .77215 .76683 .76158 .75640 .75129 .74625 .74128 .73638
91........................................ .79395 .78870 .78352 .77842 .77337 .76840 .76349 .75864 .75385 .74913
92........................................ .80423 .79920 .79423 .78933 .78449 .77971 .77499 .77033 .76572 .76118
93........................................ .81377 .80894 .80417 .79946 .79481 .79022 .78568 .78120 .77677 .77239
94........................................ .82247 .81784 .81325 .80873 .80425 .79983 .79547 .79115 .78688 .78266
95........................................ .83033 .82586 .82145 .81709 .81278 .80852 .80431 .80014 .79602 .79195
96........................................ .83729 .83298 .82872 .82451 .82034 .81622 .81215 .80812 .80414 .80019
97........................................ .84361 .83944 .83532 .83124 .82721 .82322 .81927 .81537 .81151 .80769
98........................................ .84929 .84525 .84126 .83730 .83339 .82952 .82569 .82190 .81815 .81443
99........................................ .85454 .85062 .84674 .84290 .83910 .83534 .83161 .82792 .82427 .82066
100....................................... .85942 .85561 .85184 .84810 .84440 .84074 .83711 .83352 .82997 .82644
101....................................... .86408 .86037 .85670 .85306 .84946 .84589 .84236 .83886 .83539 .83196
102....................................... .86894 .86534 .86177 .85823 .85473 .85126 .84782 .84442 .84104 .83770
103....................................... .87408 .87060 .86714 .86371 .86032 .85695 .85362 .85031 .84703 .84378
104....................................... .87980 .87644 .87311 .86980 .86653 .86328 .86005 .85686 .85369 .85054
105....................................... .88684 .88363 .88046 .87731 .87418 .87108 .86800 .86494 .86191 .85890
106....................................... .89685 .89389 .89095 .88804 .88514 .88226 .87940 .87656 .87374 .87094
107....................................... .91117 .90858 .90600 .90344 .90089 .89836 .89584 .89334 .89085 .88838
108....................................... .93414 .93217 .93022 .92828 .92634 .92442 .92250 .92060 .91870 .91681
109....................................... .97081 .96992 .96904 .96816 .96729 .96642 .96555 .96468 .96382 .96296
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table S.--Based on Life Table 80CNSMT Single Life Remainder Factors
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interest rate
Age -------------------------------------------------------------------------------------------------------------
8.2% 8.4% 8.6% 8.8% 9.0% 9.2% 9.4% 9.6% 9.8% 10.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
0......................................... .02341 .02276 .02217 .02163 .02114 .02069 .02027 .01989 .01954 .01922
1......................................... .01237 .01170 .01108 .01052 .01000 .00953 .00910 .00871 .00834 .00801
2......................................... .01243 .01172 .01107 .01048 .00994 .00944 .00899 .00857 .00819 .00784
3......................................... .01278 .01203 .01135 .01073 .01016 .00964 .00916 .00872 .00832 .00795
4......................................... .01332 .01253 .01182 .01116 .01056 .01001 .00951 .00904 .00862 .00822
5......................................... .01400 .01317 .01241 .01172 .01109 .01051 .00998 .00949 .00904 .00862
6......................................... .01477 .01390 .01310 .01238 .01171 .01110 .01054 .01002 .00954 .00910
7......................................... .01563 .01472 .01389 .01312 .01242 .01178 .01118 .01064 .01013 .00966
8......................................... .01660 .01564 .01477 .01396 .01322 .01254 .01192 .01134 .01081 .01031
9......................................... .01770 .01669 .01577 .01492 .01414 .01342 .01276 .01216 .01159 .01107
10........................................ .01891 .01785 .01688 .01599 .01517 .01442 .01372 .01308 .01249 .01194
11........................................ .02026 .01915 .01814 .01720 .01634 .01555 .01481 .01414 .01351 .01293
12........................................ .02173 .02056 .01950 .01852 .01761 .01678 .01601 .01529 .01463 .01402
13........................................ .02326 .02204 .02092 .01989 .01895 .01807 .01726 .01651 .01582 .01517
14........................................ .02478 .02351 .02234 .02126 .02027 .01935 .01850 .01771 .01698 .01630
15........................................ .02628 .02495 .02372 .02259 .02155 .02058 .01969 .01886 .01810 .01738
16........................................ .02774 .02635 .02507 .02388 .02279 .02178 .02084 .01997 .01917 .01842
17........................................ .02917 .02772 .02637 .02513 .02399 .02293 .02194 .02103 .02018 .01940
18........................................ .03059 .02907 .02767 .02637 .02517 .02406 .02302 .02207 .02118 .02035
19........................................ .03205 .03046 .02899 .02763 .02637 .02521 .02412 .02312 .02218 .02131
20........................................ .03355 .03188 .03035 .02892 .02760 .02638 .02524 .02419 .02320 .02229
21........................................ .03509 .03334 .03173 .03024 .02886 .02758 .02638 .02527 .02424 .02328
22........................................ .03669 .03487 .03318 .03162 .03017 .02882 .02757 .02640 .02532 .02430
23........................................ .03837 .03646 .03470 .03306 .03154 .03013 .02881 .02759 .02644 .02538
24........................................ .04018 .03819 .03634 .03463 .03303 .03155 .03016 .02888 .02767 .02655
25........................................ .04214 .04006 .03812 .03633 .03465 .03309 .03164 .03029 .02902 .02784
26........................................ .04428 .04210 .04008 .03820 .03644 .03481 .03328 .03186 .03052 .02928
27........................................ .04662 .04434 .04223 .04025 .03841 .03670 .03509 .03360 .03219 .03088
28........................................ .04915 .04677 .04456 .04249 .04056 .03876 .03708 .03550 .03403 .03264
29........................................ .05189 .04941 .04709 .04493 .04291 .04102 .03925 .03760 .03604 .03458
30........................................ .05485 .05226 .04984 .04757 .04546 .04348 .04162 .03988 .03825 .03671
31........................................ .05805 .05535 .05282 .05045 .04824 .04616 .04421 .04238 .04067 .03905
32........................................ .06149 .05867 .05603 .05356 .05124 .04906 .04702 .04510 .04329 .04160
33........................................ .06520 .06226 .05950 .05692 .05449 .05221 .05007 .04806 .04616 .04438
34........................................ .06916 .06609 .06322 .06052 .05799 .05560 .05336 .05125 .04926 .04738
35........................................ .07339 .07020 .06720 .06439 .06174 .05925 .05690 .05469 .05260 .05063
36........................................ .07787 .07455 .07143 .06850 .06573 .06313 .06068 .05836 .05617 .05411
37........................................ .08262 .07917 .07593 .07287 .06999 .06727 .06470 .06228 .05999 .05783
38........................................ .08765 .08407 .08069 .07751 .07451 .07167 .06899 .06646 .06407 .06180
39........................................ .09296 .08925 .08574 .08243 .07931 .07635 .07356 .07092 .06841 .06604
40........................................ .09858 .09472 .09109 .08765 .08440 .08132 .07841 .07565 .07303 .07055
41........................................ .10449 .10050 .09673 .09316 .08978 .08658 .08355 .08067 .07794 .07535
42........................................ .11069 .10656 .10265 .09895 .09544 .09212 .08896 .08596 .08312 .08041
43........................................ .11718 .11291 .10887 .10503 .10140 .09794 .09466 .09154 .08858 .08576
44........................................ .12399 .11958 .11540 .11143 .10766 .10407 .10067 .09743 .09434 .09141
45........................................ .13111 .12656 .12224 .11814 .11423 .11052 .10699 .10362 .10042 .09736
46........................................ .13856 .13387 .12941 .12516 .12113 .11728 .11362 .11013 .10680 .10363
47........................................ .14633 .14150 .13690 .13252 .12835 .12438 .12059 .11697 .11352 .11022
48........................................ .15442 .14945 .14471 .14020 .13589 .13179 .12787 .12412 .12055 .11713
49........................................ .16280 .15769 .15281 .14816 .14373 .13949 .13544 .13157 .12787 .12433
50........................................ .17147 .16622 .16121 .15643 .15186 .14749 .14331 .13931 .13548 .13182
51........................................ .18045 .17507 .16993 .16501 .16030 .15580 .15150 .14737 .14342 .13963
52........................................ .18979 .18427 .17899 .17394 .16911 .16448 .16004 .15579 .15172 .14780
53........................................ .19947 .19383 .18842 .18324 .17828 .17352 .16896 .16458 .16038 .15635
54........................................ .20950 .20372 .19819 .19288 .18779 .18291 .17822 .17372 .16940 .16524
55........................................ .21986 .21397 .20831 .20288 .19767 .19266 .18785 .18322 .17878 .17450
56........................................ .23058 .22457 .21879 .21324 .20791 .20278 .19785 .19310 .18854 .18414
57........................................ .24167 .23554 .22965 .22399 .21854 .21329 .20824 .20338 .19870 .19419
58........................................ .25314 .24690 .24090 .23512 .22956 .22420 .21904 .21407 .20927 .20464
59........................................ .26497 .25863 .25252 .24664 .24097 .23550 .23023 .22515 .22024 .21551
60........................................ .27712 .27068 .26448 .25849 .25272 .24716 .24178 .23659 .23158 .22674
61........................................ .28956 .28304 .27674 .27067 .26480 .25913 .25366 .24837 .24325 .23831
62........................................ .30228 .29567 .28929 .28312 .27717 .27141 .26584 .26045 .25524 .25020
63........................................ .31525 .30857 .30211 .29586 .28982 .28397 .27832 .27284 .26754 .26240
64........................................ .32851 .32176 .31522 .30890 .30278 .29685 .29111 .28555 .28016 .27493
65........................................ .34209 .33528 .32868 .32229 .31610 .31010 .30429 .29865 .29317 .28787
66........................................ .35604 .34918 .34253 .33609 .32983 .32377 .31788 .31217 .30663 .30124
67........................................ .37037 .36347 .35678 .35028 .34398 .33786 .33191 .32614 .32053 .31508
68........................................ .38508 .37815 .37142 .36489 .35854 .35237 .34638 .34055 .33488 .32937
69........................................ .40008 .39313 .38638 .37982 .37344 .36724 .36120 .35533 .34961 .34405
70........................................ .41533 .40838 .40162 .39504 .38864 .38241 .37634 .37043 .36468 .35907
71........................................ .43076 .42382 .41705 .41047 .40405 .39780 .39171 .38578 .38000 .37436
72........................................ .44638 .43945 .43269 .42611 .41969 .41344 .40733 .40138 .39558 .38991
73........................................ .46218 .45527 .44854 .44197 .43556 .42931 .42321 .41725 .41143 .40575
74........................................ .47823 .47137 .46466 .45812 .45173 .44549 .43940 .43345 .42763 .42195
75........................................ .49459 .48777 .48112 .47462 .46826 .46205 .45598 .45004 .44424 .43856
76........................................ .51127 .50452 .49793 .49148 .48517 .47900 .47297 .46706 .46129 .45563
77........................................ .52823 .52157 .51505 .50867 .50243 .49632 .49033 .48447 .47873 .47311
78........................................ .54541 .53885 .53242 .52613 .51996 .51392 .50800 .50220 .49652 .49094
79........................................ .56267 .55621 .54989 .54369 .53762 .53166 .52582 .52009 .51448 .50897
80........................................ .57987 .57354 .56733 .56125 .55527 .54941 .54366 .53802 .53248 .52705
81........................................ .59685 .59065 .58457 .57860 .57274 .56699 .56134 .55579 .55035 .54499
82........................................ .61351 .60746 .60151 .59567 .58993 .58429 .57875 .57331 .56796 .56270
83........................................ .62978 .62387 .61806 .61236 .60675 .60123 .59581 .59047 .58523 .58007
84........................................ .64567 .63992 .63426 .62869 .62321 .61783 .61253 .60731 .60218 .59713
85........................................ .66125 .65565 .65014 .64472 .63938 .63413 .62896 .62387 .61886 .61392
86........................................ .67636 .67092 .66557 .66030 .65511 .65000 .64496 .64000 .63511 .63030
87........................................ .69081 .68554 .68034 .67522 .67018 .66520 .66031 .65548 .65071 .64602
88........................................ .70468 .69957 .69453 .68956 .68466 .67983 .67507 .67037 .66574 .66117
89........................................ .71821 .71326 .70838 .70357 .69882 .69414 .68952 .68495 .68045 .67601
90........................................ .73153 .72676 .72204 .71739 .71280 .70827 .70379 .69938 .69502 .69071
91........................................ .74447 .73986 .73532 .73083 .72640 .72202 .71770 .71343 .70921 .70504
92........................................ .75669 .75225 .74787 .74354 .73927 .73504 .73087 .72674 .72267 .71864
93........................................ .76807 .76379 .75957 .75540 .75127 .74719 .74317 .73918 .73524 .73135
94........................................ .77849 .77437 .77030 .76627 .76229 .75835 .75446 .75061 .74680 .74303
95........................................ .78792 .78394 .78001 .77611 .77226 .76845 .76468 .76096 .75727 .75362
96........................................ .79630 .79244 .78863 .78485 .78112 .77742 .77377 .77015 .76657 .76303
97........................................ .80391 .80016 .79646 .79280 .78917 .78559 .78203 .77852 .77504 .77160
98........................................ .81076 .80712 .80352 .79996 .79643 .79294 .78948 .78606 .78267 .77931
99........................................ .81709 .81354 .81004 .80657 .80313 .79972 .79635 .79302 .78971 .78644
100....................................... .82296 .81950 .81609 .81270 .80934 .80602 .80273 .79947 .79624 .79304
101....................................... .82855 .82518 .82185 .81854 .81526 .81201 .80880 .80561 .80245 .79932
102....................................... .83438 .83110 .82785 .82462 .82142 .81826 .81512 .81200 .80892 .80586
103....................................... .84056 .83737 .83420 .83106 .82795 .82487 .82181 .81878 .81577 .81279
104....................................... .84743 .84433 .84127 .83822 .83521 .83221 .82924 .82630 .82338 .82048
105....................................... .85591 .85295 .85001 .84709 .84419 .84132 .83846 .83563 .83282 .83003
106....................................... .86816 .86540 .86266 .85993 .85723 .85454 .85187 .84922 .84659 .84397
107....................................... .88592 .88348 .88105 .87863 .87623 .87384 .87147 .86911 .86676 .86443
108....................................... .91493 .91306 .91119 .90934 .90749 .90566 .90383 .90201 .90020 .89840
109....................................... .96211 .96125 .96041 .95956 .95872 .95788 .95704 .95620 .95537 .95455
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table S.--Based on Life Table 80CNSMT Single Life Remainder Factors
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interest rate
Age -------------------------------------------------------------------------------------------------------------
10.2% 10.4% 10.6% 10.8% 11.0% 11.2% 11.4% 11.6% 11.8% 12.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
0......................................... .01891 .01864 .01838 .01814 .01791 .01770 .01750 .01732 .01715 .01698
1......................................... .00770 .00741 .00715 .00690 .00667 .00646 .00626 .00608 .00590 .00574
2......................................... .00751 .00721 .00693 .00667 .00643 .00620 .00600 .00580 .00562 .00544
3......................................... .00760 .00728 .00699 .00671 .00646 .00622 .00600 .00579 .00560 .00541
4......................................... .00786 .00752 .00721 .00692 .00665 .00639 .00616 .00594 .00573 .00554
5......................................... .00824 .00788 .00755 .00724 .00695 .00668 .00643 .00620 .00598 .00578
6......................................... .00869 .00832 .00796 .00764 .00733 .00705 .00678 .00654 .00630 .00608
7......................................... .00923 .00883 .00846 .00811 .00779 .00749 .00720 .00694 .00669 .00646
8......................................... .00986 .00943 .00904 .00867 .00833 .00801 .00771 .00743 .00716 .00692
9......................................... .01059 .01014 .00972 .00933 .00897 .00863 .00831 .00801 .00773 .00747
10........................................ .01142 .01095 .01051 .01009 .00971 .00935 .00901 .00869 .00840 .00812
11........................................ .01239 .01189 .01142 .01098 .01057 .01019 .00983 .00950 .00918 .00889
12........................................ .01345 .01292 .01243 .01197 .01154 .01113 .01075 .01040 .01007 .00975
13........................................ .01457 .01401 .01349 .01300 .01255 .01212 .01172 .01135 .01100 .01067
14........................................ .01567 .01508 .01453 .01402 .01354 .01309 .01267 .01227 .01190 .01155
15........................................ .01672 .01610 .01552 .01498 .01448 .01400 .01356 .01314 .01275 .01238
16........................................ .01772 .01707 .01646 .01589 .01536 .01486 .01439 .01396 .01354 .01315
17........................................ .01866 .01798 .01734 .01674 .01618 .01566 .01516 .01470 .01427 .01386
18........................................ .01958 .01886 .01818 .01755 .01697 .01641 .01590 .01541 .01495 .01452
19........................................ .02050 .01974 .01903 .01837 .01775 .01717 .01662 .01611 .01563 .01517
20........................................ .02143 .02064 .01989 .01919 .01854 .01793 .01735 .01681 .01630 .01582
21........................................ .02238 .02154 .02075 .02002 .01933 .01868 .01807 .01750 .01696 .01646
22........................................ .02336 .02247 .02164 .02087 .02014 .01946 .01882 .01821 .01764 .01711
23........................................ .02438 .02345 .02257 .02176 .02099 .02027 .01959 .01895 .01835 .01778
24........................................ .02550 .02451 .02359 .02273 .02192 .02115 .02044 .01976 .01913 .01853
25........................................ .02673 .02569 .02472 .02381 .02295 .02214 .02138 .02067 .01999 .01936
26........................................ .02811 .02701 .02598 .02502 .02411 .02326 .02246 .02170 .02098 .02031
27........................................ .02965 .02849 .02741 .02639 .02543 .02452 .02367 .02287 .02211 .02140
28........................................ .03134 .03013 .02898 .02790 .02689 .02593 .02503 .02418 .02338 .02262
29........................................ .03322 .03193 .03072 .02958 .02851 .02750 .02654 .02564 .02479 .02398
30........................................ .03527 .03391 .03264 .03143 .03030 .02923 .02821 .02726 .02635 .02550
31........................................ .03753 .03610 .03475 .03348 .03228 .03115 .03008 .02907 .02811 .02720
32........................................ .04000 .03849 .03707 .03573 .03446 .03326 .03213 .03105 .03004 .02907
33........................................ .04269 .04111 .03961 .03819 .03685 .03558 .03438 .03325 .03217 .03115
34........................................ .04561 .04394 .04236 .04087 .03946 .03812 .03685 .03565 .03451 .03342
35........................................ .04877 .04702 .04535 .04378 .04229 .04087 .03953 .03826 .03706 .03591
36........................................ .05215 .05031 .04856 .04690 .04533 .04384 .04242 .04108 .03980 .03859
37........................................ .05578 .05384 .05200 .05025 .04860 .04703 .04553 .04411 .04276 .04148
38........................................ .05965 .05761 .05568 .05385 .05211 .05045 .04888 .04738 .04595 .04460
39........................................ .06379 .06165 .05962 .05770 .05587 .05412 .05247 .05089 .04939 .04795
40........................................ .06820 .06596 .06383 .06181 .05989 .05806 .05631 .05465 .05307 .05155
41........................................ .07288 .07054 .06832 .06620 .06418 .06226 .06042 .05868 .05701 .05541
42........................................ .07784 .07539 .07306 .07085 .06873 .06671 .06479 .06295 .06119 .05952
43........................................ .08308 .08052 .07808 .07576 .07355 .07143 .06941 .06748 .06564 .06387
44........................................ .08861 .08594 .08340 .08097 .07865 .07644 .07432 .07230 .07036 .06851
45........................................ .09445 .09167 .08901 .08648 .08406 .08174 .07953 .07741 .07538 .07343
46........................................ .10060 .09770 .09494 .09230 .08977 .08735 .08503 .08281 .08068 .07865
47........................................ .10707 .10406 .10119 .09843 .09579 .09327 .09085 .08853 .08630 .08417
48........................................ .11386 .11073 .10774 .10487 .10213 .09949 .09697 .09455 .09222 .08999
49........................................ .12094 .11769 .11458 .11160 .10874 .10600 .10337 .10084 .09842 .09609
50........................................ .12831 .12494 .12172 .11862 .11565 .11280 .11006 .10743 .10490 .10247
51........................................ .13600 .13251 .12917 .12596 .12288 .11991 .11706 .11432 .11169 .10915
52........................................ .14405 .14044 .13698 .13366 .13046 .12738 .12442 .12157 .11883 .11619
53........................................ .15247 .14875 .14517 .14172 .13841 .13522 .13215 .12919 .12635 .12360
54........................................ .16124 .15740 .15370 .15014 .14671 .14341 .14023 .13717 .13421 .13136
55........................................ .17039 .16642 .16261 .15893 .15539 .15198 .14868 .14551 .14244 .13948
56........................................ .17991 .17583 .17190 .16811 .16445 .16092 .15752 .15423 .15106 .14799
57........................................ .18984 .18564 .18160 .17769 .17392 .17029 .16677 .16338 .16010 .15692
58........................................ .20018 .19587 .19172 .18770 .18382 .18007 .17645 .17295 .16956 .16628
59........................................ .21093 .20652 .20225 .19812 .19414 .19028 .18655 .18294 .17945 .17606
60........................................ .22206 .21753 .21316 .20893 .20483 .20087 .19703 .19332 .18972 .18624
61........................................ .23353 .22890 .22442 .22009 .21589 .21182 .20788 .20407 .20037 .19678
62........................................ .24532 .24059 .23601 .23158 .22728 .22311 .21907 .21515 .21135 .20767
63........................................ .25742 .25260 .24793 .24339 .23900 .23473 .23060 .22658 .22268 .21890
64........................................ .26987 .26495 .26019 .25556 .25107 .24671 .24248 .23837 .23438 .23050
65........................................ .28271 .27771 .27286 .26815 .26357 .25912 .25480 .25059 .24651 .24254
66........................................ .29601 .29093 .28600 .28120 .27654 .27200 .26760 .26331 .25913 .25507
67........................................ .30978 .30462 .29961 .29474 .29000 .28539 .28090 .27653 .27227 .26813
68........................................ .32401 .31879 .31371 .30877 .30396 .29927 .29471 .29027 .28593 .28171
69........................................ .33863 .33336 .32822 .32322 .31835 .31359 .30896 .30445 .30005 .29576
70........................................ .35361 .34829 .34310 .33804 .33311 .32830 .32361 .31903 .31457 .31021
71........................................ .36886 .36349 .35826 .35316 .34818 .34332 .33858 .33394 .32942 .32500
72........................................ .38439 .37899 .37373 .36858 .36356 .35866 .35387 .34919 .34461 .34015
73........................................ .40021 .39479 .38950 .38432 .37927 .37433 .36950 .36478 .36016 .35565
74........................................ .41639 .41096 .40565 .40046 .39538 .39042 .38556 .38081 .37616 .37161
75........................................ .43301 .42758 .42226 .41706 .41198 .40699 .40212 .39734 .39267 .38809
76........................................ .45009 .44467 .43937 .43417 .42908 .42410 .41921 .41443 .40974 .40514
77........................................ .46761 .46221 .45693 .45175 .44667 .44170 .43682 .43203 .42734 .42274
78........................................ .48548 .48013 .47488 .46973 .46468 .45972 .45486 .45009 .44541 .44082
79........................................ .50356 .49826 .49306 .48795 .48294 .47802 .47319 .46845 .46379 .45922
80........................................ .52171 .51647 .51133 .50628 .50132 .49644 .49166 .48695 .48233 .47779
81........................................ .53974 .53457 .52950 .52451 .51961 .51479 .51006 .50541 .50083 .49633
82........................................ .55753 .55245 .54745 .54254 .53771 .53296 .52828 .52369 .51917 .51472
83........................................ .57500 .57001 .56510 .56026 .55551 .55083 .54623 .54170 .53724 .53285
84........................................ .59216 .58726 .58245 .57770 .57304 .56844 .56391 .55945 .55506 .55074
85........................................ .60906 .60428 .59956 .59492 .59034 .58583 .58139 .57702 .57270 .56845
86........................................ .62555 .62088 .61627 .61173 .60725 .60284 .59849 .59420 .58997 .58580
87........................................ .64139 .63683 .63233 .62790 .62352 .61921 .61495 .61076 .60661 .60253
88........................................ .65666 .65221 .64783 .64350 .63923 .63502 .63086 .62675 .62270 .61871
89........................................ .67163 .66730 .66304 .65882 .65466 .65055 .64650 .64249 .63854 .63463
90........................................ .68646 .68226 .67812 .67402 .66998 .66599 .66204 .65814 .65430 .65049
91........................................ .70093 .69686 .69285 .68888 .68496 .68108 .67725 .67347 .66973 .66604
92........................................ .71466 .71073 .70684 .70300 .69920 .69545 .69173 .68806 .68444 .68085
93........................................ .72750 .72370 .71994 .71622 .71254 .70890 .70530 .70174 .69822 .69474
94........................................ .73931 .73562 .73198 .72838 .72481 .72129 .71780 .71434 .71093 .70755
95........................................ .75001 .74644 .74291 .73941 .73595 .73253 .72914 .72579 .72247 .71919
96........................................ .75953 .75606 .75262 .74923 .74586 .74253 .73924 .73598 .73275 .72955
97........................................ .76819 .76481 .76147 .75816 .75489 .75165 .74844 .74526 .74211 .73899
98........................................ .77599 .77270 .76944 .76621 .76302 .75986 .75672 .75362 .75054 .74750
99........................................ .78319 .77998 .77680 .77365 .77053 .76744 .76437 .76134 .75833 .75535
100....................................... .78987 .78673 .78362 .78054 .77748 .77446 .77146 .76849 .76555 .76263
101....................................... .79622 .79315 .79010 .78708 .78409 .78113 .77819 .77528 .77239 .76953
102....................................... .80283 .79983 .79685 .79390 .79097 .78807 .78519 .78234 .77951 .77671
103....................................... .80983 .80690 .80399 .80111 .79825 .79541 .79260 .78981 .78705 .78430
104....................................... .81760 .81475 .81192 .80912 .80633 .80357 .80083 .79810 .79541 .79273
105....................................... .82726 .82451 .82178 .81907 .81638 .81371 .81106 .80843 .80582 .80322
106....................................... .84137 .83879 .83623 .83368 .83115 .82863 .82614 .82366 .82119 .81874
107....................................... .86211 .85981 .85751 .85523 .85297 .85071 .84847 .84624 .84403 .84182
108....................................... .89660 .89481 .89304 .89127 .88950 .88775 .88601 .88427 .88254 .88081
109....................................... .95372 .95290 .95208 .95126 .95045 .94964 .94883 .94803 .94723 .94643
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table S.--Based on Life Table 80CNSMT Single Life Remainder Factors
[Applicable after April 30, 1989]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interest rate
Age -------------------------------------------------------------------------------------------------------------
12.2% 12.4% 12.6% 12.8% 13.0% 13.2% 13.4% 13.6% 13.8% 14.0%
--------------------------------------------------------------------------------------------------------------------------------------------------------
0......................................... .01683 .01669 .01655 .01642 .01630 .01618 .01607 .01596 .01586 .01576
1......................................... .00559 .00544 .00531 .00518 .00506 .00494 .00484 .00473 .00464 .00454
2......................................... .00528 .00513 .00499 .00485 .00473 .00461 .00449 .00439 .00428 .00419
3......................................... .00524 .00508 .00493 .00479 .00465 .00453 .00441 .00429 .00419 .00408
4......................................... .00536 .00519 .00503 .00488 .00473 .00460 .00447 .00435 .00423 .00412
5......................................... .00558 .00540 .00523 .00507 .00492 .00477 .00464 .00451 .00439 .00427
6......................................... .00588 .00569 .00550 .00533 .00517 .00502 .00487 .00473 .00460 .00448
7......................................... .00624 .00604 .00584 .00566 .00549 .00532 .00517 .00502 .00488 .00475
8......................................... .00668 .00646 .00626 .00606 .00588 .00570 .00554 .00538 .00523 .00509
9......................................... .00722 .00699 .00677 .00656 .00636 .00617 .00600 .00583 .00567 .00552
10........................................ .00785 .00761 .00737 .00715 .00694 .00674 .00655 .00637 .00620 .00604
11........................................ .00861 .00835 .00810 .00786 .00764 .00743 .00723 .00704 .00686 .00668
12........................................ .00946 .00918 .00891 .00866 .00843 .00820 .00799 .00779 .00760 .00741
13........................................ .01035 .01006 .00978 .00951 .00927 .00903 .00880 .00859 .00839 .00819
14........................................ .01122 .01091 .01061 .01034 .01007 .00982 .00958 .00936 .00914 .00894
15........................................ .01203 .01171 .01140 .01110 .01082 .01056 .01031 .01007 .00985 .00963
16........................................ .01279 .01244 .01211 .01181 .01151 .01123 .01097 .01072 .01048 .01025
17........................................ .01347 .01311 .01276 .01244 .01213 .01184 .01156 .01130 .01104 .01081
18........................................ .01411 .01373 .01336 .01302 .01270 .01239 .01210 .01182 .01155 .01130
19........................................ .01474 .01434 .01396 .01359 .01325 .01293 .01262 .01233 .01205 .01178
20........................................ .01537 .01494 .01454 .01415 .01379 .01345 .01313 .01282 .01252 .01224
21........................................ .01598 .01553 .01510 .01470 .01432 .01396 .01361 .01329 .01298 .01268
22........................................ .01660 .01613 .01568 .01525 .01485 .01446 .01410 .01375 .01343 .01312
23........................................ .01725 .01674 .01627 .01581 .01539 .01498 .01460 .01423 .01388 .01355
24........................................ .01796 .01742 .01692 .01644 .01599 .01556 .01515 .01476 .01439 .01404
25........................................ .01876 .01819 .01765 .01714 .01666 .01621 .01577 .01536 .01497 .01460
26........................................ .01967 .01907 .01850 .01796 .01745 .01696 .01650 .01606 .01565 .01525
27........................................ .02072 .02008 .01948 .01890 .01836 .01784 .01735 .01688 .01644 .01601
28........................................ .02190 .02122 .02057 .01996 .01938 .01883 .01831 .01781 .01734 .01689
29........................................ .02322 .02249 .02181 .02116 .02054 .01996 .01940 .01887 .01836 .01788
30........................................ .02469 .02392 .02319 .02250 .02184 .02122 .02062 .02006 .01952 .01900
31........................................ .02634 .02552 .02475 .02401 .02331 .02264 .02201 .02140 .02083 .02028
32........................................ .02816 .02729 .02647 .02568 .02494 .02423 .02355 .02291 .02229 .02170
33........................................ .03018 .02926 .02838 .02755 .02675 .02600 .02528 .02459 .02393 .02331
34........................................ .03239 .03142 .03048 .02960 .02875 .02795 .02718 .02645 .02575 .02508
35........................................ .03482 .03378 .03279 .03185 .03095 .03009 .02928 .02850 .02775 .02704
36........................................ .03743 .03633 .03528 .03428 .03333 .03242 .03155 .03072 .02992 .02916
37........................................ .04026 .03909 .03798 .03692 .03591 .03494 .03401 .03313 .03228 .03147
38........................................ .04330 .04207 .04089 .03977 .03869 .03767 .03668 .03574 .03484 .03398
39........................................ .04658 .04528 .04403 .04284 .04170 .04061 .03957 .03857 .03762 .03670
40........................................ .05011 .04873 .04741 .04615 .04495 .04379 .04269 .04163 .04061 .03964
41........................................ .05389 .05244 .05104 .04971 .04844 .04721 .04604 .04492 .04384 .04281
42........................................ .05791 .05638 .05491 .05350 .05216 .05086 .04962 .04844 .04729 .04620
43........................................ .06219 .06057 .05902 .05754 .05612 .05475 .05344 .05218 .05098 .04981
44........................................ .06673 .06503 .06340 .06184 .06034 .05890 .05752 .05619 .05491 .05368
45........................................ .07157 .06978 .06806 .06642 .06484 .06332 .06186 .06046 .05911 .05781
46........................................ .07669 .07481 .07301 .07128 .06962 .06802 .06649 .06501 .06358 .06221
47........................................ .08212 .08015 .07826 .07645 .07470 .07302 .07140 .06984 .06834 .06690
48........................................ .08784 .08578 .08380 .08190 .08006 .07830 .07660 .07496 .07338 .07186
49........................................ .09384 .09169 .08961 .08762 .08570 .08384 .08206 .08034 .07868 .07708
50........................................ .10013 .09787 .09570 .09361 .09160 .08966 .08779 .08598 .08424 .08256
51........................................ .10671 .10436 .10209 .09991 .09780 .09577 .09381 .09192 .09009 .08832
52........................................ .11365 .11120 .10883 .10655 .10435 .10222 .10017 .09819 .09628 .09442
53........................................ .12095 .11840 .11593 .11355 .11126 .10904 .10689 .10482 .10282 .10088
54........................................ .12860 .12595 .12338 .12090 .11851 .11619 .11396 .11179 .10970 .10767
55........................................ .13663 .13386 .13120 .12862 .12613 .12372 .12138 .11912 .11694 .11482
56........................................ .14503 .14217 .13940 .13672 .13413 .13162 .12919 .12683 .12456 .12235
57........................................ .15385 .15089 .14801 .14523 .14254 .13994 .13741 .13496 .13259 .13029
58........................................ .16311 .16004 .15706 .15418 .15139 .14868 .14606 .14352 .14105 .13866
59........................................ .17279 .16961 .16654 .16355 .16066 .15786 .15514 .15250 .14994 .14745
60........................................ .18286 .17958 .17640 .17332 .17033 .16743 .16462 .16188 .15922 .15664
61........................................ .19330 .18992 .18665 .18347 .18038 .17738 .17447 .17164 .16889 .16622
62........................................ .20409 .20061 .19724 .19396 .19078 .18768 .18467 .18175 .17891 .17614
63........................................ .21522 .21165 .20818 .20480 .20152 .19833 .19523 .19221 .18928 .18642
64........................................ .22672 .22306 .21949 .21602 .21265 .20937 .20617 .20306 .20003 .19708
65........................................ .23867 .23491 .23125 .22769 .22423 .22085 .21757 .21437 .21125 .20821
66........................................ .25112 .24727 .24353 .23988 .23632 .23286 .22948 .22619 .22299 .21986
67........................................ .26409 .26016 .25633 .25260 .24896 .24541 .24195 .23857 .23528 .23206
68........................................ .27760 .27359 .26968 .26586 .26214 .25851 .25497 .25151 .24814 .24484
69........................................ .29157 .28748 .28350 .27961 .27581 .27211 .26849 .26495 .26150 .25812
70........................................ .30596 .30181 .29775 .29379 .28992 .28614 .28245 .27884 .27532 .27187
71........................................ .32069 .31648 .31236 .30833 .30440 .30055 .29679 .29312 .28952 .28600
72........................................ .33578 .33151 .32733 .32325 .31925 .31535 .31152 .30778 .30412 .30054
73........................................ .35123 .34691 .34269 .33855 .33450 .33054 .32666 .32286 .31914 .31550
74........................................ .36715 .36279 .35852 .35434 .35024 .34623 .34230 .33845 .33468 .33098
75........................................ .38360 .37921 .37491 .37069 .36656 .36250 .35853 .35464 .35082 .34708
76........................................ .40064 .39623 .39190 .38765 .38349 .37941 .37540 .37148 .36762 .36384
77........................................ .41823 .41381 .40947 .40521 .40103 .39692 .39290 .38895 .38507 .38126
78........................................ .43632 .43189 .42755 .42329 .41910 .41499 .41095 .40698 .40309 .39926
79........................................ .45473 .45032 .44599 .44173 .43755 .43344 .42940 .42543 .42153 .41770
80........................................ .47333 .46894 .46463 .46040 .45623 .45213 .44811 .44414 .44025 .43642
81........................................ .49191 .48755 .48328 .47907 .47493 .47085 .46684 .46290 .45902 .45520
82........................................ .51034 .50603 .50179 .49762 .49351 .48947 .48549 .48157 .47772 .47392
83........................................ .52852 .52427 .52008 .51595 .51189 .50788 .50394 .50006 .49623 .49246
84........................................ .54648 .54228 .53815 .53407 .53006 .52610 .52221 .51836 .51458 .51084
85........................................ .56426 .56013 .55606 .55205 .54810 .54420 .54035 .53656 .53282 .52913
86........................................ .58169 .57764 .57364 .56970 .56581 .56197 .55818 .55445 .55076 .54713
87........................................ .59850 .59452 .59060 .58673 .58291 .57913 .57541 .57174 .56811 .56453
88........................................ .61476 .61086 .60702 .60322 .59947 .59577 .59212 .58851 .58494 .58142
89........................................ .63078 .62697 .62321 .61950 .61583 .61220 .60862 .60508 .60159 .59813
90........................................ .64674 .64302 .63935 .63573 .63215 .62861 .62511 .62165 .61823 .61485
91........................................ .66238 .65877 .65520 .65167 .64819 .64474 .64133 .63795 .63462 .63132
92........................................ .67730 .67379 .67032 .66689 .66350 .66014 .65682 .65354 .65029 .64708
93........................................ .69130 .68789 .68452 .68119 .67789 .67463 .67140 .66820 .66504 .66191
94........................................ .70421 .70090 .69762 .69438 .69118 .68800 .68486 .68175 .67867 .67563
95........................................ .71594 .71272 .70954 .70639 .70326 .70017 .69712 .69409 .69109 .68812
96........................................ .72638 .72325 .72014 .71707 .71403 .71101 .70803 .70507 .70215 .69925
97........................................ .73590 .73285 .72982 .72682 .72385 .72090 .71799 .71510 .71224 .70941
98........................................ .74448 .74149 .73853 .73560 .73269 .72981 .72696 .72414 .72134 .71856
99........................................ .75240 .74948 .74658 .74371 .74086 .73805 .73525 .73248 .72974 .72702
100....................................... .75974 .75687 .75403 .75121 .74842 .74566 .74292 .74020 .73751 .73484
101....................................... .76669 .76388 .76109 .75833 .75559 .75287 .75018 .74751 .74486 .74223
102....................................... .77393 .77117 .76844 .76573 .76304 .76037 .75773 .75511 .75251 .74993
103....................................... .78158 .77888 .77620 .77355 .77091 .76830 .76571 .76313 .76058 .75805
104....................................... .79007 .78743 .78482 .78222 .77964 .77709 .77455 .77203 .76953 .76705
105....................................... .80065 .79809 .79556 .79304 .79054 .78805 .78559 .78314 .78071 .77829
106....................................... .81631 .81389 .81149 .80911 .80674 .80438 .80204 .79972 .79741 .79511
107....................................... .83963 .83745 .83529 .83313 .83099 .82886 .82674 .82463 .82254 .82045
108....................................... .87910 .87739 .87569 .87400 .87232 .87064 .86897 .86731 .86566 .86401
109....................................... .94563 .94484 .94405 .94326 .94248 .94170 .94092 .94014 .93937 .93860
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table 80CNSMT.-- Applicable After April 30, 1989
----------------------------------------------------------------------------------------------------------------
Age x 1( x ) Age x 1( x ) Age x 1( x )
(1) (2) (1)...................... (2) (1)...................... (2)
----------------------------------------------------------------------------------------------------------------
0........................ 100000 37....................... 95492 74....................... 59279
1........................ 98740 38....................... 95317 75....................... 56799
2........................ 98648 39....................... 95129 76....................... 54239
3........................ 98584 40....................... 94926 77....................... 51599
4........................ 98535 41....................... 94706 78....................... 48878
5........................ 98495 42....................... 94465 79....................... 46071
6........................ 98459 43....................... 94201 80....................... 43180
7........................ 98426 44....................... 93913 81....................... 40208
8........................ 98396 45....................... 93599 82....................... 37172
9........................ 98370 46....................... 93256 83....................... 34095
10....................... 98347 47....................... 92882 84....................... 31012
11....................... 98328 48....................... 92472 85....................... 27960
12....................... 98309 49....................... 92021 86....................... 24961
13....................... 98285 50....................... 91526 87....................... 22038
14....................... 98248 51....................... 90986 88....................... 19235
15....................... 98196 52....................... 90402 89....................... 16598
16....................... 98129 53....................... 89771 90....................... 14154
17....................... 98047 54....................... 89087 91....................... 11908
18....................... 97953 55....................... 88348 92....................... 9863
19....................... 97851 56....................... 87551 93....................... 8032
20....................... 97741 57....................... 86695 94....................... 6424
21....................... 97623 58....................... 85776 95....................... 5043
22....................... 97499 59....................... 84789 96....................... 3884
23....................... 97370 60....................... 83726 97....................... 2939
24....................... 97240 61....................... 82581 98....................... 2185
25....................... 97110 62....................... 81348 99....................... 1598
26....................... 96982 63....................... 80024 100...................... 1150
27....................... 96856 64....................... 78609 101...................... 815
28....................... 96730 65....................... 77107 102...................... 570
29....................... 96604 66....................... 75520 103...................... 393
30....................... 96477 67....................... 73846 104...................... 267
31....................... 96350 68....................... 72082 105...................... 179
32....................... 96220 69....................... 70218 106...................... 119
33....................... 96088 70....................... 68248 107...................... 78
34....................... 95951 71....................... 66165 108...................... 51
35....................... 95808 72....................... 63972 109...................... 33
36....................... 95655 73....................... 61673 110...................... 0
----------------------------------------------------------------------------------------------------------------
(e) Effective date. This section is effective as of May 1, 1989.
Sec. 20.2031-10 [Removed]
Par. 23. Section 20.2031-10 is removed.
Par. 24. Section 20.2055-2 is amended by revising paragraph (f)(4)
to read as follows:
Sec. 20.2055-2 Transfers not exclusively for charitable purposes.
* * * * *
(f) * * *
(4) Other decedents. The present value of an interest not described
in paragraph (f)(2) of this section is to be determined under
Sec. 20.2031-7(d) in the case of decedents where the valuation date of
the gross estate is after April 30, 1989, or under Sec. 20.2031-7A in
the case of decedents where the valuation date of the gross estate is
before May 1, 1989.
* * * * *
Par. 25. Immediately following Sec. 20.7101-1, an undesignated
center heading and Secs. 20.7520-1 through 20.7520-4 are added to read
as follows:
General Actuarial Valuations
Sec. 20.7520-1 Valuation of annuities, unitrust interests, interests
for life or term of years, and remainder or reversionary interests.
(a) General actuarial valuations. (1) Except as otherwise provided
in this section and in Sec. 20.7520-3 (relating to exceptions to the
use of prescribed tables under certain circumstances), in the case of
estates of decedents with valuation dates after April 30, 1989, the
fair market value of annuities, interests for life or for a term of
years (including unitrust interests), remainders, and reversions is
their present value determined under this section. See Sec. 20.2031-
7(d) (and, for certain prior periods, Sec. 20.2031-7A) of this chapter
for the computation of the value of annuities, unitrust interests, life
estates, terms of years, remainders, and reversions, other than
interests described in paragraphs (a)(2) and (a)(3) of this section.
(2) In the case of a transfer to a pooled income fund with a
valuation date after April 30, 1989, see Sec. 1.642(c)-6(e) (or, for
certain prior periods, Sec. 1.642(c)-6A) of this chapter (Income Tax
Regulations) with respect to the valuation of the remainder interest.
(3) In the case of a transfer to a charitable remainder annuity
trust with a valuation date after April 30, 1989, see Sec. 1.664-2 of
this chapter with respect to the valuation of the remainder interest.
See Sec. 1.664-4 (or, for certain prior periods, Sec. 1.664-4A) of this
chapter with respect to the valuation of the remainder interest in
property transferred to a charitable remainder unitrust.
(b) Components of valuation--(1) Interest rate component--(i)
Section 7520 Interest rate. The section 7520 interest rate is the rate
of return, rounded to the nearest two-tenths of one percent, that is
equal to 120 percent of the applicable Federal mid-term rate,
compounded annually, for purposes of section 1274(d)(1), for the month
in which the valuation date falls. In rounding the rate to the nearest
two-tenths of a percent, any rate that is midway between one two-tenths
of a percent and another is rounded up to the higher of those two
rates. For example, if 120 percent of the applicable Federal mid-term
rate is 10.30, the section 7520 interest rate component is 10.4. The
section 7520 interest rate is published monthly by the Internal Revenue
Service in the Internal Revenue Bulletin (See Sec. 601.601(d)(2)(ii)(b)
of this chapter).
(ii) Valuation date. Generally, the valuation date is the date on
which the transfer takes place. For estate tax purposes, the valuation
date is the date of the decedent's death, unless the executor elects
the alternate valuation date in accordance with section 2032, in which
event, and under the limitations prescribed in section 2032 and the
regulations thereunder, the valuation date is the alternate valuation
date. For special rules in the case of charitable transfers, see
Sec. 20.7520-2.
(2) Mortality component. The mortality component reflects the
mortality data most recently available from the United States census.
As new mortality data becomes available after each decennial census,
the mortality component described in this section will be revised
periodically and the revised mortality component tables will be
published in the regulations at that time. For decedents' estates with
valuation dates after April 30, 1989, the mortality component table
(Table 80CNSMT) is included in Sec. 20.2031-7(d)(6). See Sec. 20.2031-
7A for mortality component tables applicable to decedent's estates with
valuation dates before May 1, 1989.
(c) Tables. The present value on the valuation date of an annuity,
life estate, term of years, remainder, or reversion is computed by
using the section 7520 interest rate component that is described in
paragraph (b)(1) of this section and the mortality component that is
described in paragraph (b)(2) of this section. Actuarial factors for
determining these present values are included in tables in these
regulations and in publications by the Internal Revenue Service. If a
special factor is required in order to value an interest, the Internal
Revenue Service will furnish the factor upon a request for a ruling.
The request for a ruling must be accompanied by a recitation of the
facts, including the date of birth for each measuring life and copies
of relevant instruments. A request for a ruling must comply with the
instructions for requesting a ruling published periodically in the
Internal Revenue Bulletin (see Rev. Proc. 94-1, 1994-1 I.R.B. 10, and
the first Rev. Proc. published each year, and Secs. 601.201 and
601.601(d)(2)(ii)(b) of this chapter) and include payment of the
required user fee.
(1) Regulation sections containing tables with interest rates
between 4.2 and 14 percent. Section 1.642(c)-6(e)(4) of this chapter
contains Table S used for determining the present value of a single
life remainder interest in a pooled income fund as defined in
Sec. 1.642(c)-5 of this chapter (Income Tax Regulations). Section
1.664-4(e)(6) of this chapter contains Table D (actuarial factors used
in determining the present value of a remainder interest postponed for
a term of years), Table U(1) (actuarial factors for one life), and
Table F (payout factors) used in determining the present value of a
remainder interest in a charitable remainder unitrust as defined in
Sec. 1.664-3 of this chapter. Section 20.2031-7(d)(6) contains Table S
(actuarial factors for one life), Table B (actuarial factors used in
determining the present value of an interest for a term of years),
Table K (annuity end-of-interval adjustment factors), Table J (term
certain annuity beginning-of-interval adjustment factors), and Table
80CNSMT (mortality components) used in determining the present value of
annuities, life estates, remainders, and reversions. The regulations
will be revised periodically to include new mortality component tables
and new tables of factors.
(2) Internal Revenue Service publications containing tables with
interest rates between 2.2 and 26 percent. The following documents
(except for Publication 1459) have been published for sale by the
Superintendent of Documents, United States Government Printing Office,
Washington, DC 20402:
(i) Internal Revenue Service Publication 1457, ``Actuarial Values,
Alpha Volume,'' (8/89). This publication includes tables of valuation
factors, as well as examples that show how to compute other valuation
factors, for determining the present value of annuities, life estates,
terms of years, remainders, and reversions, measured by one or two
lives. These factors may also be used in the valuation of interests in
a charitable remainder annuity trust as defined in Sec. 1.664-2 of this
chapter (Income Tax Regulations) and a pooled income fund as defined in
Sec. 1.642(c)-5 of this chapter.
(ii) Internal Revenue Service Publication 1458, ``Actuarial Values,
Beta Volume,'' (8/89). This publication includes term certain tables
and tables of one and two life valuation factors for determining the
present value of remainder interests in a charitable remainder unitrust
as defined in Sec. 1.664-3 of this chapter.
(iii) Internal Revenue Service Publication 1459, ``Actuarial
Values, Gamma Volume,'' (8-89) is no longer available for purchase from
the Superintendent of Documents. However, it may be obtained by
requesting a copy from: CC:DOM:CORP:T:R (IRS Publication 1459), room
5228, Internal Revenue Service, POB 7604, Ben Franklin Station,
Washington, DC 20044. This publication includes tables for computing
depreciation adjustment factors. See Sec. 1.170A-12 of this chapter
(Income Tax Regulations).
(d) Effective date. This section is effective as of May 1, 1989.
Sec. 20.7520-2 Valuation of charitable interests.
(a) In general--(1) Valuation. Except as otherwise provided in this
section and in Sec. 20.7520-3 (relating to exceptions to the use of
prescribed tables under certain circumstances), the fair market value
of annuities, interests for life or for a term of years, remainders,
and reversions for which an estate tax charitable deduction is
allowable is the present value of such interests determined under
Sec. 20.7520-1.
(2) Prior-month election rule. If any part of the property interest
transferred qualifies for an estate tax charitable deduction under
section 2055 or 2106, the executor may compute the present value of the
transferred interest by use of the section 7520 interest rate for the
month during which the interest is transferred or the section 7520
interest rate for either of the 2 months preceding the month during
which the interest is transferred. Paragraph (b) of this section
explains how a prior-month election is made. The interest rate for the
month so elected is the applicable section 7520 interest rate. If the
executor elects the alternate valuation date under section 2032 and
also elects to use the section 7520 interest rate for either of the 2
months preceding the month in which the interest is transferred, the
month so elected (either of the 2 months preceding the month in which
the alternate valuation date falls) is the valuation date. If the
actuarial factor for either or both of the 2 months preceding the month
during which the interest is transferred is based on a mortality
experience that is different from the mortality experience at the date
of the transfer and if the executor elects to use the section 7520 rate
for a prior month with the different mortality experience, the executor
must use the actuarial factor derived from the mortality experience in
effect during the month of the section 7520 rate elected. All actuarial
computations relating to the transfer must be made by applying the
interest rate component and the mortality component of the month
elected by the executor.
(3) Transfers of more than one interest in the same property. If a
decedent's estate includes the transfer of more than one interest in
the same property, the executor must, for purposes of valuing the
transferred interests, use the same interest rate and mortality
components for each interest in the property transferred.
(4) Information required with tax return. The following information
must be attached to the estate tax return (or be filed subsequently as
supplemental information to the return) if the estate claims a
charitable deduction for the present value of a temporary or remainder
interest in property--
(i) A complete description of the interest that is transferred,
including a copy of the instrument of transfer;
(ii) The valuation date of the transfer;
(iii) The names and identification numbers of the beneficiaries of
the transferred interest;
(iv) The names and birthdates of any measuring lives, a description
of any relevant terminal illness condition of any measuring life, and
(if applicable) an explanation of how any terminal illness condition
was taken into account in valuing the interest; and
(v) A computation of the deduction showing the applicable section
7520 interest rate that is used to value the transferred interest.
(5) Place for filing returns. See section 6091 of the Internal
Revenue Code and the regulations thereunder for the place for filing
the return or other document required by this section.
(b) Election of interest rate component--(1) Time for making
election. An executor makes a prior-month election under paragraph
(a)(2) of this section by attaching the information described in
paragraph (b)(2) of this section to the decedent's estate tax return or
by filing a supplemental statement of the election information within
24 months after the later of the date the original estate tax return
was filed or the due date for filing the return.
(2) Manner of making election. A statement that the prior-month
election under section 7520(a) of the Internal Revenue Code is being
made and that identifies the elected month must be attached to the
estate tax return (or by subsequently filing the statement as
supplemental information to the return).
(3) Revocability. The prior-month election may be revoked by filing
a statement of supplemental information within 24 months after the
later of the date the original return of tax for the decedent's estate
was filed or the due date for filing the return. The revocation must be
filed in the place referred to in paragraph (a)(5) of this section.
(c) Effective dates. Paragraph (a) of this section is effective as
of May 1, 1989. Paragraph (b) of this section is effective for
elections made after June 10, 1994.
Sec. 20.7520-3 Limitation on the application of section 7520.
(a) Internal Revenue Code sections to which section 7520 does not
apply. Section 7520 of the Internal Revenue Code does not apply for
purposes of:
(1) Part I, subchapter D of subtitle A (section 401 et. seq.),
relating to the income tax treatment of certain qualified plans.
(However, section 7520 does apply to the estate and gift tax treatment
of certain qualified plans and for purposes of determining excess
accumulations under section 4980A);
(2) Sections 72 and 101(b), relating to the income taxation of life
insurance, endowment, and annuity contracts, unless otherwise provided
for in the regulations under sections 72, 101, and 1011 (see,
particularly, Secs. 1.101-2(e)(1)(iii)(b)(2), and 1.1011-2(c), Example
8);
(3) Sections 83 and 451, unless otherwise provided for in the
regulations under those sections;
(4) Section 457, relating to the valuation of deferred
compensation, unless otherwise provided for in the regulations under
section 457;
(5) Sections 3121(v) and 3306(r), relating to the valuation of
deferred amounts, unless otherwise provided for in the regulations
under those sections;
(6) Section 6058, relating to valuation statements evidencing
compliance with qualified plan requirements, unless otherwise provided
for in the regulations under section 6058;
(7) Section 7872, relating to income and gift taxation of interest-
free loans and loans with below-market interest rates, unless otherwise
provided for in the regulations under section 7872; or
(8) Section 2702(a)(2)(A), relating to the value of a nonqualified
retained interest upon a transfer of an interest in trust to or for the
benefit of a member of the transferor's family; and
(9) Any other sections of the Internal Revenue Code to the extent
provided by the Internal Revenue Service in revenue rulings or revenue
procedures. (See Secs. 601.201 and 601.601 of this chapter).
(b) Other limitations on the application of section 7520.
[Reserved]
(c) Effective date. Section Sec. 20.7520-3(a) is effective as of
May 1, 1989.
Sec. 20.7520-4 Transitional rules.
(a) Reliance. If the valuation date is after April 30, 1989, and
before June 10, 1994, an executor can rely on Notice 89-24, 1989-1 C.B.
660, or Notice 89-60, 1989-1 C.B. 700 (See Sec. 601.601(d)(2)(ii)(b) of
this chapter), in valuing the transferred interest.
(b) Effective date. This section is effective as of May 1, 1989.
PART 25--GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954
Par. 26. The authority citation for part 25 is revised to read as
follows:
Authority: 26 U.S.C. 7805.
Section 25.2512-5 also issued under 26 U.S.C. 7520(c)(2).
Section 25.2512-5A also issued under 26 U.S.C. 7520(c)(2).
Section 25.7520-1 also issued under 26 U.S.C. 7520(c)(2).
Section 25.7520-2 also issued under 26 U.S.C. 7520(c)(2).
Section 25.7520-3 also issued under 26 U.S.C. 7520(c)(2).
Section 25.7520-4 also issued under 26 U.S.C. 7520(c)(2).
Par. 27. Section 25.2512-0 is added to read as follows:
Sec. 25.2512-0 Table of contents.
This section lists the section headings that appear in the
regulations under section 2512.
Sec. 25.2512-1 Valuation of property; in general.
Sec. 25.2512-2 Stocks and bonds.
Sec. 25.2512-3 Valuation of interests in businesses.
Sec. 25.2512-4 Valuation of notes.
Sec. 25.2512-5 Valuation of annuities, unitrust interests,
interests for life or term of years, and remainder or reversionary
interests transferred after April 30, 1989.
Sec. 25.2512-6 Valuation of certain life insurance and annuity
contracts; valuation of shares in an open-end investment company.
Sec. 25.2512-7 Effect of excise tax.
Sec. 25.2512-8 Transfers for insufficient consideration.
Actuarial Tables Applicable Before May 1, 1989
Sec. 25.2512-5A Valuation of annuities, unitrust interests,
interests for life or term of years, and remainder or reversionary
interests transferred before May 1, 1989.
Par. 28. Immediately following Sec. 25.2518-3 an undesignated
center heading and Sec. 25.2512-5A are added to read as follows:
Actuarial Tables Applicable Before May 1, 1989
Sec. 25.2512-5A Valuation of annuities, unitrust interests, interests
for life or term of years, and remainder or reversionary interests
transferred before May 1, 1989.
(a) Valuation of annuities, interests for life or term of years,
and remainder or reversionary interests transferred before January 1,
1952. Except as otherwise provided in Sec. 25.2512-5(b), if the
transfer was made before January 1, 1952, the present value of
annuities, life estates, terms of years, remainders, and reversions is
their present value determined under this section. If the valuation of
the interest involved is dependent upon the continuation or termination
of one or more lives or upon a term certain concurrent with one or more
lives, the factor for the present value is computed on the basis of
interest at the rate of 4 percent a year, compounded annually, and life
contingencies for each life involved from values that are based upon
the ``Actuaries' or Combined Experience Table of Mortality, as
extended.'' This table and many additional factors are described in
former Sec. 86.19 (as contained in the 26 CFR Part 81 edition revised
as of April 1, 1958). The present value of an interest measured by a
term of years is computed on the basis of interest at the rate of 4
percent a year.
(b) Valuation of annuities, interests for life or term of years,
and remainder or reversionary interests transferred after December 31,
1951, and before January 1, 1971. Except as otherwise provided in
Sec. 25.2512-5(b), the present value of annuities, life estates, terms
of years, remainders, and reversions transferred after December 31,
1951, and before January 1, 1971, is the present value of such
interests determined under this section. If the value of the interest
involved is dependent upon the continuation or termination of one or
more lives, the factor for the present value is computed on the basis
of interest at the rate of 3\1/2\ percent a year, compounded annually,
and life contingencies for each life involved from U.S. Life Table 38.
This table and many accompanying factors are set forth in former
Sec. 25.2512-5 (as contained in the 26 CFR Part 25 edition revised as
of April 1, 1984). Special factors involving one and two lives may be
found in or computed with the use of tables contained in Internal
Revenue Service Publication Number 11, ``Actuarial Values for Estate
and Gift Tax,'' (Rev. 5-59). This publication is no longer available
for purchase from the Superintendent of Documents. However, it may be
obtained by requesting a copy from: CC:DOM:CORP:T:R (IRS Publication
11), room 5228, Internal Revenue Service, POB 7604, Ben Franklin
Station, Washington, DC 20044. The present value of an interest
measured by a term of years is computed on the basis of interest at the
rate of 3\1/2\ percent a year.
(c) Valuation of annuities, interests for life or term of years,
and remainder or reversionary interests transferred after December 31,
1970, and before December 1, 1983. Except as otherwise provided in
Sec. 25.2512-5(b), the present value of annuities, life estates, terms
of years, remainders, and reversions transferred after December 31,
1970, and before December 1, 1983, is the present value of such
interests determined under this section. If the interest to be valued
is dependent upon the continuation or termination of one or more lives
or upon a term certain concurrent with one or more lives, the factor
for the present value is computed on the basis of interest at the rate
of 6 percent a year, compounded annually, and life contingencies
determined for each male and female life involved, from the values that
are set forth in Table LN. Table LN contains values that are taken from
the life table for total males and the life table for total females
appearing as Tables 2 and 3, respectively, in United States Life
Tables: 1959-61, published by the Department of Health and Human
Services, Public Health Service. Table LN and accompanying factors are
set forth in former Sec. 25.2512-9 (as contained in the 26 CFR Part 25
edition revised as of April 1, 1994). Special factors involving one and
two lives may be found in or computed with the use of tables contained
in Internal Revenue Service Publication 723, entitled ``Actuarial
Values I: Valuation of Last Survivor Charitable Remainders'' (12-70),
and Internal Revenue Service Publication 723A, entitled ``Actuarial
Values II: Factors at 6 Percent Involving One and Two Lives'' (12-70).
These publications are no longer available for purchase from the
Superintendent of Documents. However, a copy of each may be obtained
from: CC:DOM:CORP:T:R (IRS Publication 723/723A), room 5228, Internal
Revenue Service, POB 7604, Ben Franklin Station, Washington, DC 20044.
The present value of an interest measured by a term of years is
computed on the basis of interest at the rate of 6 percent a year.
Par. 29. Section 25.2512-5 is redesignated as paragraph (d) of
Sec. 25.2512-5A and amended as follows:
1. The following redesignation table indicates the old CFR unit
numbers for Sec. 25.2512-5 and the corresponding new CFR unit numbers
for Sec. 25.2512-5A(d):
------------------------------------------------------------------------
Corresponding new No. in Sec.
Old CFR unit No. in Sec. 25.2512-5 25.2512-5A(d)
------------------------------------------------------------------------
Sec. 25.2512-5 heading............ Paragraph (d) heading.
(a)............................... (d)(1).
(a)(1)............................ (d)(1)(i).
(a)(1)(i)......................... (d)(1)(i)(A).
(a)(1)(ii)........................ (d)(1)(i)(B).
(a)(1)(ii)(A)..................... (d)(1)(i)(B)(1).
(a)(1)(ii)(B)..................... (d)(1)(i)(B)(2).
(a)(1)(iii)....................... (d)(1)(i)(C).
(a)(1)(iii)(A).................... (d)(1)(i)(C)(1).
(a)(1)(iii)(B).................... (d)(1)(i)(C)(2).
(a)(2)............................ (d)(1)(ii).
(a)(3)............................ (d)(1)(iii).
(b)............................... (d)(2).
(b)(1)............................ (d)(2)(i).
(b)(2)............................ (d)(2)(ii).
(b)(3)............................ (d)(2)(iii).
(b)(3)(i)......................... (d)(2)(iii)(A).
(b)(3)(ii)........................ (d)(2)(iii)(B).
(c)............................... (d)(3).
(d)............................... (d)(4).
(e)............................... (d)(5).
(f)............................... (d)(6).
------------------------------------------------------------------------
2. The paragraph heading for paragraph (d) is revised.
3. Newly designated paragraph (d)(1)(i)(A) is amended by revising
the first sentence and removing the eighth and last sentences.
4. In newly designated paragraph (d)(1)(i)(B), the concluding text
is amended by revising the first full sentence.
5. In newly designated paragraph (d)(1)(i)(C), the concluding text
is amended by revising the first and second full sentences.
6. Newly designated paragraph (d)(1)(iii) is revised.
7. Newly designated paragraph (d)(5) is amended by revising the
second and third sentences.
8. Newly designated paragraph (d)(6) is revised.
9. The revisions read as follows:
Sec. 25.2512-5A Valuation of annuities, unitrust interests, interests
for life or term of years, and remainder or reversionary interests
transferred before May 1, 1989.
* * * * *
(d) Valuation of annuities, interests for life or term of years,
and remainder or reversionary interests transferred after November 30,
1983, and before May 1, 1989--(1) In general. (i)(A) Except as
otherwise provided in Sec. 25.2512-5(b) and in this paragraph
(d)(1)(i)(A), the fair market value of annuities, life estates, terms
of years, remainders, and reversions transferred after November 30,
1983, and before May 1, 1989, is the present value of such interests
determined under this section. * * *
(B) * * *
* * * The donor may elect to value both interests transferred in
1983 under Sec. 25.2512-5A(c) as if such section applied to all
transfers made before January 1, 1984, or the donor may elect to have
both interests transferred valued under this section. * * *
(C) * * *
* * * The donor may elect to value the interest transferred in 1984
under Sec. 25.2512-5A(c) as if such section applied to all transfers
made before January 1, 1985, or the donor may elect to have the
transfer valued under this section. If the donor elects to value the
interest transferred in 1984 under Sec. 25.2512-5A(c), the donor shall
indicate that the election is being made by attaching a statement to
the donor's gift tax return for 1984. * * *
* * * * *
(iii) In all examples set forth in this section, the interest is
assumed to have been transferred after November 30, 1983, and before
May 1, 1989.
* * * * *
(5) * * * The factor is to be computed on the basis of interest at
the rate of 10 percent a year, compounded annually, and life
contingencies are determined for each person involved from the values
of lx that are set forth in column 2 of Table LN in Sec. 20.2031-
7A(d)(6) of this chapter. Table LN contains values of lx taken from the
life table for the total population appearing as Table 1 in United
States Life Tables: 1969-71, published by the Department of Health and
Human Services, Public Health Service.
* * * * *
(6) Tables. (i) For actuarial factors showing the present worth at
10 percent of a single life annuity, a life interest, and a remainder
interest postponed for a single life, see Sec. 20.2031-7A(d)(6) of this
chapter, Table A, of the Estate Tax Regulations.
(ii) For actuarial factors showing the present worth at 10 percent
of an annuity for a term certain, an income interest for a term
certain, and a remainder interest postponed for a term certain, see
Sec. 20.2031-7A(d)(6) of this chapter, Table B, of the Estate Tax
Regulations.
Par. 30. New Sec. 25.2512-5 is added to read as follows:
Sec. 25.2512-5 Valuation of annuities, unitrust interests, interests
for life or term of years, and remainder or reversionary interests
transferred after April 30, 1989.
(a) In general. Except as otherwise provided in paragraph (b) of
this section and Sec. 25.7520-3(b), the fair market value of annuities,
unitrust interests, life estates, terms of years, remainders, and
reversions transferred by gift is the present value of the interests
determined under paragraph (d) of this section. Section 20.2031-7 of
this chapter (Estate Tax Regulations) and related sections provide
tables with standard actuarial factors and examples that illustrate how
to use the tables to compute the present value of ordinary annuity,
life, and remainder interests in property. These sections also refer to
standard and special actuarial factors that may be necessary to compute
the present value of similar interests in more unusual fact situations.
These factors and examples are also generally applicable for gift tax
purposes in computing the values of taxable gifts.
(b) Commercial annuities and insurance contracts. The value of life
insurance contracts and contracts for the payment of annuities issued
by companies regularly engaged in their sale is determined under
Sec. 25.2512-6.
(c) Actuarial valuations before May 1, 1989. The present value of
annuities, unitrust interests, life estates, terms of years,
remainders, and reversions transferred by gift before May 1, 1989, is
determined under the following sections:
------------------------------------------------------------------------
Transfers
After ---------------------------------------- Applicable
Before Regulations
------------------------------------------------------------------------
Jan. 1, 1952...... 25.2512-5A(a)..... ...........
Dec. 31, 1951...... Jan. 1, 1971...... 25.2512-5A(b)..... ...........
Dec. 31, 1970...... Dec. 1, 1983...... 25.2512-5A(c)..... ...........
Dec. 30, 1983...... May 1, 1989....... 25.2512-5A(d)..... ...........
------------------------------------------------------------------------
(d) Actuarial valuations after April 30, 1989--(1) In general.
Except as otherwise provided in paragraph (b) of this section and
Sec. 25.7520-3(b) (relating to exceptions to the use of prescribed
tables under certain circumstances), if the valuation date for the gift
is after April 30, 1989, the fair market value of annuities, life
estates, terms of years, remainders, and reversions transferred after
April 30, 1989, is the present value of such interests determined by
use of standard or special section 7520 actuarial factors. These
factors are derived by using the appropriate section 7520 interest rate
and, if applicable, the mortality component for the valuation date of
the interest that is being valued. See Secs. 25.7520-1 through 25.7520-
4. The fair market value of a qualified annuity interest described in
section 2702(b)(1) and a qualified unitrust interest described in
section 2702(b)(2) is the present value of such interests determined
under Sec. 25.7520-1(c).
(2) Specific interests. When the donor transfers property in trust
or otherwise and retains an interest therein, generally, the value of
the gift is the value of the property transferred less the value of the
donor's retained interest. However, if the donor transfers property
after October 8, 1990, to or for the benefit of a member of the donor's
family, the value of the gift is the value of the property transferred
less the value of the donor's retained interest as determined under
section 2702. If the donor assigns or relinquishes an annuity, life
estate, remainder, or reversion that the donor holds by virtue of a
transfer previously made by the donor or another, the value of the gift
is the value of the interest transferred. However, see section 2519 for
a special rule in the case of the assignment of an income interest by a
person who received the interest from a spouse.
(i) Charitable remainder trusts. The fair market value of a
remainder interest in a pooled income fund, as defined in
Sec. 1.642(c)-5 of this chapter (Income Tax Regulations), is its value
determined under Sec. 1.642(c)-6(e) of this chapter. The fair market
value of a remainder interest in a charitable remainder annuity trust,
as described in Sec. 1.664-2(a) of this chapter, is its present value
determined under Sec. 1.664-2(c) of this chapter. The fair market value
of a remainder interest in a charitable remainder unitrust, as defined
in Sec. 1.664-3 of this chapter, is its present value determined under
Sec. 1.664-4(e) of this chapter. The fair market value of a life
interest or term for years in a charitable remainder unitrust is the
fair market value of the property as of the date of transfer less the
fair market value of the remainder interest, determined under
Sec. 1.664-4(e) of this chapter.
(ii) Ordinary remainder and reversionary interests. If the interest
to be valued is to take effect after a definite number of years or
after the death of one individual, the present value of the interest is
computed by multiplying the value of the property by the appropriate
remainder interest actuarial factor (that corresponds to the applicable
section 7520 interest rate and remainder interest period) in Table B
(for a term certain) or Table S (for one measuring life), as the case
may be. Tables B and S are included in Sec. 20.2031-7(d)(6) of this
chapter (Estate Tax Regulations) and in Internal Revenue Service
Publication 1457. For information about obtaining actuarial factors for
other types of remainder interests, see paragraph (d)(4) of this
section.
(iii) Ordinary term-of-years and life interests. If the interest to
be valued is the right of a person to receive the income of certain
property, or to use certain nonincome-producing property, for a term of
years or for the life of one individual, the present value of the
interest is computed by multiplying the value of the property by the
appropriate term-of-years or life interest actuarial factor (that
corresponds to the applicable section 7520 interest rate and term-of-
years or life interest period). Internal Revenue Service Publication
1457 includes actuarial factors for an interest for a term of years in
Table B and for the life of one individual in Table S. However, term-
of-years and life interest actuarial factors are not included in Table
B or Table S in Sec. 20.2031-7(d)(6) of this chapter. If Internal
Revenue Service Publication 1457 (or any other reliable source of term-
of-years and life interest actuarial factors) is not conveniently
available, an actuarial factor for the interest may be derived
mathematically. This actuarial factor may be derived by subtracting the
correlative remainder factor (that corresponds to the applicable
section 7520 interest rate and the term of years or the life) in Table
B (for a term of years) or in Table S (for the life of one individual)
in Sec. 20.2031-7(d)(6), as the case may be, from 1.000000. For
information about obtaining actuarial factors for other types of term-
of-years and life interests, see paragraph (d)(4) of this section.
(iv) Annuities. (A) If the interest to be valued is the right of a
person to receive an annuity that is payable at the end of each year
for a term of years or for the life of one individual, the present
value of the interest is computed by multiplying the aggregate amount
payable annually by the appropriate annuity actuarial factor (that
corresponds to the applicable section 7520 interest rate and annuity
period). Internal Revenue Service Publication 1457 includes actuarial
factors in Table B (for an annuity payable for a term of years) and in
Table S (for an annuity payable for the life of one individual).
However, annuity actuarial factors are not included in Table B or Table
S in Sec. 20.2031-7(d)(6) of this chapter. If Internal Revenue Service
Publication 1457 (or any other reliable source of annuity actuarial
factors) is not conveniently available, an annuity factor for a term of
years or for one life may be derived mathematically. This annuity
factor may be derived by subtracting the applicable remainder factor
(that corresponds to the applicable section 7520 interest rate and
annuity period) in Table B (in the case of a term-of-years annuity) or
in Table S (in the case of a one-life annuity) in Sec. 20.2031-7(d)(6),
as the case may be, from 1.000000 and then dividing the result by the
applicable section 7520 interest rate expressed as a decimal number.
See Sec. 20.2031-7(d)(2)(iv) of this chapter for an example that
illustrates the computation of the present value of an annuity.
(B) If the annuity is payable at the end of semiannual, quarterly,
monthly, or weekly periods, the product obtained by multiplying the
annuity factor by the aggregate amount payable annually is then
multiplied by the applicable adjustment factor set forth in Table K in
Sec. 20.2031-7(d)(6) of this chapter at the appropriate interest rate
component for payments made at the end of the specified periods. The
provisions of this paragraph (d)(2)(iv)(B) are illustrated by the
following example:
Example. On July 1, 1989, the donor agrees to pay the annuitant
the sum of $10,000 per year, payable in equal semiannual
installments at the end of each period. The semiannual installments
are to be made on each December 31st and June 30th. The annuity is
payable until the annuitant's death. On July 1, 1989, the annuitant
is 68 years and 5 months old. The donee annuitant's age is taken as
68 for purposes of computing the present value of the retained
annuity. The section 7520 rate for July 1989 is 10.6 percent. Under
Table S, the factor at 10.6 percent for determining the present
value of a remainder interest payable at the death of an individual
aged 68 is .31371 Converting the remainder factor to an annuity
factor, as described above, the annuity factor for determining the
present value of an annuity transferred to an individual age 68 is
6.4744 (1.00000 minus .31371 divided by 10.6). The adjustment factor
from Table K in the column for payments made at the end of each
semiannual period at the rate of 10.6 percent is 1.0258. The
aggregate annual amount of the annuity, $10,000, is multiplied by
the factor 6.4744 and the product multiplied by 1.0258. The present
value of the annuity beneficiary's interest is, therefore, $66,414
($10,000 x 6.4744 x 1.0258).
(C) If an annuity is payable at the beginning of annual,
semiannual, quarterly, monthly, or weekly periods for a term of years,
the value of the annuity is computed by multiplying the aggregate
amount payable annually by the annuity factor described in paragraph
(d)(2)(iv)(A) of this section; and the product so obtained is then
multiplied by the adjustment factor in Table J in Sec. 20.2031-7(d)(6)
of this chapter at the appropriate interest rate component for payments
made at the beginning of specified periods. If an annuity is payable at
the beginning of annual, semiannual, quarterly, monthly, or weekly
periods for one or more lives, the value of the annuity is the sum of
the first payment plus the present value of a similar annuity, the
first payment of which is not to be made until the end of the payment
period, determined as provided in paragraph (d)(2)(iv)(B) of this
section.
(v) Annuity and unitrust interests for a term of years or until the
prior death of an individual--(A) Annuity interests. The present value
of an annuity interest that is payable until the earlier to occur of
the lapse of a specific number of years or the death of an individual
may be computed with values from the tables in 20.2031-7(d)(6) as
described in the following example:
Example. On January 1, 1991, the donor transfers $100,000 into a
trust and retains the right to receive an annuity from the trust in
the amount of $6,000 per year, payable in equal semiannual
installments at the end of each period. The semiannual installments
are to be made on each June 30th and December 31st. The annuity is
payable for 10 years or until the donor's prior death. On January 1,
1991, the donor is 59 years and 6 months old. The donor's age is
taken as 60 for purposes of computing the present value of the
retained annuity. The section 7520 rate for January 1991 is 9.8
percent. The present value of the annuity beneficiary's interst is
$35,424.00, determined as follows:
Table S value at 9.8 percent, age 60......................... .23158
Table S value at 9.8 percent, age 70......................... .36468
Table 80CNSMT value at age 70................................ .68248
Table 80CNSMT value at age 60................................ .83726
Table B value at 9.8 percent, 10 years....................... .392624
Table K value at 9.8 percent,................................ 1.0239
Factor for annuity beneficiary's interest at 9.8 percent:
TR10JN94.005
Present value of annuity beneficiary's interest:
($6,000 x 5.7662 x 1.0239).............................. $35,424.07
(B) Unitrust interests. The present value of a unitrust interest
that is payable until the earlier to occur of the lapse of a
specific number of years or the death of an individual may be
computed with values from the tables in Sec. 1.664-4(e)(6) as
described in the following example:
Example. The donor who, as of the nearest birthday, is 60 years
old transfers $100,000 to a unitrust on January 1, 1991. The trust
instrument requires that each year the trust pay to the donor, in
equal semiannual installments on June 30th and December 31st, 6
percent of the fair market value of the trust assets, valued as of
January 1st each year, for 10 years or until the prior death of the
donor. The section 7520 rate for January 1991 is 9.8 percent. Under
Table F(9.8), the appropriate adjustment factor is .932539 for
semiannual payments payable at the end of the semiannual period. The
adjusted payout rate is 5.595 percent (6% x .932539). The present
value of the unitrust beneficiary's interest is $40,495.00
determined as follows:
Table U(1) value at 5.6 percent, age 60...................... .37017
Table U(1) value at 5.6 percent, age 70...................... .50971
Table 80CNSMT value at age 70................................ .68248
Table 80CNSMT value at age 60................................ .83726
Table D value at 5.6 percent, 10 years....................... .561979
Factor for the unitrust beneficiary's interest at 5.6 percent:
(1.000000-.37017)-(.561979 x (68248/
83726) x (1.000000-.50971))=.40523
Table U(1) value at 5.4 percent, age 60...................... .38183
Table U(1) value at 5.4 percent, age 70...................... .52086
Table 80CNSMT value at age 70................................ .68248
Table 80CNSMT value at age 60................................ .83726
Table D value at 5.4 percent, 10 years....................... .573999
Factor for the unitrust beneficiary's interest at 5.4 percent:
TR10JN94.006
Factor at 5.4 percent, age 60............................. .39399
Plus: Interpolation adjustment............................ .01096
-------------
Interpolated Factor....................................... .40495
Present value of unitrust beneficiary's interest:
($100,000 x .40495)...................................... $40,495.00
(3) Transitional rule. (i) If the valuation date of a transfer of
an interest in property by gift is after April 30, 1989, and before
June 10, 1994, a donor can rely on Notice 89-24, 1989-1C.B. 660, or
Notice 89-60, 1989-1 C.B. 700, in valuing the transferred interest.
(See Sec. 601.601(d)(2)(ii)(b) of this chapter.)
(ii) If a donor transferred an interest in property by gift after
December 31, 1988, and before May 1, 1989, retaining an interest in the
same property, and after April 30, 1989, and before January 1, 1990,
transferred the retained interest in property, the donor may, at the
option of the donor, value the transfer of the retained interest under
this section or under Sec. 25.2512-5A(d).
(4) Publications and actuarial computations by the Internal Revenue
Service. Many standard actuarial factors not included in Sec. 20.2031-
7(d)(6) of this chapter are included in Internal Revenue Service
Publication 1457, ``Actuarial Values, Alpha Volume,'' (8-89). Internal
Revenue Service Publication 1457 also includes examples that illustrate
how to compute many special factors for more unusual situations. A copy
of this publication may be purchased from the Superintendent of
Documents, United States Government Printing Office, Washington, DC
20402. If a special factor is required in the case of a completed gift,
the Service may furnish the factor to the donor upon a request for a
ruling. The request for a ruling must be accompanied by a recitation of
the facts including a statement of the date of birth for each measuring
life, the date of the gift, any other applicable dates, and a copy of
the will, trust, or other relevant documents. A request for a ruling
must comply with the instructions for requesting a ruling published
periodically in the Internal Revenue Bulletin (see Secs. 601.201 and
601.601(d)(2)(ii)(b) of this chapter) and include payment of the
required user fee.
(e) Effective date. This section is effective as of May 1, 1989.
Sec. 25.2512-9 [Removed]
Par. 31. Section 25.2512-9 is removed.
Par. 32. Section 25.2515-2, paragraph (c) is amended by revising
the first and last sentences to read as follows:
Sec. 25.2515-2 Tenancies by the entirety; transfers treated as gifts;
manner of election and valuation.
* * * * *
(c) Factors representing the respective interests of the spouses,
under a tenancy by the entirety, at their attained ages at the time of
the transaction may be readily computed based on the method described
in Sec. 25.2512-5. * * * See Sec. 25.2512-5(d)(4) for the procedure for
obtaining special factors from the Internal Revenue Service in
appropriate cases.
* * * * *
Par. 33. Section 25.2522(a)-2(a) is amended by revising the fifth
sentence to read as set forth below, and by removing the fourth
sentence.
Sec. 25.2522(a)-2 Transfers not exclusively for charitable, etc.,
purposes in the case of gifts made before August 1, 1969.
(a) * * * If the interest involved is such that its value is to be
determined by a special computation, see Sec. 25.2512-5(d)(4). * * *
* * * * *
Par. 34. Section 25.2522(c)-3, paragraph (d)(3) is revised to read
as follows:
Sec. 25.2522(c)-3 Transfers not exclusively for charitable, etc.,
purposes in the case of gifts made after July 31, 1969.
* * * * *
(d) * * *
(3) Other transfers. The present value of an interest not described
in paragraph (d)(2) of this section is to be determined under
Sec. 25.2512-5.
* * * * *
Par. 35. Immediately following Sec. 25.7101-1, an undesignated
center heading and Secs. 25.7520-1 through 25.7520-4 are added to read
as follows:
General Actuarial Valuations
Sec. 25.7520-1 Valuation of annuities, unitrust interests, interests
for life or term of years, and remainder or reversionary interests.
(a) General actuarial valuations. (1) Except as otherwise provided
in this section and in Sec. 25.7520-3(b) (relating to exceptions to the
use of prescribed tables under certain circumstances), in the case of
gifts made after April 30, 1989, the fair market value of annuities,
interests for life or for a term of years (including unitrust
interests), remainders, and reversions is their present value
determined under this section. See Sec. 20.2031-7(d) (and, for certain
prior periods, Sec. 20.2031-7A) of this chapter, Estate Tax
Regulations, for the computation of the value of annuities, unitrust
interests, life estates, terms of years, remainders, and reversions,
other than interests described in paragraphs (a)(2) and (a)(3) of this
section.
(2) In the case of a gift to a beneficiary of a pooled income fund
after April 30, 1989, see Sec. 1.642(c)-6(e) (or, for certain prior
periods, Sec. 1.642(c)-6A) of this chapter (Income Tax Regulations)
with respect to the valuation of the remainder interest.
(3) In the case of a gift to a beneficiary of a charitable
remainder annuity trust after April 30, 1989, see Sec. 1.664-2 of this
chapter with respect to the valuation of the remainder interest. See
Sec. 1.664-4 (or, for certain prior periods, Sec. 1.664-4A) of this
chapter (Income Tax Regulations) with respect to the valuation of the
remainder interest in property transferred to a charitable remainder
unitrust.
(b) Components of valuation--(1) Interest rate component-- (i)
Section 7520 Interest rate. The section 7520 interest rate is the rate
of return, rounded to the nearest two-tenths of one percent, that is
equal to 120 percent of the applicable Federal mid-term rate,
compounded annually, for purposes of section 1274(d)(1), for the month
in which the valuation date falls. In rounding the rate to the nearest
two-tenths of a percent, any rate that is midway between one two-tenths
of a percent and another is rounded up to the higher of those two
rates. For example, if 120 percent of the applicable Federal mid-term
rate is 10.30, the section 7520 interest rate component is 10.4. The
section 7520 interest rate is published monthly by the Internal Revenue
Service in the Internal Revenue Bulletin (See Sec. 601.601(d)(2)(ii)(b)
of this chapter).
(ii) Valuation date. Generally, the valuation date is the date on
which the gift is made. For gift tax purposes, the valuation date is
the date on which the gift is complete under Sec. 25.2511-2. For
special rules in the case of charitable transfers, see Sec. 25.7520-2.
(2) Mortality component. The mortality component reflects the
mortality data most recently available from the United States census.
As new mortality data becomes available after each decennial census,
the mortality component described in this section will be revised
periodically and the revised mortality component tables will be
published in the regulations at that time. For gifts with valuation
dates after April 30, 1989, the mortality component table (Table
80CNSMT) is contained in Sec. 20.2031-7(d) of this chapter (Estate Tax
Regulations). See Sec. 20.2031-7A of this chapter for mortality
component tables applicable to gifts before May 1, 1989.
(c) Tables. The present value on the valuation date of an annuity,
life estate, term of years, remainder, or reversion is computed by
using the section 7520 interest rate component that is described in
paragraph (b)(1) of this section and the mortality component that is
described in paragraph (b)(2) of this section. Actuarial factors for
determining these present values are included in tables in these
regulations and in publications by the Internal Revenue Service. If a
special factor is required in order to value an interest, the Internal
Revenue Service will furnish the factor upon a request for a ruling.
The request for a ruling must be accompanied by a recitation of the
facts, including the date of birth for each measuring life and copies
of relevant instruments. A request for a ruling must comply with the
instructions for requesting a ruling published periodically in the
Internal Revenue Bulletin (see Rev. Proc. 94-1, 1994-1 I.R.B. 10, and
subsequent updates, and Secs. 601.201 and 601.601(d)(2)(ii)(b) of this
chapter) and include payment of the required user fee.
(1) Regulation sections containing tables with interest rates
between 4.2 and 14 percent. Section 1.642(c)-6(e)(4) of this chapter
contains Table S used for determining the present value of a single
life remainder interest in a pooled income fund as defined in
Sec. 1.642(c)-5 of this chapter (Income Tax Regulations). Section
1.664-4(e)(6) of this chapter contains Table D (actuarial factors used
in determining the present value of a remainder interest postponed for
a term of years), Table U(1) (actuarial factors for one life), and
Table F (payout factors) used in determining the present value of a
remainder interest in a charitable remainder unitrust as defined in
Sec. 1.664-3 of this chapter. Section 20.2031-7(d)(6) of this chapter
(Estate Tax Regulations) contains Table S (actuarial factors for one
life), Table B (actuarial factors used in determining the present value
of an interest for a term of years), Table K (annuity end-of-interval
adjustment factors), Table J (term certain annuity beginning-of-
interval adjustment factors), and Table 80CNSMT (mortality components)
used in determining the present value of annuities, life estates,
remainders, and reversions. The regulations will be revised
periodically to include new mortality component tables and new tables
of factors.
(2) Internal Revenue Service publications containing tables with
interest rates between 2.2 and 26 percent. The following documents
(except for Publication 1459) have been published for sale by the
Superintendent of Documents, United States Government Printing Office,
Washington, DC 20402:
(i) Internal Revenue Service Publication 1457, ``Actuarial Values,
Alpha Volume,'' (8/89). This publication includes tables of valuation
factors, as well as examples that show how to compute other valuation
factors, for determining the present value of annuities, life estates,
terms of years, remainders, and reversions, measured by one or two
lives. These factors may also be used in the valuation of interests in
a charitable remainder annuity trust as defined in Sec. 1.664-2 of this
chapter (Income Tax Regulations) and a pooled income fund as defined in
Sec. 1.642(c)-5.
(ii) Internal Revenue Service Publication 1458, ``Actuarial Values,
Beta Volume,'' (8/89). This publication includes term certain tables
and tables of one and two life valuation factors for determining the
present value of remainder interests in a charitable remainder unitrust
as defined in Sec. 1.664-3 of this chapter.
(iii) Internal Revenue Service Publication 1459, ``Actuarial
Values, Gamma Volume,'' (8-89) is no longer available for purchase from
the Superintendent of Documents. However, it may be obtained by
requesting a copy from: CC:DOM:CORP:T:R (IRS Publication 1459), room
5228, Internal Revenue Service, POB 7604, Ben Franklin Station,
Washington, DC 20044. This publication includes tables for computing
depreciation adjustment factors. See Sec. 1.170A-12 of this chapter
(Income Tax Regulations).
(d) Effective date. This section is effective as of May 1, 1989.
Sec. 25.7520-2 Valuation of charitable interests.
(a) In general--(1) Valuation. Except as otherwise provided in this
section and in Sec. 25.7520-3 (relating to exceptions to the use of
prescribed tables under certain circumstances), the fair market value
of annuities, interests for life or for a term for years, remainders,
and reversions for which a gift tax charitable deduction is allowable
is the present value of such interests determined under Sec. 25.7520-1.
(2) Prior-month election rule. If any part of the property interest
transferred qualifies for a gift tax charitable deduction under section
2522, the donor may elect to compute the present value of the interest
transferred by use of the section 7520 interest rate for the month
during which the gift is made or the section 7520 interest rate for
either of the 2 months preceding the month during which the gift is
made. Paragraph (b) of this section explains how a prior-month election
is made. The interest rate for the month so elected is the applicable
section 7520 interest rate. If the actuarial factor for either or both
of the 2 months preceding the month during which the gift is made is
based on a mortality experience that is different from the mortality
experience at the date of the gift and if the donor elects to use the
section 7520 rate for a prior month with the different mortality
experience, the donor must use the actuarial factor derived from the
mortality experience in effect during the month of the section 7520
rate elected. All actuarial computations relating to the gift must be
made by applying the interest rate component and the mortality
component of the month elected by the donor.
(3) Gifts of more than one interest in the same property. If a
donor makes a gift of more than one interest in the same property at
the same time, the donor must, for purposes of valuing the gifts, use
the same interest rate and mortality components for the gift of each
interest in the property. If the donor has made gifts of more than one
interest in the same property at different times, the donor must
determine the value of the gift by the use of the interest rate
component and mortality component in effect during the month of that
gift or, if applicable under paragraph (a)(2) of this section, either
of the two months preceding the month of the gift.
(4) Information required with tax return. The following information
must be attached to the gift tax return (or to the amended return) if
the donor claims a charitable deduction for the present value of a
temporary or remainder interest in property--
(i) A complete description of the interest that is transferred,
including a copy of the instrument of transfer;
(ii) The valuation date of the transfer;
(iii) The names and identification numbers of the beneficiaries of
the transferred interest;
(iv) The names and birthdates of any measuring lives, a description
of any relevant terminal illness condition of any measuring life, and
(if applicable) an explanation of how any terminal illness condition
was taken into account in valuing the interest; and
(v) A computation of the deduction showing the applicable section
7520 interest rate that is used to value the transferred interest.
(5) Place for filing returns. See section 6091 of the Internal
Revenue Code and the regulations thereunder for the place for filing
the return or other document required by this section.
(b) Election of interest rate component--(1) Time for making
election. A taxpayer makes a prior-month election under paragraph
(a)(2) of this section by attaching the information described in
paragraph (b)(2) of this section to the donor's gift tax return or to
an amended return for that year that is filed within 24 months after
the later of the date the original return for the year was filed or the
due date for filing the return.
(2) Manner of making election. A statement that the prior-month
election under section 7520(a) of the Internal Revenue Code is being
made and that identifies the elected month must be attached to the gift
tax return (or to the amended return).
(3) Revocability. The prior-month election may be revoked by filing
an amended return within 24 months after the later of the date the
original return of tax for that year was filed or the due date for
filing the return. The revocation must be filed in the place referred
to in paragraph (a)(5) of this section.
(c) Effective dates. Paragraph (a) of this section is effective as
of May 1, 1989. Paragraph (b) of this section is effective for
elections made after June 10, 1994.
Sec. 25.7520-3 Limitation on the application of section 7520.
(a) Internal Revenue Code sections to which section 7520 does not
apply. Section 7520 of the Internal Revenue Code does not apply for
purposes of--
(1) Part I, subchapter D of subtitle A (section 401 et. seq.),
relating to the income tax treatment of certain qualified plans.
(However, section 7520 does apply to the estate and gift tax treatment
of certain qualified plans and for purposes of determining excess
accumulations under section 4980A);
(2) Sections 72 and 101(b), relating to the income taxation of life
insurance, endowment, and annuity contracts, unless otherwise provided
for in the regulations under sections 72, 101, and 1011 (see,
particularly, Secs. 1.101-2(e)(1)(iii)(b)(2), and 1.1011-2(c), Example
8);
(3) Sections 83 and 451, unless otherwise provided for in the
regulations under those sections;
(4) Section 457, relating to the valuation of deferred
compensation, unless otherwise provided for in the regulations under
section 457;
(5) Sections 3121(v) and 3306(r), relating to the valuation of
deferred amounts, unless otherwise provided for in the regulations
under those sections;
(6) Section 6058, relating to valuation statements evidencing
compliance with qualified plan requirements, unless otherwise provided
for in the regulations under section 6058;
(7) Section 7872, relating to income and gift taxation of interest-
free loans and loans with below-market interest rates, unless otherwise
provided for in the regulations under section 7872; or
(8) Section 2702(a)(2)(A), relating to the value of a nonqualified
retained interest upon a transfer of an interest in trust to or for the
benefit of a member of the transferor's family; and
(9) Any other section of the Internal Revenue Code to the extent
provided by the Internal Revenue Service in revenue rulings or revenue
procedures. (See Secs. 601.201 and 601.601 of this chapter).
(b) Other limitations on the application of section 7520.
[reserved]
(c) Effective date. Section 25.7520-3(a) is effective as of May 1,
1989.
Sec. 25.7520-4 Transitional rules.
(a) Reliance. If the valuation date is after April 30, 1989, and
before June 10, 1994, a donor can rely on Notice 89-24, 1989-1 C.B.
660, or Notice 89-60, 1989-1 C.B. 700 (See Sec. 601.601(d)(2)(ii)(b) of
this chapter), in valuing the transferred interest.
(b) Transfers in 1989. If a donor transferred an interest in
property by gift after December 31, 1988, and before May 1, 1989,
retaining an interest in the same property and, after April 30, 1989,
and before January 1, 1990, transferred the retained interest in the
property, the donor may, at the donor's option, value the transfer of
the retained interest under either Sec. 25.2512-5(d) or Sec. 25.2512-
5A(d).
(c) Effective date. This section is effective as of May 1, 1989.
PART 602--OMB CONTROL NUMBERS UNDER THE PAPERWORK REDUCTION ACT
Par. 36. The authority citation for part 602 continues to read as
follows:
Authority: 26 U.S.C. 7805.
Par. 37. Section 602.101 (c) is amended by adding entries in
numerical order to the table to read as follows:
Sec. 602.101 OMB Control numbers.
* * * * *
(c) * * *
------------------------------------------------------------------------
Current OMB
CFR part or section where identified and described Control No.
------------------------------------------------------------------------
*****
1.7520-1................................................... 1545-1343
1.7520-2................................................... 1545-1343
1.7520-3................................................... 1545-1343
1.7520-4................................................... 1545-1343
*****
20.7520-1.................................................. 1545-1343
20.7520-2.................................................. 1545-1343
20.7520-3.................................................. 1545-1343
20.7520-4.................................................. 1545-1343
*****
25.7520-1.................................................. 1545-1343
25.7520-2.................................................. 1545-1343
25.7520-3.................................................. 1545-1343
25.7520-4.................................................. 1545-1343
*****
------------------------------------------------------------------------
Margaret Milner Richardson,
Commissioner of Internal Revenue.
Approved: March 28, 1994.
Leslie Samuels,
Assistant Secretary of the Treasury.
[FR Doc. 94-12294 Filed 6-9-94; 8:45 am]
BILLING CODE 4830-01-U
