Corrections & Final_PS-100-88

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Intemal Revenue Servib IIRS).
Treasury.
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ncmo~:correctid* ~cfinai regulatioas. .
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corrections to final ~ L a t i o n [m
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85401, which were pu Iished in the
Fedtrd Register for Friday, Junel~,i;''-.
I 994 (59 FR 301001. The Anal . .:. ,
regulations relate to the valuslion of -..!
. annuities, interests for life or terms of
years, and remainder or
- .mversionary
.-. .
interests.
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AGEMY:

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E F F E ~ V EDATE: June.l0,1994. - '

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FOR F U ~ E R l N F Q R k U T l O HCONtACT:

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W.illiamLBldgett,(202)622-3090

(not a toll-lm number).

The finat regulatlons that are the
subject of these corrections are under
seaions 170.642.664..7520,2031 and .
... 2512 of Lbe Internal-RevenueCoda: :. -.:

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Friday
June 10, 1994

Part I1

Department of the

Treasury
Internal Revenue Service
26 CFR Parts 1, 20, 25, and 602
Valuation Tables and Actuarial Tabjes
Exceptions; Final Rule and Proposed

Rule

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2100

Federal: Register

--

X'O~+59, No, i l l

Internal Revenue S e n r l ~

Code.OnFebmary3,1993.tlreIRS .
published in the Federal Registcr
certain cormtions IQ the.proposed
regulations This pmject ili~aIizesthose
amendments. Written comments
responhng to the Notice of Proposed.
RuIemakirlg were received. No public
hearing was quested, md none was
held. After considera~ian01all of the
commenb received repding the
proposed regulations.those .
amendrnenb am adopted by thls
Treasury decision with revisions in
response 10 those comments. A ,
sunlnlary of the principal cornmen&
received and mvisiuns made in the final
regulations in response to those
comments is provjded blow,
Explanation ofP m v i s h s
The notice of proposed rulemaking
included estate tax regulations that
demibcd the implementation ofthe
new valuation standard, including an
explanation of the genarrlleffective date

_ 26 CFR Parts 1,20,25, and 602
r n WI
.

Yduslon Tables
AGWCY:

Inrernd Revenue Service {lCGl.

Tmasuy.
A-:

Fipal mgu~aLioiks.

sumwnRr: This dmxment contains h
1
regulations relating to b e vabation of
annuities, intereds for 1~feor t m s UI

years, and m a i n d e r or reversinnary
interests. Changes t o the applicable tax
Iaw w m rnnda by section 5031 01 the
~echnid
and Miscellanoolw Rever~ue
Act of 1988. These regulations will
pmvide the public mth the gu~dance
n e d e d to comply with the Act.
DA~E
These
~ : q u l a t i o n s me effective

May 1. 1989.For dates of sppLicebility
of these ~egulation~,
see the EFFECTWE
o n ~ portion
s
under SUPPLEMENTARV
INFU~MATIW.

FOR FURTHER lHFORMAflON -ACT:

,

-

William L.Blodgett. (2021622-3090
[not a tol1.h n m h r l . .
SUPPLEMENTARY Ih'FORMAM:

Paperwork Reductim Act
The collectipn of information
rnnrained m these final regulations has ,
b n reviewed and approved by the
O f i c e of M a n a p m s n t and Dudgei in
accordance with the Papenvork
Reduction Act (44 U S.C. 3SW(h)Junder
control n u m h r 1545-1343. The
estimated annual burden per respondent
varies h m 30 minutes to one hour,
depending on individual circumstances.
M-~th
an esti111att.daverage ol45
minutes.
Comments concerning the accuracy of
this burden estimate and sug estians Ior
reducing this burden should sent to
the In!emal Rerenila Service, Atta. I=
Reports Clearance Oificet. P C P .

%,

1934 I Rules and Regulations

2031.2512.and 7520 of the Code.
Conforming changes were proposed for
rcgdations under other sections of &e

DEPARTMEM OF THE TREASURY

RiNI54WM81

l Friday. ] m e lo.

ofMay 1, 1989 (5 20.752bl). an
explmation vf the special elections for
cbaritabIei+msts(f 20.752s21.a ,
listing of Cqde provisions that are not
subject to sectjon 7520 (520.7520-31.
and o dmaiplion of transitional rules
for incoma. ~ t a t eand
,
gift h x
valuations (5 2 0 . 7 5 2 0 4 ) In the find
regulations, the substance ql

5 5 aa.rszrr-I through 20.752QI-4.bai
been incorporated into andogous
provisiom for the Income Taw
Regulations 15§1.7520-1 h u g h
1.752&4) and the Gt R 'Tax Regulations
(§§25.7520-1 through 25.752041.
In response to comments, several
edilurial changes were made to clarif
certain of the formulas contained in e
proposed regulations. Thwe
darifications principally invohe the
insertion of additional patentheses or brackets in order to tn&e the fformuIas
easier k t the reader to undcrjtamd aud

X

CIarifyirig tlmendmes!~have been
made in Ihe final rogula~iunsconcerning

the meaning of "valuation date" for
purposes of an election l o vaiue a
transfcr l o a d~arjtableremainder I r u s l .
In the rase of an clcctiou under section
7520 to compute &e presenl value 01
the charitable inleresl by use oi the
intcrest rate component for either of the
2 months preceding the month in which
the hansfer is made, the month so
decled is the valuation date for
purposes of determining the intarest n i e
and mortality tables. Sections 1.664-2(c)
and 1.664-4[e)(41 of the final mgulaliuus

have been revised accordingly.
Cornmer~tswere received pertaining
to the rule in tho propubed regulations
under section 7520 concerning the
transfer of mare Lban one partial interest
in the same property at diflerent limes.
In response to t h a e corouients, the
regulations have k n amendcd to n~ake
it clmr that, genewIIg, each separate
transfer is valued &nththe interest rate
npplicabIe i n thc montb of the transfer.
The proposed reguiatinns provide Tor
making the election to use a prior
month's interest rate in the case ofa
transfer to charity. Comrat.nts
questioned h e need for requiring ~ h c
riling of detailed information as part af
a prior-mantlr election. T h i s information
is aIready required to be Iilcd with the
tax return for certain situations
irlvolvfng charitable interests t h a t am
sub+ to measuring lives. S s ,for
example, S 20.za5Fz(f)tsI. This
requiremcnt is now explained in thc
I epdntions under section 7520.
rornrnonts a k a raixd a question a b ~ u l
the rcvocabili:y of the ciedion wld the
time for rn&ing the election. T h e final
rcgulalkns pmvide I h a the
~ Laxpayer
makns tho prior-rnonlh election by so
stating on the =!urn and iden~ifyingthe
elected month. The failure to include
with rhe return other inbrmalion ihat is
mqui~d
10 dcscrik the transfer,
whelher or not the elaction i s made, will

ordinarily n D i invalidate the e1w.linn.
Fo; e i c c i j ~ n smade on or before June 1 fl.
1994.a reasonable atlarnpt to make the
election and submit the required
IPashington,DC 2C224, and to Ibs
informati~nwill be treated as a valid ,
Office of Miuiagenent and Budget, Attn: correction to t>e proposed regulations
that was p~blishedin the Federal
c1ectiuri. The final regulations also
Desk Officer for the Ekpartmrntof be
Ltcgistrr on February 3.1993. The
provide thnt the election is generally
Treasury, Officed Information and
updale incIudcs a furmula for the
made on a timely filed tax rcturo fur tlre
Rcgulatov Aliairs, Warhiagton, DC
computation o l the special fbdor to
year of the transfer. However. the
20503.
valuea remainder inleresi lullowing m a election may also be made or chan~ed
SaLkgmund
life where ihe property i s subject to
on sn amended ur supplemented return
exhaustion, wear and tear. or
On November 2,1992, the IRS
that is made wirhih 2 4 rnontl~saiter the
obsolescent+. A sirniIar formula In
~uhlishedin the Federal Ilegisler
orig~nalreturn is filed.
Comments were received concerning
~mposedmandrncnts to the income tax 5 1.17DA-1 Z(e1, which is applicable to
whethcr the five percent de minimis test
the vaIua~ionoI a remainder inlerest
egulalinns [26 mR part 1) undw
following twu lives, was aIso updated.
(i.e.. a transfer to charity orat least f:ve
ectlons 170,642,664, and 7520 ofthe
The change in formulas avoids the need percent of the value D[ the interest] $ct
ltemal Revenue Code [Code), and to
ionh in the propused tegulatians should
IF! state and g i f t tax regulations (26
10 include lengthy commt~taiionfactor
bc applied in determining if the
FR part 20 and pa^ 225) under sectiuils tables in the regula!iocs.

~PP~YAlsw i r response
~
t o camments.
5 1.'170A-f 21b) was updared in a

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Federal R ~ g i s l e rI Vol. 59, No. 1 1 1 1 Friday, J u n e 10. 1994- 1 RuIes and Regula!ions

30101

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taxpayer may e l m to use an alternative

prior month interest rate. The final
regulations delete this de minimis test.
Comments were received concerning
the application of these q u l a t i o n s in
situations where an individual is
expected to die prematmly or where
two individuals die sirnultaneoudy.
See,for example, Rev. Rul. 8 M 0 .
1980-1 C.B. 194, whicb holds that. in
cases where the individual's death is
imminent. the standard actuarial tables
prescribed by the regulations are no1 lo
be used. See, also, Carter v. United
Staies, 291 F . z 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 o l
h e bansferee w a s simultaneous with
!he death of the transferor. Commcnts
First year ol pooled imorne fund

were also recnived concerning the scope
or these regulations in Iighl 01 O'Reilly
v. Commissioner, 973 F.2d 3 403 {Bth.
Cir. 19921, rem'd. T.C.M.
1944-61. In
O'Reilly. the Circuit h u r l held that the
standard actuarial tables were not
applicable to B sibation in which the
application of lhose tables would have
produced an m a s o n a b l e result. In that
wse, h e property held in trust
produced an extraordinarily low ratc or
return. A similar m u l l was rcachcd by ,
the Tax Court in Fmh v. Commissioner,
100 T.C I (1993),dealing. uvith
depletable pmper!y. Consistent with
these comments, the Senlice and
Ti-cssury are contempraneously
proposing an amendment to these
regulations that defines the
circumstances in which the serlion

1

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Nolice E?-Ml method
Proposed regulalion m e w

Commentators have indicated a strong
preference forthe method announced i n
Norice 89-60,because they view the
computation as simpler than that set
forth in the proposed regulaiions. In
response to these comments, the fnal
regulations adopt the method described
in Notice 8MOfor determining the
deemed yearly rate of return for new

pooled income funds.

t

Cornmenu were received conc;?rning
whether. in valuing bnsfers to a-new
pooled income fund, the same deemed
rate of r e t m would be used throughout
the entire three-year period. Tbe final
regulations provide that the deemed rate
01 return for transfers to a new pooIed
income fund is recornpuled each
calendar year using the monthly section
7520 rates for h e b y e a r period
immediately preceding the calendar
year in which each transfer to the fund
-ismade 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 lo the fund i s made.
A commentator suggested !hat, w i h
respect to the interpolation method for
valuing m s f e r s l o pooled income
funds and charitable remainder
unitrusts,a taxpayer be permitted to
elect a more exact merhod 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
Revcnue Service in Publication 1457,
"Actuarial Values, Alpha Volume," (889) and Internal Revcnue Service

I
9
9.4

.

7510 tables would not apply in valuing
kinsferred interest. That Notice of
Proposed Rulemaking is published
elsewhere in his issue of the Federal
Register.
Notice 89-60, 1989-1 C.B. 700,
announced a method lor determining
the deemed yearly rate or return for new
pooled incame funds. This rncibod
defined the dcemed ratc as the highest
annual avcragc section 7520 interest rate
for the preceding three years, reduccd
by onne percentage point. The proposed
regulations would have defined !he
deemed rate as the highest annual
average section 7520 interest rale for the
preceding h e w years, multiplied by 90
percent. Both methds produced h e
same result for each of the years after
the enactment or section 7520:
R

199D

1

4

1

9.8

Publication 1458. "Actuarial Values,
Beta Volume," (8-89).The IRS and
Trbasury believe h a t any change from
the method prescribed in these
publications, which are in current use.
would m a t e undue confusion for
taxpayers. Conseque~tly,the
commentator's suggested change is not
being adopted at this time,

1991
B
L
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1
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Q.8
9.8 1

1992

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1833

9.4
9.4

1
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1901

8.4

r c f l ~ t e din & h s t factors irc;uibcd
in the regulations under section 664
since the enactment ofthat section. , Therefom, the presumption k
t
distributions are made on the first day
of the period. if not otherwise provided
for in the instnment, is continued in
the final regulations.
Effective Dates
Commenfswere received inquiring
about the application of section 7520 to - Thesa regulations are generally
effective in the case of annuities,
the valuation of annuities issued by
interests for life or terms of years. and
certain organizations other &an
. remainder or reversionary interests
insurance companies. In response to
created after April 30,1989.The
these comments. h e final mgulalions
regulations provide certain transitional
explain tbat the section 7520 tables are
rules intended to alleviate any adverse
to be used in valuing these annuities.
consequences mulling from the
This is an application 01 the principle
statutory amendments. Several principal
adopted in Rev, Rul. 84-1 62,1984-2
provisions of the regulations werc
C.B. 200, for transfers after November
announced in Notice 89-24,2989-1
23,*'1984. A different method of
C.B. 660 (which announced rhe change
valuation continues to apply Tor
from the 10 percent fixed rate of interest
purposes of computing the exclusion
ratio in reporting the annuity payments to the section 7570 h a t i n g rate of
interest], and Natice 89-60 {which
under section 72. These clarifications
announced the change in rnortali~y
have been made by updating 5 1 .I 01tables) (See §601.601[d)[Z)[ii)(b)
of the
Z[e)(l)(iii)lb)and Example 8 of
Statement of Procedural Rules). A
5 1 .lo1I-2kI.
Comments were received concerning
transitional rule in Lhe FnaI regulations
provides that, for valuation dates of
the presumption in the proposed
regulations under section 664 that. i i a
transfers aRer April 30.1989. and before
June10.1994.a tmnsferor can rely on
governing i n s ~ ~ e for
n ta charitable
Notice 89-24 or Notice 8 9 4 0 i n valuing
remainder unitrust does not prescribe
the transferred interest. For gift tax
when the distribution is made during
the period, the distribution is presumed purposes, a transitional rule in thc fins1
to be made on the first day 01 the period. reguiations provides that if, aAer
December 31,2988,but bcrore M3y 1 ,
Unitrusts have traditionally been
1089,a donor transferred an interest in
regarded as providing for distributions
property, retaining an interes in the
at the beginning oleacb p e r i d uniess
same property, and the donor later
the governing instrument ptovides to
the contrary. This presumption has been transferred the retained interest in thc
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Fderal Rqister / Vol. 5 9 , No. 111 1 Friday. june 10, 1994 / Rules and Regulations

30102

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property after April 30.1989.and before
January 1.1990, &e donor may elect to
value the transfer of the retaincd interest
under either the 10 percent tables or h e
section 7520 tables (whichever is more
beneficial). For estate tax purposes, a
ran sit ion el rule in the final regulations
pmvides that the estate of a mentally
incornpatent decedent may elect to
value the property interest included in
the p s s estate under the mortality (able
01ldinterest rate in effect at tbe time the
decedent became mentally incompetent
or the mortality table and i n i e r ~rate
i
i n e f k t on the decedent's date of death
if the decedent was under a mental
incapacity that existed on May I. 3989,
and continued uninterrupted until the
decedent's death. For p u r p o s ~of

other personnel horn the IRS and
Treasury hpartment plulicipatcd in

1989.

List ofSubjects

their development.

special Analysm
It has been determined thai h s
Treasury decision is not a significant
regulatory action as defined in EO
12866. Therefore,a regulatory
assessment i s not quired. It also has
been determined that section 553(b) of
the Administrative Procedure Act (5
U.S.C. chapter 5) and the Regulatory
Flexibiiity A d (5U.S.C chapter 6 )do
not apply to these regulations. and,
therefore. a Regulatory F l e ~ b i l i t y
Analysis is not required. f ursuant to
section 7805(0 of the Internal Revenue
Code, the notice of proposed rulemaking
preceding thcse regulations was
submitted to t h e Small Business
Administration for comment on its
impact on small business. -

determining the value of the remainder
inlcrest in a tes~amentarycharitable
remainder unitrust or a m i t y trust, a
transitional rule in the final regulations
provides thai the mortality table and 10
percent interest rate in effecl before May
1, 1969,or the moriality table and
interest rate under section 7520 may be
used ii the dccedent was mentally
incornpetant on May 1.1989, and ( 1 )
such incompetency continued
-

26 CFR Part 1
Income taxes, Reporting and
rccordkeepingrcquiremcnrs.
26 CFR Pnrf 20

Estate
Reporting and
mcor&wping requitements.
26 CFfi Part 25
Gift taxes. Reporting and
recordkeeping requirements.
26 CFn

.......................

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I

M 202G31-10. w h i r is appopriate

6oZ

Adoption of h e n d m e n t s to the

Regulations
Accordingly. 26 CFR parts 1, 20,25.
and 802 are amended as fo1Iorvs:
Paragraph I. In the list blow, for
each se~tionindicated in h e leH
column, remove the language in the middle coIurnn and add the language in
the right colmnn:

Remove

1.52-I($
:................................
1.101-Zie)(2) E x a m (l)(ii)
1 .I
7 0 A 4 (d) Exa,npo 9,Ikhd sentem

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Heporting and mordkeeping
requirements.

Drafling information
T h e principal author of these
regulations is Willjam L.BIodgett.
Office ol Chief Counsel Passthroughs
and Special Industries), IRS. However.

Section

...

unintermpted until death, or (2) the
decedent died w i h h 90 days of first' regaining comptency aher April 30.

Add

.........

paragraph (9 of ............................................
§202031-7A(c)
............ T W 0 of 52V2MI-lO(f)
9 202a31-7A~c)
r70A-5(b) Erne 5, lift?sentence ............. Table A(t) in §202031-1 O(1)
1.17(1A4(~](3)(i) ........................................ :
or §202031-10. whichevel & appropiate ...... or. for certain prior p e w , 202031-7A
$202031-7A(c)
i.I 7OA-Slcll3llri1)
E m r d a I secwd sentence fable 6 in 5202031-lO(0
.
5 202031-7AIc)
i. I 70Ad(c)(3)[i) ~ x d 2esecond sentence TaMe B in $202031-tO(f) ...,...........-.............
5 202031 -9 O(e) ........................................ -..... $2112031-7A(c)
1.170Ab(clI3)(iii)
. . . . . . Example 3 thkd sentence
I . 170M(c)(3)fiii) Exampk 3 fourth sentence . Table B in 529.2031-1O(lj .......,...................... 5 202033-?A(c)
or 5 202031 -1 0. w h i e f is appropriate.
r.170A-6(c)(4) scad sentence
TaBe 8 in 5 20.2031-1 0(f) .-............................
1 .I 70A-6{~)(5)ExI sixth sentence
pt. 6 w @ ) ( g
+.+....
1.170A-6(~)(5)
ab) ,
g zonmr-IO(O .
,, ............
.
r .'I ;ro~d(c)(5)
Ex3(b) .......................,...
or 5202031-10. M v e r is appropiiale ....,
1 . I 70A-7(c) third senknce .........
parag&
(d) d 525.2512-5 or 252512-9 $252512-5 (or. tor certain prior perms,
1 .17DA-lZ(a)(3) fourth sentewe ...
whiA-tever is w p - i a t e .
5 252512-5A)
$252512-5 (or, lor certain prior perids.
Id) in $25.2572-5 or 252512-9
1.170A-12(c) firsirst and third sentences ............. parag*
5 25.25 12-5A)
T a w B DI525.2512-9(1) .................................
5 252512-5A(c)
i ,170A-12(c) Exam@e, fourth sentence ...........
4 20.203 1-?A (Esor §202031-10 (Estate Tax R e g u b t ~ m ) , M, Im cenain prior
1.4 14(c)-2@)(2){ii) s w n d sentence ................
late Tw Rqulations)
-er
is -ten
or §20.2031-10 (Estale Tax Regulatiom), or. 1w certain pior pwrods. 5 202031-7A (Eswhichever i s appropriate.
tate Tax R e g d a m )
paragraph (d)Q) ...................................
1.642(c~(d)(2)
Lhid and finh sentewes
paragraph (dl01
paragraph (a)(2} of this section .....................
r .s42(cl-+{d) (2)Iourlh sentence
.MZ[CH(~)
1.642(c)-?(d){Z) firs1 and second seniences .... paragraph (b)(2) ot .................................... -.5 1.664-4A(c)
1 564-1 (a)(6) E x a w e (6)(1i) second sentence 5 1,6W4@)(2) .................................................
paragraph (a)(4) of his section
5 1.6644(a)
1.6M4(D)[2) s m n d senleme ........................
paragraph (a)(3) of h i s s e c h ........................ 5 1.664-4{b)
I . W ( b ) ( Z ) last sentence ...........................
paragraph [b)(5) ..........
....... paragraph (d)(S)
I . 6 W I S ) ( 3 ) first sentence
.............r.s6e4{b)(3) Mand siRh sentences ........... paragraph (bj(3) ,
paragraph (61f4)
paragraph (a)(4) oi this sechn .......................
1 564-4(b)(3) 6W serdeenc
5 r.wea(b)
or, lrx certain prior perms,5 20.2U31 I A
w 9202031-10, whichevet is applicable
1 .lo1 4-5(a)(3) firs1 sentence
5 202031-7A(c)
1.1014-5(c) ~ x q (I)k fourth sentence ......... Table A(2) in paqaph (0 d 9202031-10
5 202031-7Alc)
1.1014-5(=] Exampie (2)s m n d sentence ...... Tabk A(2) in paragraph (0 of $209031-I 0
Table A(1) in paragmph (I) of §20.2Ml-f 0 ..- 5 m 2033 - ~ A ( c )
1.107 4-5(c) Example (3) sixth sentence
Table A ( l ) in paragram (I) of 920.2033-10 ... 5 20.Z03~ - ? A ( c )
1.1014-5(c) ExampIe (4) third sentence ...........
1 .1014-5(c) E x a w (5l(a)lifth sentence ........ Table A(!) in paragraph (0 01 9202031-10 ... 5 20.2031-7AIc)
7.101 4-S{c) Exampre (6)fourth sentence ......... Table A(2) in parzqraph (9 01 s20.2031-10 .. 5 202031-?A{c)
parag*
(f)
..:................... p a r a g r w Id)(6>
20.2031-7(a)(2) first and secord sentences

!.

...,....,.......,...........
..........................
....,..+...............-...

....-.

-

7

-

7

.

7

....

.

1

....................

I

........
.... ......................

...-...--...,,,...,........-.-.

.....................
............,.....

.

.....-..

....

mmb,

.........
,. ..........,.......

..............
.............................

.........................

..........

..;.

-.

....

sr

........................
...........................
............-.-.-....-.. ....+.........

..,.

...

...

-

Federa Rwisfer / Vol.

59, No. 112 1 Friday. June 10, 1994 / Rules nnd Regulati~ns '

30103- .

--

Add
-

-

......................................
.-.- .,....,..-.
-.............
,......... .......,......
.,..,.....................

paragraph (el
parag@ fb)(l),
..........................................
(b)(2) ,.+....... ..................... ........ .,..-

20.2031-7(a)(2)
202031-7(b){l)
20-2031-7 (bI(2)
.
,
.......
20.2033-7(b](2) on We Eranla,e}

paragraph (b)(l) ...............,........-.. ..-.......+-.... paragraph idjt2jii)
-...---.. ...- paragraphs {b)( t ) or (2) ............,......--........... pragraphs {d)I2)(i)or Oi)
.......-,... paragraph (b)C4(ili)(A)
........... paragnph (b)(3)(i):..,.......,..........
202031-7(b)(3)(i)
202031-7(b)[3)fi)fm the Examel ..,.............. paragraph (b)(2) ....,.................................-....
pawgraph (d)(2)(4
20.2031-7(b)(3)fi) ,..,....-.. --..........
....---.--parag- (b)(3)(ii)......................................
pamgrw'I (d1~2)6ii)(B)
paragraph tc) ........................+M..,-...........k-... paragraph (dII3)
20.2031-7tc) .................................................
paragraph Id) ...-, ,......-...... ..... .
.
,
,
.................- paragrzph (dl(4)
202031-7(d) ....................
.
.
....-........... ...--.-.......... ,....-.-.. paragraph (d)(6)
nona31-7ce) .,.. ................ .
.
..................... paragraph (I) ..........................
202032-1 (b(1)fourth sentence ......................
$20rn1-7 ....---..............
,......,.
.....-....... 5202031-7A(d)
or, for celtain prior perids, $202031-7A
20203S-2(c)(I)(viii)
...: ...,.,...
,
,
.
,
........,,. tkwgh 20.2031-10 .........,... ....,.,..................
202039-5{~)(1).................................
*.......... mmgh 202031-10 -., ....,......................, or. fm certain prior perids. 5 20203 1-7A
202031-10 ...................,
.
.
..... .. or, 1Dr certain priw per i d s . 5 202031-7A
2132039-5~)[2)............;.......................
-....... tImugt7
202031-10, wfiichever is appropriate ....,.... w, lor certain priw pperids, 5 202031-7A
- 20205!?-2(fi(2)(iv) ...,.,...
...,...-. ....... .... or
paragoph (e) ..............................
:..-......-..-..-. parasram (bl
2O.M56@)4(d)fourth sentence .......1................
(e) 01 9 252512-5 or paragraph (el 9252512-5
25251 1-1 (h)(6) .................... .+..-.........-......... par-

202031-7(b)(3)(iJ
...,.,,..-

-.++

,

l
.
l

.

,

hd*

....

25-25?2-5(a)(2) first and scad sentences
25.251 2-5(a)(2) third sentewe
2525 126(b)(l) Bird sentence
252St2-5(b)(Z) bst sentence
25253 26(b)(2) {in MB E x m e )
252512-5@)(3)(1)
.
.
,
25253 2-5(b)t3)Ii) hst sentence
25-25; 2-5{b)@)(ii) ,
.
.
,
252512-S(C)
,.....-.--

............-...........

of 5 252512-9, whicbver is applW%.
pagraph {e) of 5 252512-5 or patagmph (el
d 5 2525 12-9, w k h e w r is a p p l i .
paragraph (0

....,,....-..........,..................-.......
...,,................. ..,.,. .
..............
paragraph Ib)Il) ,
..........................,,... -.....,...
p a g a @ l (b)[Z) ...............-....- ..-.... :.... :....
paragraph (b)(lj -....,...,.......,..-........
.--...
paragraphs (b)( I ] or (2)..,.,..,...,...,..,
pagraph (b}(3)li) .....................................
(b)(3)fi) .......................
., ...-.-..
parqraph (c) ,
,
...--..,.,.........--...-...-.....
{e)

.......................
........................
.,....,...
............
....-.
........,.............
...........................
..-.-..................
....................
252512-5Id) ...-........ -.-:
..--.......-.-.-... paragraph Id)
..xl,....,.........-..d...........
§202m1-10 .,-.....,.............,....*--*-.-....
...
25251~ ( a H l ) ( i v ) (..............................
~)
252522(~)4[a)(Z)(iv) rust sentence ......... -..... or 2525 t 2-9,whichwef Is appropriale .........,
Tabh 8 in §2525t2-9(9 .-.........,..............-.tence.

25.2522[c~(d)(2)(iv))
EX&@

2 second sew

[ewe.

5 252512-5A(c)

3 third sen-

2525Z!(c~(d}{2)Iiu) Exa-

tence.
252522(~)3(dH2)liv)fianlp6e .3 fourth sen- Table 0 in 6252512-Q(1)
tence.

-

...............................
w h i h e v ~is appropriate,..-.....-

,

4 25 25 12-5A (c)

or, for certain pflor periods, 9 25 2 5 12-5k
......... or 252512-9.
252523(aF1(6)second senfence ....--..:
(aof 9 2 5 2 512-5 a 252512-9, wlkhever is Id) of 5 252512-5.
252523(aFl(dl third Frrterrce .........,...,.........
25 2523(agt (d) fourth sentence

......................

appropriate.

(see 52525t 2-!(e) & 25.2512-Q(e), whicbwer is apprqmate).
... (e) ~r 252512-318). whichever Is ammiate
(70.000 X .708919, as loud in Table II of
5 252512-5).

. (d)
w, lor c e a n priar periods, §252512-5A.
as determined wder 5 252512-5A(c)

.......
........

252523(a)-1 (d) fifth sentence ....-..-I.,..
252523(c)-Tic) E x a m . tenth sentence

PART I-INCOME

TAXES

Par. 2. The authority citation for part
1 is amcndcd by adding an entry in
numerical order to read as lollows:

.

Authority: 26 U.S.C 7805
Section 1.17OA-12 also issued under 26
U.S.C f 7U(M4).
'
%tion l.G4lIc!4 also issued under 26
U.S.C. G42(c](5).
Section 1 . 6 4 2 j c M A illso issued under 26

.

U.S.C Fr42(c][5).
Section 1.6M-1also issued under 26
U.S.C. 664iaJ.
Section 1.654-2 also issued under 26
V.S C GG-iIaI.
Section 1.664-3 also issued under 26
U.S C 664la).

Section 1 . 6 6 3 4 also issued under 26
U.5.C F64b).

Section 1 . 6 G H A also issued under 26

'

U . S . C 66rlal.

&&ion 1.?520-1 also issued under 26
U.5.C 7520{~)(2).
Section 1.7520-2 also issued under 26
U.S.C 752@cl(2).
Section 1.7520-3 slso issued undcr 26
U.S.C 7 5 1 q c l I 2 ) .
SEclion 1 . 7 5 2 M also issued under 26

U.S.C7520(c](2).

Par. 3. Sectiun 1.101-2 is amended as
follows:
I. Parngraphs (c](~)(iii)(b)
(1) and ( 2 )
are reviscd.
2. Paragraph (e)[l)[lii)[b)(3) is
removed.
3. The revised pmvisions read as

follows:

111

-

-

-

-

(iii) * ' *
(b] *
( 1 ) In thc caso ol ul annuity paid by

an insurance company or by an
organitalion (other than an insuranm
cornpany) rcgular!y engaged in issuing
annuity contmcts 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)
h Lho cese of an annuity issucd
after Novernher 23,1984,to which
paragraph (el[l)(iii][b](~)
of this section
is not applicab!~,by use of the

30104

--

FederalReg~stcr/Vo~.59.No.11kIFriday,]une10,19~/RulesandRg~t~a1inns

---

.
precedingtbe month i n which the
place. The special facior is to be
~nterestis tfansfemd. " '
chaptx (Estath Tax Rcgulatiuns].
computed on the basis of the interest
lb) Vu1ua:iun o f 0 remoinderinterest
.
.
a
t
*
ratc and lift: corltlngencies pmsuibed in
fuflorving
one*ifH1)
Genedruie- 5 20.2031-7 (or for certain prior periods,.
Par. 4. Scctio;l ~ . ~ ? 0 ~ IS- amended
1 2
The value ofa remainder interest in real 5 20.2031-7~) of &is chapter {Estate
as follmvs:
PrUPe"Y i"lrowing
one life is
Tax Regulations] and on the asslimptjon
1. ~n pamgmph (a){3). a sentence is
determined under the rules provided in h a t
property dep~ciateson a
added between h e icurlh'and G R h
sentcnccs.
. 5 20.2031-7 lor for certain prior periods, shight-line basis aver its estimatd
520.2031-7h) of
~~~p~~~IEstkte
useful lire.For transfers for which ihc
2. Paragraphs &I, and {el 11)and (2)
T
a
x
Regulations].
using
the interest rate valualion dateiseher April30, 1089.
arc rakised.
3.Pvagraph [I) is removed.
and life conlingencies prescribed for the sgcuiaI factorsfor
fie
d"'e us he glA.
§1.75ZG
4. The aulhori:~
citdiori at tke en'd of
p ~ s e n value
t
ofa remainder interest
3 b ) (relating to exceptions to l h e use of ,
the se~tionrs removed.
one lilt ad an
5 , T h o a d d a d ~ d ~ v i w d p r u v ~ s i ~o ~~ e ~ ~ i ~ ~ ~ t ~ ~ l e ~ describing
~ d e ~thec computation
e f l a ~are
circumamces)w
iimy PM
read as ~OUOWS:
U ) D U ~ ~ in
E ~Internal Revenue +rvjcr
the real property is subject to
Publicati~n1459, "Actuarial Value$,
g t.170A-12 Valuation of a remahder
exhaust~on,wear and [ear, or
Gamma Yolune." (8-89). This
Lnlerest In real prowny lor contributions
obsvlescenm, rha speclal tactor
publication is no longer available for
maae aner J U I ~31,1969.
determined under paragraph &)@I
or
this %tion s h a ~ used in valuing ~h~ . purchase from the Superintendent of
(a)
*
However- it maybe
(31 '
Except as provided in
remainder interest in h a t pad. Further,
3 1.7520-3b) of this chapter, Tor
jfanypartofOlepmpayissubflto
0btainedb~reques5ngacoPYfrom: .
~ - ~ : ~ : [ RTS Pubiicalinn
: R
transfers of remainder interests after
depletj on 01 its natural resources,such
14591,room 5228, internal Revenue
~ p n 30.1989,
l
rbe present value ofht? depletion is taken into account in
remainder intered is determined under determining the value of the remainder
Senice,
7604. Ben Franklin
Statl~n,Washington, DC 20044. See,
,
5 25.2512-5 of this chapter by use of he internst.
however, 5 1.7520-3&) (relating to[z) ~ o r n ~ u t a tof
i ~dep-utian
n
interest rate component on Ihe date rhe
intere'st is transferred unless an election focfor. If the valuation of the ren~aidder exceptions to the use olpr-ikd
interest in dep~ciableproperty i s
labIes u d e r certain c i r s \ a n c e s ) .
is made under sedion 7520 and
dependent upon the continuation uT une Otherwise. in the case of tbe valuation
5 1.752+2 ofthis chapter to.campute
.
of a remainder interest following nns
life, a special factor must bi? used. The
be present value of &e interest
lador rletemtined undor &is paragraph life. lhe special fador may be obtained
transferred by use of the i n t e ~ s rate
t
(bj(z1is carried to the fifth decimai
through uuse of the following formula:
conlpunent for either o l the 2 months
.

appropriate tabies in 5 10.2031-7 of this

*.

HOwsvarl

-

#

n = h e est'mated number of yr-ars of
useful life,
i=the applicable interest rate under
sectiun 7 5 2 0 01 the lnternal
Revenue Code.
v - I divid-d by the sum o l l plus the
applicable interest rate under
scction 7520 uithe Internal
Revenue Code,
x = t h c age of t h e lire tenant, and
lx=n~;rnbe:of persons living at age x as
set forth ill Table BOCNSMT OI
5 20.2031-7 (or. for prior periods, in
5 20.2031-7A3 ofthis chapter.
(3)T h e bIlowing example illustrates
tlie yruvisions of this paragraph (b):
Exomple.Iu Iune 19% A. who IS 6 2 ,
donates to Y Universily a remainder interost
i n a persona! residence, consisting of a house
and lacd. subject toa resened lifeestate in
A At the time of the gilt. he land has a value
at S 3 0 . W &adIkra house has a value of
S1#,000 w i h an estimated useful Iife of 45
?ram. at Ihs and ofwhich the value 01 the
house is expected !o be SzQ.0~0.
The portion

or more lives, a special facror must be

of tha property considered to be dtpi-cchbla
is 580.004(the value or lhe house [(flOO.WOl
lewr irs expecled value at b e end of 45 yearn
[SZQ.QDO)]. The portion ofthe property
considmmd to b noadtpruclab1e 1s S S 0 . W
('he value of the lend at th0 time o l the gift
IS20.000) plus the expectad voluc of t l ~ o
house at the end 0145 yeam I520.000)). The

-

interest rate prestribed under section 7 5 2 0
for June 1992 is &4 percent. B e d on an
interest rate o t 8.4 percent. tbe remainder
factor tor Sr# prescribed in 5 20.2031-7 of
his chaplet for a person age 62 i s 0.29567.
T h e vdue of the aondepreciable remainder
interest is $14,763.50 (a29567 limes
950.000]. The valw of the depreciabIe
masander inlerest is S17.387,20 (0.21731,
cmpuied undm the iormuia desmbed in
paragraph bx2) of this section. times
SBO.OW). Therelore. the vatue of t
he
nmainder inlerest is S32.170.70.

uscd.

'

lii)The s p d a l faaor is to bc
computed an &t bas5 ol(A] Inteest at the rate prescribed
undcr 5 25.25 12-5 (or. for cerla~nphot
periods, 5 25.25 12-5A) of this chapter,
compounded annually:
[B) Lire contingencies determined
from the valucs that are ser lor01 in L;+e
mortality table in $20.203 1-7 (or. for
certain prior periods, 5.20.2031-7A) 01
this chapter;and
(C)If depraciatjon i s iilvulved, he
assumption h a t the property
d a p r ~ c i a t e son a straight-liaie basis over
its estimated useful life.
bii) 11any part a! r h e properly is
subject to depIetian aiits rtatura!

such dcp~etjuiin ~ u sbe
i taken
into account in determining the value of
il)(il If h a valuation of h e wmainder the remainder intcrcst.
(2) In the case of Lhe valuation of a
interest in the real property is
dependent upon h e continuation or the remainder interest lolluwirig t n V oIlrcs,
the special factor may be ob~aincd
termjnation of more than one Iiie or
upon a term certain concurrent with m e through XFW of tho foIIo*,ir~gformula:
*

*

[PI

a

* *

*

*

resources,

'

Federal Register / Voi. 59, No. I l l I Friday, June 10. 1994 / Rules and Regulations

30105
-

rVhem:
n=the estimated number ofyears of
useFul life,
i=the applicable interest rate undersedion 7520 of h e Internal
Revenue Code,

divided by the sum of 1 plus the
applicable interest rate under
section 7520 of the Lnternal
. Revenue Code,
x and y=he 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 5 20.2031-7 (or, for
prior periods, in 5 20.2031-7A3 01
this chapter.
v=I

fi] Valuation of charilable remainder
interestsfor which the voIuoiion dote is
afler m e m b e r 31, 1951, ond before
January 1, 1971. No charitable
deduction is allowable lor e tnnsler 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). Set:
5 20.2031-7A(b) of this chapter [Estate
Tax Regulations) for the determination
o l the present vnlue or a charitable
remainder interest for which the
valuation date i s after December 31,
1951.and before January I, 1971.

'

[ i ) Life contingencies dcfcrnmincd frum
the values of Ix that are set Zorh in
Table LN of 20.203'1-7A[d)[6]of this
cbaptct (Estate Tax Regulations); and
(ii) Discaunt at a rate of interest.
compout~dtdannually. equal to the
highcd yearly rate of return of the
pooled incarne fund lor 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 i s
determined as provided in 5 1.642(c)6Ic) unless the highest yeerly rate ot
return is deemed to be 9 percent. For
(c)Present value ofremainder interest purposes of this paragraph (d)(Z], the
5 1.I70A-t3 (Amand@
in the case of tmnsfers to pooled income first taxable year of a pooled income
Par. 5. Section 1.170A-13 i s amended funds for which the vuluation date is
fund is considered a taxable year even
by removing the authority citation
after k e m b e r 31, 1970, and before
though the taxable year consists ofless
immediately following paragraph (d)[3). December 1. t983. For the
than 12 months. However,appropria!~
Par. 8. Section 1.17OA-14 i s mended determination of the present value or a . adjustments must be made to annualize
.
by:
remainder interest in property
the rate of return earned by the fund lor
1. Revising the third and fourth
eansferred to i~ pooled income fund for that period. Where it appears from the
sentences of paragraph [h)[41,E x m p l e
which the vahation date is aRer
facts and circumstances that the highest
2
-..as
- set forth belowM e m b e r 31.1970. and befom
yearly rate of return for the 3 taxable
2. Removing the fifth sentence of .
December 1,1983,s~ 5 20.2031-7Atc).
years immediately preceding the taxable
paragraph Ih114). Example 2.
of this chapter (EstateTax Regulations) year in which the transfer of property is
and former 5 1.642(c)d(e) (as contained made has been purposely rnanipuia~ed
9 1.I 7 o ~ - 4i ~ual'lfied
constrrvatlon
in the 26 CFR part I edition revised as
contributlonx
to be substantially less than the rate of
of A ril 1,1994).
*
*
a
*
*
return that would othemiw be
(dr
Present
value
oj
mrnoinder
interest
(hl * *
reasonably anticipated with the purpose
dependent on the terminofion of one life 01 obtaining an excessive charitable
(4) ' * '
in Lhe case of t m n s f e ~to pooled income deduction. that rate of return may not be
Example 2. *
' Under fi l.170A-l2(b).
funds made after November 30,1983.
used. In that case, the highest yearly rate
the valut oia remainder interest in real
for which the valuation dnte i s before
property following one life is determined
of return of the fund is determined by
May
1
.
198S-(l)
In
general.
For
under 5 25.2512-5 of this chapter (Cifi Tax
treating the fund as a pooled income
transfers to pooled income funds made
Regulalions]. (See 5 25.2512-519 of this
fund that has been in existence for less
after Novemhr 30,1983.for which the
chapter with respect to the valuation of
m 3 pmceding taxable years. IT a
annuities. interests for life or term of years.
valuation date i s before May I. 1989. the b
pooled
income fund has been in
and remainder or reversionary interests
present value of the remainder interest
cxisience less than 3 taxable years
transhrredbeloraDccember1.1983.)
at the time of the transrer 01propefly to
immediately preceding the taxable year
*
*
*
*
*
the fund is determined by computing
in which the transfer of property to the
Par. 7. Immediately following
the present value [at the time of the
fund is made, the highest yearly rate of
5 1.6431dI-2,an undesignated center
transler) olthe lifc income interest in
return is deemcd to be 9 percent.
heading and 5 1.642(c)dA are added to the transferred property (as determined
Par. 8 . Section '1.642(c)& is amended
read as follows:
under paragraph [d)(2) of this section]
as follows:
and
subtracting
that
value
from
the
fair
Pooled rncome Fund Actuarial Tables
I. The section heading is revised.
market value of the transferred property
Applicable Before May 1,1989
2. Paragraphs (a) and @) are revised.
on the valuation date. The present value
3. Paragmph {c)[3) is revised.
g 1.642(c)-6A Valuation of chatltabls
01 a remainder interest that is dcpcndont
4. Paragraphs {d)[z)and (d)[3) are
remainder Interests lor whlch me valuation on the termination of the life ofone
rcdesignated as 5 1.64Z(c)dA.
date Is before May 1.19BII.
individual is computed by use of Tablo
[a) Valuation of choriioble remuinder
G in paragraph td)[41 of this section. For paragraphs IdIt31 and IdlI41.
interests for which the wluation dare is purposes of the cornputation under this respectively.
5. Paragraph (d)(l)i s redcsignated as
seaion, the age of an individual is to be
before lanuory 1,1952. Tbere was no
paragraph (61and revixd.
provision for the qualification of pooled taken as the age of the individual at the
6.Paragraph [e) j s r e v i d .
individual's nearest birthday.
income fun& under section 642 until
(2) Present value of Iife income
7.The authority ci~ationat the end of
1969.See 5 20.2031-7A(a) of this
the section is removd.
chapter (Estate Tax Regulations) for the interest. The present value of the life
income interest in property translcmd
8. Paragraph [fl i s added.
determination of the present value of a
to a pooled income find shall he
9.The added m d revised provisions
charitable remainder interest created

-

'

-

before January 1. 1952.

computed on the basis or:

rend as follor~~s:

30106-

-

Federal Register / Vol. 59. No. 111 / Friday, June 10. 1994 I Rules end Regulations

5 1.642(~)-4

Valvalon 01 a ramalndtr
kntemst in property mnsfencd to a pooled
Income fund attar Aprlt 30,1989. -

(1) For purposes of
(a) In
sections Z i O , 2055,2108,and 2522, the
fair market value of a remainder 'interest
in propcrtp transferred to a pooled
income fund i s its present value
determined under paragraph (d) of this
section. .
42)The present value 01a remainder
interest acthe time of the transfer of
property to the pooled income fund is
determined by computing the present
value (at the time of the trmsfe~)
of the
life income interest and subtracting that
value from the fair market value of the
~ransfcd
pro erty on the valuation .
date. The fact at the income '
beneficiary may not receive the last
income payment, as provided in
~amgrnph(b)(7) of5 ~ . G ~ Z ( C ) - 5 ,is aot
taken into accounl for purposes of determining the value of the life income
interest. For purposes of this section, 1
- 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 2m6, it is the alternate valuation date, ifelectd, under tho
provisions and limitations set i o h in
d o n 2032 and the regulations
thereunder.
(3) Any claim for a deduction on any

tK

-

relurn for the val~aeoftheremainder
hterest in property transfemed to a '
. ooled income h a d must be supported
s statement iltached lo h e return
showing the computation of the present
value of the interest.

ty

(b] Acluarid computations by
Internul Revenue Service. The

indude payment of the rcquired user
ftv.11the Commissioner furnishes the
factor. a copy 01 the lelter supplying the
factor should ba attached to tbe tax

return in which the deduction is
claimed. If the Cammissioncr dms not

Furnish the factor, the taxpayer must
furnish a factor computed i n accordance transferred to a pooled income fund is
computed on the basis oiwith the principles set forth in this
section.
{c) Cornputution of pooled income
fund's yeariymle of return. (I) For
purposes of determining the present
value afthe life income interest, the
yearly rate of return earned by a pmlcd
income fund for a taxable year is tho
percentage obtained by dividing tho
amount of income earned by h e pooled
income fund for the taxable year by an
m o u n t equal to(i) The average lair market value of
the property in such h d for that
taxable year; less
(ii) me currective tc& adjustment.
*

I

*

*

*

(dl Valuation. T h e preselrt value of
the remain'der interest in property

transferred to a paold income Eund
after April 30,1989, is determined
under paragraph [e) olthis section. The
present value of t h e remainder interest
i n property transferred to a pooled
income fund for which the valuation
date ii before May 1, 1989, is
dalcrmined under rbe lollowmg
sections: .
.,
Vatuatkn dates

After

regulations in this and in related
sactions provide tables of actuarial

value of rtrnainder interests in property.

.

'

'

highest yoarly rntc oi return of pwIed
income fund for Ihe 3 taxnble y c m
immediately preceding its taxable year

in which the transferof property to the
fund is made. For pwposes of t h i s
.
pafagraph (el,the ~.PAilyrate or return
of a pooled income fund i s determined
a5 provided in 1.642(~)4(c)
unless the
highest rate of mturn is deemed to be
!he rate d w r i k . J in paragraph (e]{3) of
this section for Iunds in existence less
than 3 taxable years. For purposes of
this pangraph [e)(Z)[ii). b e Erst t d l c
year of a pooled income f i ~ n dis
considered 13 taxable year even though
the taxable year consists of less than f 2
months. However, apprwpriare
adjustnleats must be made to annualize
the rate or return earned by the fund for
that period. Where it appears frotn the
facts and circumslances that !he highest
vearlv rate of return of the fund for the
4

d

taxable years immediately prcading
the taxable vear in which the transfer ol
property is made has been purposefy
manipulated to be substantiallv less
tbsn h e rate of return that w o h d
olherwise be reasonably anticipated

w i h the purpose ofobaining an

[s]Present vdue of the remainder

btemst in the rose of transjen to pooled
income funds for which the voluaiion
government publications that provide
date is after A p d 30,198S411 In
additional tables of factors and general. Fn the case of transrers to
examples of computaljons lor more
pooled income funds for wbicb tbe
complex situations. If the computation
valuation date is after April 30, 1989.
rcquircs tho use a1 a factor that is not
the presem value ofa remainder interest
p:ovided in his section.the
is determined under this sectian. See;
Cammissioner may supply the fador
upon a requesl for a ruling. A request for however, 1.752&3(b) (relaling to
exceptions to the use of prescribed
8 d i n g mud be accompanied by a
tables undercedain circumstances).7'he
d t a t i o n of the iacts including the
present value of a remainder interest
pooled income fund's bighest yearly
that is dependent on the termination of
tiits of rctim for the 3 taxable years
the life of one individua1 is computed
imn~ediatelypreceding tho date of
by the use ofTable S in paragraph (e)(5)
trarrsfer, the date of birth 01each
ofh i s section. For purposes of the
measuring li.re, and copies of &e
computations under this section, the age
=levant documents. A reqilcst for a
of an individual is tbe age at the
d i n g must comply with the individual's Ilearest birthday. If the
instructions lur requeslir~ga rulillg valuation dare of a transfer to a pooled
published periodically in the InlernaI
i n c ~ m fund
e
is after April 30,1989,and
Fevenue Bulietin [see 55 601.201and
before June 10,1994, a lransfcror can
601.60l(d)(z](ii)(b]
of this chapter) and
Section 1.7520-1 [c)(2) refers to

Ii) Life contingencies determined from
the values of l x t h a t are set forth in
Table BOCNSMT in 5 ~0.2031-7(d)(6)of
this chnpler [Estate Tax Regulations);
and
(iil Dimunt at a rate ofinterest,
compounded annually, equal to the

3

the

factors and examples thar illustrate the
w e of the tables in determining the

roly on Notice 89-24.1989-1 C.B.
660,
or Notice 0-0,
1983-1 C.B. 700.in
valuing the transferred interest. (Scc
§ 601.6Ol(d)t2)(ii)lb) of this cha~ter.1
(2) Present vdue ofa remoindcr
interest.The present value of a
remainder icterest in propcrty

excessive charitable dduclion. rhai rate

of return may not be used. In that case,
the highcst yearly raie ~f rcturn ofthe
fund is delemined by mating Lhe 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 f w d has been in existence lcss
than 3 [arable y e m irnmedia~ely
~rcccdingthe taxable year in whicL die
transfer i s made to the fund and the
mnsfer to the fund is made after April
30, 1989,the hi@est rate of rcium is
dmm.ed to be the intcrat raie {rounded
10 h e nearest two-tenlhs of one percent)
that is 1 percent less than the highest
annual average of the monthly seclion
7520 raws lor the 3 calendar years
irnmdiately preceding the caIen dar
year in which Lhe transkr to the pooled
inconlc f w d is made. The deerned rate
of return for transfers to new pool&

-

F e d e r a l R ~ g i ~ t e r / V 0 ~ . 5 9 . N 0 . l l t / F r i d a y . J ~ n e f O . 1 9 9 4 ~ R u l c ~ a n d R ~ ~ l 30107
ati0n~
-. .-

+

-

.

.

section are containtd in Table S in
iacome funds is recomputed each
caIendaryearusingthemonth1ysection Intema~RevenueScrvice~ubfimtion
7520 rales lor the 3-year petiod
. 1457,d"ActuarialWlues. Alpha .
immediakely preceding the calendar
. Volume." (849). A copy uI this
year in which each transfer to the fund- publication may be purchased from the
Superintendent or Documents, United
is made until the fund has h e r 1 i l l
Slates Government Printing Office,
~Kistencefar 3 tmable years and can
compute,itshighest rate of return for.the. Washington, DC 20402. For other
situations, see 5 1.642[c]+fi). If the
3 taxable yeas immediately preceding
rhe taxable yenx in which the ~ S F Wnf yearly ntc alraturn is e percentage that
property to the fund is made in
is between Lhe yearly rates of rehm for
accordance with the rules set for& in
which facton are provided, a linear
t h e first sentence ofpamgraph Iel(z)(iil
interpolation must be made. The present
of this section.
value of the remainder inrerest is
(41 Com~utatjon
of v ~ f u o
ef remainder determined by 'multiplyingt h e fair
interest.The factor that is used in
market v a l w of the property on the
determining the present value of a
valuation dale by t h e appropriate
remainder interest that is dependent on
factor, hi^ pamgraph may be
the termination of the Iife of ono
illustrated by the following
E,ampte:
individual is the fadm barn Table 5 in
r, k
bo sr yo;r. dd
paragraph(e)(5) this section under. . May 8,19'~0,hnsfes
$lW.OM) to a pooled
the 'ppr0priate yearly rate of
income fund an January I. 1995,and retains
number that cormpondsto a l i f e inmrnc intc-I in ,he pruperty. The
Opposite
(he age Of
'pan whose
highest yenrly rate of ~hu.
earned by the
life the
dlhe
remainder
fund lor its 3 p d i q B u b l e years is 9.47
i s based. me t a b k i n P ~ P Pm(sl
~
p m n t . In Table S.be remainder factor
of this section include factors for yearly oppodte 55 yean under 9.4 p r e n t i s .I8735
rates of return horn 4.2 to 14 pdrC'eut.
and under 9.6 percent is .18322. The present
Many actuarial factors not contained io
value of the remainder jntewt is $1 8,623.00.
the tables in paragraph [e)(51 ofthis ,
computed ar CoI~ows:
,
,

TABLES.-BASED
,

.

Factor at 8.4 percent far age

.........

55 ................................
Factor at 9.6 percent ior age
55

,18785

..........................................

. I 8322

.................................

Di fi-ce

. M B 3

Inierpolation adjustment:
9.47% - 9.4% -

0.2%

1

-

.00463
x=.00162

Factor

55

01

.

9.4 pcrccnt for age

...................... .-:.................

Less: interpolation adiusment

Intewl"ed
fac~or...................
P ~ C S ~ value
I I I v l remalnder interest:

~5100.00Ihc18623~
................

.I0785
'

,00162
. 10Cj23

518.623.00

(51 Actuarial tables. In the case of
transfers lor which the valuation date is
aher
30,1989,the prosent value
d a Esmaindn interest dependent on
h,
of
life in
case of
Ivnd
a Y_YTer to pu"lad
determined use of Ihe
-

tables:

ON UFE T A L E B K N S M T SINGLELIFE REMAINDER
FACTORS
[ ~ p p l i b e alter
'
April 30,19891
,
Interest rate

.

Federal Register i Vol . 59. No. X I 1 / Friday. June 10. 1994 / Rules and Regulations

30108

.

.

---

.

Age

-2D974

21760
22572
23409
24273
251-

24180

........................
25658
265M
4 2 -............ --.........
27&6
- 4 3 ..........................
2m35
4q ................. :
. . . . . - . 29407
45 .............. -...........
30402
4 6 ..........................
-31420
47 ............... :.....-.-..
3460
.33521
48 ........+..........
.......
49 ................ :
.......
34599
50 .......................... .35695 51 ...........................
36809
52 ..............-........ ..
.37544
53 ......................... 354............................ 40269
.41457
55 ...........,...........
56 ......... .................42662
........--- .-.-......-...

....,................,. .

. 57

64
65

-

28961
29930
. .3 1 W
.32058
33132
.34224

'

,

.3 X T i
.33940
-35070

.35335

..37622
38794

36-222

.37393
.38585

-39965

.41 194
.424Q
.4-

........................

....
.

.
.

..........................
80 .......... .............
- .73768
81- .......................... 75001
82 ..,......................
.?6195
2

83 .........................

.77346

'

........................

-784%

05 .......,.................

86 ...........................
87 ..........................
e8 .........................

........................

.

90 .........................

-79530
80550

.81535
82462

. .83356
84225

.......................... 85058
93 1.......................... 86557
91

92 ........................... 85838

94 ...........................
XI..........................

61212
87801

46 ......................... ' .803Z2
97 ............,,.,....-...
88795
-89220
98 ..........................
99 .........,................ 84672
100 ......................... 89977

.

101

........................93326

102. ,,..................... 93690
1M ...................+
91076

.

-

9701

.54029

55368
.5671 7

.

-

'

,

-51384

-52727

.54084

. 55453
.56828
.58205
59427
.a770 , -.59578
.58072

-62123

.63465

54806

..67495
66149

.# a 1
.7OlB2

-7f507

-72805
-74077

.7S306

.76491

.77636
.78743

..798(16
.80813

8 7

.02694

.83593

.W C 5 5
.85263
.86004
.a6687
.87298
.078.38

.88.328
.88769
.89176
.89555
.89917
.90294

.90690

..-8
62315

.63682

.65054
.66429
.b 7 m
59179

-70537

.71872
.73173
. .74435

.75856
.7G831
.7797I
.79065

.BO1W

.8109Q
.82W3
.82974
.83861
.W696
.8546T
,am69

.86807
b136P

.87867
86323
88745

.

.89136

A951 1

.3031
8-01
5

-18286

.17288
.t 8 W

22370

21289

24436

232M
2 4 191

22172
. .23081
240tS
94983

25373
26337
.27326

.

.25742

28341

26120
27123

29379

28151

.33438
.31518
.32619

.29201

..3892
33744
.37252
36062
39697

33629

3-4795

.S9B3

. .371 93
.42250
.43556

.d e n 3
.50115
51472
.52M5
.54231

53049
.Ed59

.55874
.51287
.5870

..59808

.WI 12

61198
-62590
.63987

.61527

.62348
.@37?

.65390

.65811

.66796
.68199
.69588

.67242
.6-

.70058
-71472
.72746
.74026
.75265

3W5
.722BB

..7

W
74832

.

.76041
.77212

-76466

.77621
.787 17
-79760
.80769

7R337

.

.794W
.80420
.01401
.82357

,.81753

.03276

.82698
.83595
.W405
.05\52
.8.5325
.86420

.&4 843 37
.8dW

.~ 5 6 5 7

.86310
.8.87411
.87883
.88319

.86961

.87447

.87895
.883i3

-88722

.88372
,

-89128
.89569

'

.15492
.rti21)1
.16939

.1770E
.18502
.19326
394

26926

.21956

23870,
.24862
25879
.26921

.21978
..301
29055
56

27987
.29wr

-33590
.M774

.32442

.31349

-35981

.34824
.3 6 F ) S
.37307
.3SS9
39880
.4 1192

31288
,3362f

.

.42518
.4
.4

~5006
. .46352
,

.14812

23913

25897

-42350
.43672

.44874
.&20f

.47540
.48892
.50262
.51648

.55624
.37W1
.58415

.891 10
.83513
.89940

.60958

,.1415g

-22033
-24892

.$7213
.38468
-39745
. .41040

m26

.

. .39682

5.6%

20177
3 1 057

.2ZW2

.
.Q429

31367

-

20276
.21l43

29094
30180
.at292

.32486

-.44814
.461 24
-47444

.19436

.25975
26992
28032

'

A0273

-

-14989

.15660
.76358
.rfm
.17846
.t & 2 4

.tom

.19837
.X1654

-

5.4%

.16571

23525

. .40951
...42224
.43513

.46124
.47437
.48736
.51W54

-1-

-19605
.20434

.42279
.44830

.1 W 6
.17552

. 21499

.38464

,.43547

,

:

5%

twss

22639

39796

.41028

.51386

.

-.55378
-56697
,58026 .

5.60689
71 - ...........,........-,...
.62014
72 -: ;
................... 63334
73 ....................,...
,
64548
74 ..............,.........
,65961
75 ..........................
67274
76 ...:...................... 68599
77 ..........................
'.69903 ,
78 ..........................
.7 t2Q9
79
72500

89

.3OG79
31746

.a 6 8

,43.W

......................... 52770
......................
. .54069

69 ........................
70 ...:.................+...-

89

.26633
27608
.28608
.29632

27975

,-

~.~p/.

.

20945
21778

W

24758
25683

:

66 ..........................
67 ...... 1............. ., .,
68

.2

27013

........................... 45123
...... ..
,.463?7
-.44931
6D -........:................. 47643 . .46206
61 ...................+-....
.48916
.47491
6 2 ............................ 501%
.487B
63-1........................ 51480 , .50081
56
59

.17884
.t8GC9
.t93W
.20139

22982

26076
'

- -

.39005
.'19747
.20516
.2131t
.2 2 1 33

-2M15

m28

. . .4.8%

4.6%

4.4%

21522
. 2229?3
2310T

.......-........... :-....

41

-

.

lrneresl rat@

.

-4236

3 5 :.,,-.. ..................
36 ...,......l........,+... 1
37 .........................
. 38 ....................-....

-

aRet
~wlca~
t Apra 30.79~q

.

.

.

..

39
40

ON LIFE TABLE
8mbk%IT S~NGLE
LIFE REMINDER F ~ ~ ~ ~ I ? & o n t i n u e d

TABLE S.-BASED
..
. ..
. .

m
5 m
-465Ti'

.47713
-49093
.W 9 1

.47965

.49373

-51805

. .50BW
-52238

.53330
24762
.S t 9 3

53683
55131

.57624

:56579
.58029

-5-

.60492

594U5

.61936

.E3390
.W&19
.66307

-60950
.62427

,

-67754
.69180

.70573
-71926

.73236
.74503
.75733

.76917

-78041
.7% 11

.

80147
-81157
.82129
03040
.85084

,

.63910
.65393
.W 7
.68320
.69741
.71123

.72460
.73756
.75014
.76225
77375
7M72

.

.79533
,80570

30203

5.8%

.13388
.14022
.l 4 W
.m n

-85959
-86515
-87016
.87478

.07900
.88318
.88746
.89200

.

.a5502
.86074
.86589
.87064
.87506
.87929

-88369

.m 3 5

.lzcro
.13287
.

-16847

.17627
.1

%

.19270
50134

.21029
21951
.229[3.9

2283
.24888
.25918

.26973
.S17Q
28057

.139.33

-14607
.15316

.16097

.16043
16m
.17597
.

~

.l a 1 6
.19265
20)44
21C53

51991
22957

B9d9
24966
26010
.2 7 m

-32522
.33720

.34945

.30473
. .31658

36196

-35132

.;15383

.37471
38767
.4 0 0 8 0
.41408
.. 42749

.44105
.45480
.46576
.48293
.49729
3 1 179

..52638
541W
-55563
.57WO
-5850.4
.59990

.61487

.62993
.M501
A5999
.67479
.C8926
.70335
.71699
-73021
-74306
.75544

76720
..77842

-76929
.79991
81013
.81973

.-

X4Q$

37699
-39012
40340
4 t 684

.
.

.43043

-44422
.C

32h

.47248
.4x3

96674

-37985

.393T4

.

.4~
.42019
.45401

.M 8 0 8

.46238
.47691

.56959

-53637

.555n

.57550
.59353

. .60570

.62097
63628
65151
.5 6 5 5
.Wt28

.59562

-70852
-72300
73611
74875

.
.

.-

1

-5Zt26
-55113

AS20

.58140
.59676
.612?3
-62775

.64321
.65849
.67345
.68#4

.7G219

.71592
.72928
.74216

76076
..77223
.-79420
78334

.77747
-78857

24605

.81865
.~ 2 7 1 7
.8 3 8 4
.84 165

.85208

-86167
.86656

-85750

-87549
.87995
-88474

S872
-34114-

.491W

-85639

.871 09

Z31G

.5L1154
.53099
5 I624

844W

.85051

.

281%

-30308
.3 1474
6
.33885

.81567 .
.€0466
.
.82503
.81449
.82560
83370
-6Z86Z
.
.
-83673
.W653 .84160
.=I=
a872
.
.83941

.85345

6.Wo

.&251
.857 16
.87161
.07624
3 8 1)6

942
..776612

.79927

.80933

,647.22

.85337
.85.8550
.85327
-83783

.87257
.87763

.

.

.

Federal Register 1 VoL 59 No. 11 1 / Friday June TO 1994 1 Rules and Regulations

-

301C3

TABLES.-BASED ON LFETABLE BKNSMf SIKGLEi J F E REMINDER F~c~o~&ontinued
IApplicable atter April 30.19891

..

Aw

4.2%

,

4.4%

4.6%

..--. . .QtW . .91738 . .90775
........................ 92027 .91681 .9t337
.92130
....................... 92763 32445
........................ 93799 .93523 . .9-49
95223
.95018
-9329
108 .
$09

-9W15

1

-979~5

37693

-90058

.90996

-9-

.92977
-94814
.snro

.92707
.0463 1

.9 t S

-91816

.,

......................

5.m

4.8%

104

105
106
107

.

I m e ~ e rate
~t

.97801

msis

5.8b

.89TM
.91197
.92438
.94409

.9W2

.97529

5.4%

5.6%

.8 9 3 3

.89969
.W890
.92170
34208
.97438

5.890

-89006

.89659

+

.90586
-91905

-94008
.97348

.
.

-WE0 ON LIFE . 'ABLE WCNSMT SINGLELIFE REMAINDER FACTORS
I ,Wiabie &Rer Apnl30.198q
Interest rate

1

7.0%

6.8%

.02%
.01824

.03035
.01963

r

.MOOZ
. .02073

.aim

.01921

.02163

.02005

..02105
02215

..02269
02387

.0 2 2 X

-02515
.'.

1

.
.

.M656
.02810
.02977

'

.W 1 5

.02774
.02949
.03156

.031W,

.03356

.

.03560
.03764
.03358
.04170
-04370
.04573
.04781
.04996
-05217
05447

..056RB
.05945

-06219
.06515

.

-06852

.0717 1

-07534
-07921

-02469

'

.03331
.03527
.03121
. .03913
.W1W
.04296
. .04494
.04690

.04907

.05125

.05355

.05599
.05861
.06142
.05446

-06772

.07120
.07492

7

s

.02783
.01699
.OITZT

.01785
..-01863
01956
02060
.02174
.G23W

-02438

.M9M

.M757

7.6%

7.4%

.02676
.01587

.02579

-01m

.

-01486
015~
01552

.

-01662
01735
01822

.
..01919
.02927
.Wi46
.GZ78

.016'19

.01700

-02423

-02936

.M5B3
-02755

'

-03123
0.3311

03113

'

.
.ON46
.03679

.02934

. -03290
.03466
-03861
.03638

.03812
.44231 .03990
.04424 .04173
.W S Z ~ -04x2
04559
.04631 ..04766
.-8
-05281
.04987
.05530 .05224
.05481
-05799
-04044

.E l l 9 0
.IMQM

-06736

.C7W35

.05759
-06059
-06380

.06725

.

.01792
.01894
.DM07
.02133
-02271
.02424
-02589
.02761

-02933
-03103
.03270
-0343

-035%
-93769

.03943
.win
.04309

.04 5 0 5

.a4715
.04941
.05187
-0954

-05740

.mQ49

. .O m 1

-88661

.89331
.W2M
.91641

.93809
-97259

6.04:

.88313

.8 9 W

-89983
-91378
-936T 1
.97170

-.

Federal Register I Val. 59. No. 11 1 1 Friday. June 30 1994 / Rules and Regulations

30110

TABLE
S.-BASED

ON LIFE TABLE806NSMT SINGE ~ T PEMAINDER
E
F~c~oRWontinued

.

.

I W r c a b l o aner April 30 19-'

Interesi rate .

ABW

.

,

1

6256--

.-.............. .-.....

28369
29518

.......................

5d
55

.....-....,.......
..........................

56 .
57

27465

28W
29774

.3D695

.

.......,.....,...........
36999
62 ........................
-38325
63 .-.......,..............
..34:031
w9
6.4 ., ...............,,.....
65 ........................... 421 16

a745

~

.

62

'

66 ...........+......... . . . .43025
67 .,.......................
-45260
68 -.. ..................... 45720
.48197
69
+
70 .......................... 49686
51t 82
71

.......................
..,.......,-.,..........
72 .
..........-..........
73 .....................
74 .,-......................

.

.5 m
58803

+'

78 .;
79

81

82
#
84

....*............

................,..

,

. .

.........................

.......................

...................--..,
.......................

.60369
.61932
..66579

.68361
6999
7 m

........................
65 .,..,.......
, .722%
86 .
.......,........-,.,
.73569
-74010
87 ..
.7801 1
aa ... ......-........
69

91

............ ....-....
..~....
....-...........

. .

. ....,.........-........

s ........................

?
169
i'

.7 W 2
.79395
mn

,65827

.6-

'.68793

.70213

.71596
-72931
.74204

-7st 9
.76559

.?7?55
.?IN70
.~ 9 9 2 0
. .80894
.81fM

.
......................
94 ........................
95 .
.....................
-

.813f7

.........................
97........................

3

82586

95

-83729
-84361

98

8929

100

RE451
85942
~
0

.W298
83964
-84525
85052
855til

93

.......................
99 .....................
.......................

101 ................,..
102,..

. . .

W47

.-

................. 86894
87408
103 .......................
104 .................. ..-.
.87480
lC5 .........................
BB6BQ.
.89685
146 .,,..:....,,......,.,.
-91117
107 .........,.,....,...,.
I M .......................
$3414
109 ........................ 97081
.

26469'

2 7 6 32.
28629

.280691
26881

-30059
31317

a290

32601
33907
35236
-36588

3181 7
3 3 7 17

8 .86037

39656
4 f 070
.42513

.38798
.4027 1
.41655
.43729

-37969

.37166

.39380
.40824
.42799

-38576
- 4 0 19

A4625

-43798

+42%5
44516
-46051
.47599
-49161
-50744

.

.43985

.45478

508%
32426

51578

A7666
49203
- -50757
52317
53904
55515
$7144
58787
.60428
- -6,63659

.57120
59720
.60329
.61935

.63527
.65U90
6

6

.6 W

.6 9 S 1
.70947
-72305

.7359Y

,74836

.76037
.n215

.78352
.79423
.80417
.81325
.82145
.82572
.83532

.84126
.84674
.85184

.85670
.86774

67W

.8731 1

,88363

-88046

.09W5

.W€OO
.93022

96934

.

.53134
3710
'

'

59549

.61174

,62785

.

H368

.659 14
.67418

54740
.5633.3

.56749
.68233

.70308
.71688

69681
.71081
.72417
73695

.73003

.

'

74935

.76158

..60%6

.66092

.63896
.W 7

64550 .

-67595

-6-,

. 7mEd

.71839

-73137
.74400

.7
-

.7 W O

.77971
.79022
.79983
.80852

-

A3124

-83730
230
.84610
.853%

..85823
86371

06980

.87731
.68BW
.90344
.92828
.95816

01622

.

.82721 . .82322
.- 9
.82952
.83910
-8353
M074
.84440
84W6
84585

.
.

35473
~ 0 3 2
.86653

.87-118

.88514

.55539

.,62965
6135

59698

.B5128

85695

.86328
.87108

. -88226
.89836
.90089
-92634
.92442
96729
.96642

36390
-37797
-39238
.407'13
.422 15
43738
A5276

-58983

6P83

.S # 9 '
.63456
-69895
.71271

-72588

-81927
-82569
-83161

.83711

.842%
-84782
.85362
-86005

.86800
-87943
.89584
.92250

-965%

mn

. . . .

trrlelesl rate

Age

0 ..,.......

.,..........
2 .,.
I

3

......................

'
......
..........

8%
02341
.-01243
01237
012Z8

8.4%

.02276

.01170

.01172
.01203

8.6%

.W217
.01 1[38
.O t 107
-01 f 3.5

8.8%

. .m163

.01C52
.01C4R

-01073

90%

9.246

.02114 .@Mi9
.0 ~ 0 0 0 .00953
-.
.00944
.Dl016

-03964

9.4%

.OM27
-00910
-00899
00916

.

29633

.3W12

32933
34270
.35639
.37W3
.38482
. . 39956

-32217
-33548
-37749

.39224

-40722

.42?48

AZ9B3
-44523

.46079

.
.50156

-51817

.54200

-UW
.55212

55896

.57547

.56925
.-2

-61615

.62595

-61968

+

.M 3 7 6

.€0959

. .54191

-72046

78120

.791 15

.BW14
.80812
31537
-82190

. .82792
-83352
.83886
-442

.e5031
.85686

.€57481
.67271
.68748
.70159

-71128

.7,7638
-74913

-75385
.76572
-7767 7
78688

-77239
-78266
-79195

.
.79602
.8041 4
.81151

.00019

.80769

,82427

.

,e3539

,

.8 2 2 7

.84104

.04703

.9 2 M

.8W85
.91870

96468

.72323
-761r a

-87656

.89334

65153
66693
.68t88
69616

-70906

.72031

-85369
-86191 '
A7374

36494

.f~T.cl79

-715rz '

.81815

,

-437%
-45349
>46926
48fr27

-59290

.63235
.64813
.66353
.67859
.69318
.70711

.
,

-34912
-3631 2

.4 1458

TABLE
S.-4ASED ON LIFE TABLEBOCWSMT SINGLE
LIFE REMAINDERFACTOHS
1AmlicaMe after A p i t I 30. 1989)

2~79

31621

.58283

-74625
.75864
.77033

81215

2m
24805
25962
27155

.5996f

-75129
76349
-77499

-80431

24338
15469

.30334

.54912
.56596

.?a7

.

9 1 552
2261)1

.47652
49986
A9247
.srm~ .50870
.53245
.52522

.f W 0

.
.78568
.79%7

8.0%

22181
23243

27839

.4 6 8 2 9
.48397

.

- . -

ZM37

. .

.~ m 5 1 .
.53984
-57310

373.37

.78933 .78449
.79946 .79481
.W 7 3 . .W 2 5
.81709 .81278
.82451 .

-

.58WO

-65226

-6888t

.74261
.f 3 8 4
.76683
.RRd7

-4Btr9I)

-49416

.
.

56308

. , .57923

.33674
.35016

-

-41494

.46847
dl520
.53118

.31062
.32356

'

-35789

.

E839

28550
.29792

.3444 1

A5316

7.8%

23912
25019
26161
. 27339

-311540

.

.
.

.48508
.50038

.

.96992

.36913
.38272

3-4726
36060
37415

.G t 4 0

36177

93217

3-1259

..

' 7

25728

..30859
32124
.33414

4698B

86534
870~1

.89384
.90858

2m15
29621

. -35576

53972

'

-

-32963

2
- '

.27242

28C50

- 2'9232
.W46
.31691

.433s
.44868
.46357
.47061
.49374

.W85
-

2461 1

.40545
.4 1958

.45779
.47263
.48760

.54532
~
8
.57951
5.61126
.62713

55714

75 .
.
76 ..........................
77 ..-....................

23526

25541

39159

-65
SIT78
.53298

54194

24244

26103

.37?99

.

52685

24995

.35458

.

,

25782

95737

37374
3717
40078
.4 1464
.42876
44315

,

7.6%

26900

.32553
.33836

'

7.4%

27734

28893

3461

72%

26504

.31306
3OOH

-73
-32203

31902

58
2-3138
59 ........................
34402
60 .......................... 3 5 6

.

7.0%

b.895

6.6%

6.4%

-9t;382

.81443
.82%6

..82644
83196
.03770

.~ 3 7
.85054

.85890

.87094
38838

.93681
.96296

8