Use of Actuarial Tables in Valuing Annuities, Interests for Life or Terms of Years, and Remainder or Reversionary Interests

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1, 20, and 25

[TD 8886]

RIN 1545-AX07

Use of Actuarial Tables in Valuing Annuities, Interests for Life or Terms of Years, and Remainder or Reversionary Interests

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Final regulations.

SUMMARY:

This document contains final regulations relating to the use of actuarial tables in valuing annuities, interests for life or terms of years, and remainder or reversionary interests. These regulations will effect the valuation of inter vivos and testamentary transfers of interests dependent on one or more measuring lives. Section 7520 of the Internal Revenue Code of 1986 (Code) was enacted by section 5031 of the Technical and Miscellaneous Revenue Act of 1988 and was effective on May 1, 1989. These regulations are necessary because section 7520(c)(3) directs the Secretary to revise the actuarial tables used in valuing interests dependent on mortality experience not less frequently than once each 10 years to take into account the most recent mortality experience available as of the time of the revision. This document contains amendments to the regulations revising certain tables used for the valuation of partial interests in property under section 7520 to reflect the most recent mortality experience available.

DATES:

These regulations are effective June 12, 2000.

FOR FURTHER INFORMATION CONTACT:

William L. Blodgett, (202) 622-3090 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

On April 30, 1999, the IRS published in the

Federal Register

(64 FR 23187 and 64 FR 23245) temporary regulations and a notice of proposed rulemaking by cross reference to temporary regulations (REG-103851-99) under sections 642, 664, 2031, 2512, and 7520 relating to the use of actuarial tables in valuing annuities, interests for life or terms of years, and remainder or reversionary interests. No written comments responding to the notice of proposed rulemaking by cross reference to temporary regulations were received and, thus, no hearing was held. This document adopts, with no substantive changes, final regulations with respect to this notice of proposed rulemaking by cross reference to temporary regulations.

The following chart summarizes the applicable interest rates and the citations to textual materials and tables for the various periods covered under the regulations:

Cross Reference to Regulation Sections

Valuation period

Interest rate

Regulation section

Table

Section 642

Valuation, in general

1.642(c)-6

Before 01/01/52

4%

1.642(c)-6A(a)

01/01/52-12/31/70

3.5%

1.642(c)-6A(b)

01/01/71-11/30/83

6%

1.642(c)-6A(c)

12/01/83-04/30/89

10%

1.642(c)-6A(d)

Table G.

05/01/89-04/30/99

§ 7520

1.642(c)-6A(e)

Table S (05/01/89-4/30/99).

After 04/30/99

§ 7520

1.642(c)-6(e)

Table S (after 04/30/99).

Section 664

Valuation, in general

1.664-4

Before 01/01/52

4%

1.664-4A(a)

01/01/52-12/31/70

3.5%

1.664-4A(b)

01/01/71-11/30/83

6%

1.664-4A(c)

12/01/83-04/30/89

10%

1.664-4A(d)

Table E, Table F(1).

05/01/89-04/30/99

§ 7520

1.664-4A(e)

Table U(1) (05/01/89-4/30/99).

After 04/30/99

§ 7520

1.664-4(e)(6)

Table D and

Tables F(4.2)-F(14.0)

1.664-4(e)(7)

Table U(1) (after 04/30/99).

Section 2031

Valuation, in general

20.2031-7

Before 01/01/52

4%

20.2031-7A(a)

01/01/52-12/31/70

3.5%

20.2031-7A(b)

01/01/71-11/30/83

6%

20.2031-7A(c)

12/01/83-04/30/89

10%

20.2031-7A(d)

Table A, Table B, Table LN.

05/01/89-04/30/99

§ 7520

20.2031-7A(e)

Table S (05/01/89-4/30/99)

Life Table 80CNSMT.

After 04/30/99

§ 7520

20.2031-7(d)(6)

20.2031-7(d)(7)

Table B, Table J, Table K

Table S (after 04/30/99) and

Life Table 90CM.

Section 2512

Valuation, in general

25.2512-5

Before 01/01/52

4%

25.2512-5A(a)

01/01/52-12/31/70

3.5%

25.2512-5A(b)

01/01/71-11/30/83

6%

25.2512-5A(c)

12/01/83-04/30/89

10%

25.2512-5A(d)

05/01/89-04/30/99

§ 7520

25.2512-5A(e)

After 04/30/99

§ 7520

25.2512-5(d)

Effective Dates

These regulations are applicable in the case of annuities, interests for life or terms of years, and remainder or reversionary interests created after April 30, 1999.

Special Analysis

It has been determined that this Treasury decision is not a significant regulatory action as defined in Executive Order 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) does not apply to these regulations, and because these regulations do not impose a collection of information requirement on small entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not apply. Therefore, a Regulatory Flexibility Analysis is not required. Pursuant to section 7805(f) of the Internal Revenue Code, the notice of proposed rulemaking by cross reference to temporary regulations was submitted to the Chief Counsel for Advocacy of 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 Assistant 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.

Adoption of Amendments to the Regulations

Accordingly, 26 CFR parts 1, 20, and 25 are amended as follows:

PART 1—INCOME TAXES

Paragraph 1.

The authority citation for part 1 is amended by removing the entries for 1.642(c)-6T, 1.664-4T and 1.7520-1T to read in part as follows:

Authority:

26 U.S.C. 7805 * * *

Par. 2.

Section 1.170A-12 is amended by revising paragraphs (b)(2) and (b)(3) to read as follows:

§ 1.170A-12

Valuation of a remainder interest in real property for contributions made after July 31, 1969.

(b) * * *

(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 § 20.2031-7 of this chapter (or for periods before May 1, 1999, § 20.2031-7A) 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, 1999, special factors for determining the present value of a remainder interest following one life and an example describing the computation is contained in Internal Revenue Service Publication 1459, “Actuarial Values, Book Gimel,” (7-1999). A copy of this publication is available for purchase from the Superintendent of Documents, United States Government Printing Office, Washington, DC 20402. For transfers for which the valuation date is after April 30, 1989, and before May 1, 1999, special factors for determining the present value of a remainder interest following one life and an example describing the computation is 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:R (IRS Publication 1459), room 5226, Internal Revenue Service, POB 7604, Ben Franklin Station, Washington, DC 20044. See, however, § 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:

ER12JN00.000

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 90CM of § 20.2031-7 (or, for periods before May 1, 1999, the tables set forth under § 20.2031-7A) of this chapter.

(3)

Example.

The following example illustrates the provisions of this paragraph (b):

Example.

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 ($30,000) plus the expected value of the house at the end of 45 years ($20,000)). At the time of the gift, the interest rate prescribed under section 7520 is 8.4 percent. Based on an interest rate of 8.4 percent, the remainder factor for $1.00 prescribed in § 20.2031-7(d) of this chapter for a person age 62 is 0.27925. The value of the nondepreciable remainder interest is $13,962.50 (0.27925 times $50,000). The value of the depreciable remainder interest is $16,148.80 (0.20186, computed under the formula described in paragraph (b)(2) of this section, times $80,000). Therefore, the value of the remainder interest is $30,111.30.

§ 1.170A-12T

[Removed]

Par. 3.

Section 1.170A-12T is removed.

Par. 4-5.

Section 1.642(c)-6 is amended by revising paragraphs (d), (e) and (f) to read as follows:

§ 1.642(c)-6

Valuation of a remainder interest in property transferred to a pooled income fund.

(d)

Valuation.

The present value of the remainder interest in property transferred to a pooled income fund after April 30, 1999, 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, 1999, is determined under the following sections:

Valuation Dates

After

Before

Applicable

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)

04-30-89

05-01-99

1.642(c)-6A(e)

(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, 1999

—(1)

In general.

In the case of transfers to pooled income funds for which the valuation date is after April 30, 1999, the present value of a remainder interest is determined under this section. See, however, § 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)(6) 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.

(2)

Transitional rules for valuation of transfers to pooled income funds.

(i) For purposes of sections 2055, 2106, or 2624, if on May 1, 1999, the decedent was mentally incompetent so that the disposition of the property could not be changed, and the decedent died after April 30, 1999, 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, 1999, the present value of a remainder interest is determined as if the valuation date with respect to the decedent's gross estate is either before May 1, 1999, or after April 30, 1999, at the option of the decedent's executor.

(ii) For purposes of sections 170, 2055, 2106, 2522, or 2624, in the case of transfers to a pooled income fund for which the valuation date is after April 30, 1999, and before July 1, 1999, the present value of the remainder interest under this section is determined by use of the section 7520 interest rate for the month in which the valuation date occurs (see §§ 1.7520-1(b) and 1.7520-2(a)(2)) and the appropriate actuarial tables under either paragraph (e)(6) of this section or § 1.642(c)-6A(e)(5), at the option of the donor or the decedent's executor, as the case may be.

(iii) For purposes of paragraphs (e)(2)(i) and (ii) of this section, where the donor or decedent's executor is given the option to use the appropriate actuarial tables under either paragraph (e)(6) of this section or § 1.642(c)-6A(e)(5), the donor or decedent's executor must use the same actuarial table with respect to each individual transaction and with respect to all transfers occurring on the valuation date (for example, gift and income tax charitable deductions with respect to the same transfer must be determined based on the same tables, and all assets includible in the gross estate and/or estate tax deductions claimed must be valued based on the same tables).

(3)

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 90CM in § 20.2031-7(d)(7) of this chapter (see § 20.2031-7A of this chapter for certain prior periods); 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 (e), the yearly rate of return of a pooled income fund is determined as provided in paragraph (c) of this section unless the highest rate of return is deemed to be the rate described in paragraph (e)(4) of this section for funds in existence less than 3 taxable years. For purposes of this paragraph (e)(3)(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.

(4)

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)(3)(ii) of this section.

(5)

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)(6) 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 (see § 1.642(c)-6A for certain prior periods). The tables in paragraph (e)(6) 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)(6) of this section are contained in Table S in Internal Revenue Service Publication 1457, “Actuarial Values, Book Aleph,” (7-1999). A copy of this publication is available for purchase from the Superintendent of Documents, United States Government Printing Office, Washington, DC 20402. For other situations, see paragraph (b) of this section. 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 (e)(5) may be illustrated by the following example:

Example.

A, who is 54 years and 8 months, transfers $100,000 to a pooled income fund, 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 .17449 and under 9.6 percent is .17001. The present value of the remainder interest is $17,292.00, computed as follows:

Factor at 9.4 percent for age 55

.17449

Factor at 9.6 percent for age 55

.17001

Difference

.00448

Interpolation adjustment:

ER12jn00.001

Factor at 9.4 percent for age 55

.17449

Less: Interpolation adjustment

.00157

Interpolated factor

.17292

Present value of remainder interest:

($100,000 × .17292) .......... $17,292.00

(6)

Actuarial tables.

In the case of transfers for which the valuation date is after April 30, 1999, 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 Table S:

Table S.—Based on Life Table 90CM Single Life Remainder Factors Applicable After April 30, 1999

[Interest rate]

Age

4.2%

4.4%

4.6%

4.8%

5.0%

5.2%

5.4%

5.6%

5.8%

6.0%

0

.06752

.06130

.05586

.05109

.04691

.04322

.03998

.03711

.03458

.03233

1

.06137

.05495

.04932

.04438

.04003

.03620

.03283

.02985

.02721

.02487

2

.06325

.05667

.05088

.04580

.04132

.03737

.03388

.03079

.02806

.02563

3

.06545

.05869

.05275

.04752

.04291

.03883

.03523

.03203

.02920

.02668

4

.06784

.06092

.05482

.04944

.04469

.04048

.03676

.03346

.03052

.02791

5

.07040

.06331

.05705

.05152

.04662

.04229

.03845

.03503

.03199

.02928

6

.07310

.06583

.05941

.05372

.04869

.04422

.04025

.03672

.03357

.03076

7

.07594

.06849

.06191

.05607

.05089

.04628

.04219

.03854

.03528

.03236

8

.07891

.07129

.06453

.05853

.05321

.04846

.04424

.04046

.03709

.03407

9

.08203

.07423

.06731

.06115

.05567

.05079

.04643

.04253

.03904

.03592

10

.08532

.07734

.07024

.06392

.05829

.05326

.04877

.04474

.04114

.03790

11

.08875

.08059

.07331

.06683

.06104

.05587

.05124

.04709

.04336

.04002

12

.09233

.08398

.07653

.06989

.06394

.05862

.05385

.04957

.04572

.04226

13

.09601

.08748

.07985

.07304

.06693

.06146

.05655

.05214

.04816

.04458

14

.09974

.09102

.08322

.07624

.06997

.06435

.05929

.05474

.05064

.04694

15

.10350

.09460

.08661

.07946

.07303

.06725

.06204

.05735

.05312

.04930

16

.10728

.09818

.09001

.08268

.07608

.07014

.06479

.05996

.05559

.05164

17

.11108

.10179

.09344

.08592

.07916

.07306

.06755

.06257

.05807

.05399

18

.11494

.10545

.09691

.08921

.08227

.07601

.07034

.06521

.06057

.05636

19

.11889

.10921

.10047

.09259

.08548

.07904

.07322

.06794

.06315

.05880

20

.12298

.11310

.10417

.09610

.08881

.08220

.07622

.07078

.06584

.06135

21

.12722

.11713

.10801

.09976

.09228

.08550

.07935

.07375

.06866

.06403

22

.13159

.12130

.11199

.10354

.09588

.08893

.08260

.07685

.07160

.06682

23

.13613

.12563

.11612

.10748

.09964

.09250

.08601

.08009

.07468

.06975

24

.14084

.13014

.12043

.11160

.10357

.09625

.08958

.08349

.07793

.07284

25

.14574

.13484

.12493

.11591

.10768

.10018

.09334

.08708

.08135

.07611

26

.15084

.13974

.12963

.12041

.11199

.10431

.09728

.09085

.08496

.07956

27

.15615

.14485

.13454

.12513

.11652

.10865

.10144

.09484

.08878

.08322

28

.16166

.15016

.13965

.13004

.12124

.11319

.10580

.09901

.09279

.08706

29

.16737

.15567

.14497

.13516

.12617

.11792

.11035

.10339

.09699

.09109

30

.17328

.16138

.15048

.14047

.13129

.12286

.11510

.10796

.10138

.09532

31

.17938

.16728

.15618

.14599

.13661

.12799

.12004

.11272

.10597

.09974

32

.18568

.17339

.16210

.15171

.14214

.13333

.12520

.11769

.11076

.10435

33

.19220

.17972

.16824

.15766

.14790

.13889

.13058

.12289

.11578

.10920

34

.19894

.18627

.17460

.16383

.15388

.14468

.13618

.12831

.12102

.11426

35

.20592

.19307

.18121

.17025

.16011

.15073

.14204

.13399

.12652

.11958

36

.21312

.20010

.18805

.17691

.16658

.15701

.14814

.13990

.13225

.12514

37

.22057

.20737

.19514

.18382

.17331

.16356

.15450

.14608

.13825

.13096

38

.22827

.21490

.20251

.19100

.18031

.17038

.16113

.15253

.14452

.13705

39

.23623

.22270

.21013

.19845

.18759

.17747

.16805

.15927

.15108

.14344

40

.24446

.23078

.21805

.20620

.19516

.18487

.17527

.16631

.15795

.15013

41

.25298

.23915

.22626

.21425

.20305

.19259

.18282

.17368

.16514

.15715

42

.26178

.24782

.23478

.22262

.21125

.20062

.19069

.18138

.17267

.16450

43

.27087

.25678

.24360

.23129

.21977

.20898

.19888

.18941

.18053

.17220

44

.28025

.26603

.25273

.24027

.22860

.21766

.20740

.19777

.18873

.18023

45

.28987

.27555

.26212

.24953

.23772

.22664

.21622

.20644

.19724

.18858

46

.29976

.28533

.27179

.25908

.24714

.23591

.22536

.21542

.20606

.19725

47

.30987

.29535

.28171

.26889

.25682

.24546

.23476

.22468

.21518

.20621

48

.32023

.30563

.29190

.27897

.26678

.25530

.24447

.23425

.22460

.21549

49

.33082

.31615

.30234

.28931

.27702

.26543

.25447

.24412

.23434

.22509

50

.34166

.32694

.31306

.29995

.28756

.27586

.26479

.25432

.24441

.23502

51

.35274

.33798

.32404

.31085

.29838

.28658

.27541

.26482

.25479

.24528

52

.36402

.34924

.33525

.32200

.30946

.29757

.28630

.27561

.26547

.25584

53

.37550

.36070

.34668

.33339

.32078

.30882

.29746

.28667

.27643

.26669

54

.38717

.37237

.35833

.34500

.33234

.32031

.30888

.29801

.28766

.27782

55

.39903

.38424

.37019

.35683

.34413

.33205

.32056

.30961

.29918

.28925

56

.41108

.39631

.38227

.36890

.35617

.34405

.33250

.32149

.31099

.30097

57

.42330

.40857

.39455

.38118

.36844

.35629

.34469

.33363

.32306

.31297

58

.43566

.42098

.40699

.39364

.38089

.36873

.35710

.34600

.33538

.32522

59

.44811

.43351

.41956

.40623

.39350

.38133

.36968

.35855

.34789

.33768

60

.46066

.44613

.43224

.41896

.40624

.39408

.38243

.37127

.36058

.35033

61

.47330

.45887

.44505

.43182

.41914

.40699

.39535

.38418

.37347

.36318

62

.48608

.47175

.45802

.44485

.43223

.42011

.40848

.39732

.38660

.37629

63

.49898

.48478

.47115

.45807

.44550

.43343

.42184

.41069

.39997

.38966

64

.51200

.49793

.48442

.47143

.45895

.44694

.43539

.42427

.41357

.40326

65

.52512

.51121

.49782

.48495

.47255

.46062

.44912

.43805

.42738

.41709

66

.53835

.52461

.51137

.49862

.48634

.47449

.46307

.45206

.44143

.43118

67

.55174

.53818

.52511

.51250

.50034

.48860

.47727

.46633

.45576

.44556

68

.56524

.55188

.53899

.52654

.51452

.50291

.49168

.48083

.47034

.46020

69

.57882

.56568

.55299

.54071

.52885

.51737

.50627

.49552

.48513

.47506

70

.59242

.57951

.56703

.55495

.54325

.53193

.52096

.51034

.50004

.49007

71

.60598

.59332

.58106

.56918

.55767

.54651

.53569

.52520

.51503

.50516

72

.61948

.60707

.59504

.58338

.57206

.56108

.55043

.54009

.53004

.52029

73

.63287

.62073

.60895

.59751

.58640

.57561

.56513

.55495

.54505

.53543

74

.64621

.63435

.62282

.61162

.60073

.59015

.57985

.56984

.56009

.55061

75

.65953

.64796

.63671

.62575

.61510

.60473

.59463

.58480

.57523

.56591

76

.67287

.66160

.65063

.63995

.62954

.61940

.60952

.59989

.59050

.58135

77

.68622

.67526

.66459

.65419

.64404

.63415

.62450

.61509

.60590

.59694

78

.69954

.68892

.67856

.66845

.65858

.64895

.63955

.63036

.62140

.61264

79

.71278

.70250

.69246

.68265

.67308

.66372

.65457

.64563

.63690

.62836

80

.72581

.71588

.70618

.69668

.68740

.67833

.66945

.66077

.65227

.64396

81

.73857

.72899

.71962

.71045

.70147

.69268

.68408

.67566

.66741

.65933

82

.75101

.74178

.73274

.72389

.71522

.70672

.69840

.69024

.68225

.67441

83

.76311

.75423

.74553

.73700

.72864

.72044

.71240

.70451

.69678

.68919

84

.77497

.76645

.75809

.74988

.74183

.73393

.72618

.71857

.71110

.70377

85

.78665

.77848

.77047

.76260

.75487

.74728

.73982

.73250

.72530

.71823

86

.79805

.79025

.78258

.77504

.76764

.76036

.75320

.74617

.73925

.73245

87

.80904

.80159

.79427

.78706

.77998

.77301

.76615

.75940

.75277

.74624

88

.81962

.81251

.80552

.79865

.79188

.78521

.77865

.77220

.76584

.75958

89

.82978

.82302

.81636

.80980

.80335

.79699

.79072

.78455

.77847

.77248

90

.83952

.83309

.82676

.82052

.81437

.80831

.80234

.79645

.79064

.78492

91

.84870

.84260

.83658

.83064

.82479

.81902

.81332

.80771

.80217

.79671

92

.85716

.85136

.84563

.83998

.83441

.82891

.82348

.81812

.81283

.80761

93

.86494

.85942

.85396

.84858

.84326

.83801

.83283

.82771

.82266

.81767

94

.87216

.86690

.86170

.85657

.85149

.84648

.84153

.83664

.83181

.82704

95

.87898

.87397

.86902

.86412

.85928

.85450

.84977

.84510

.84049

.83592

96

.88537

.88060

.87587

.87121

.86659

.86203

.85751

.85305

.84864

.84427

97

.89127

.88672

.88221

.87775

.87335

.86898

.86467

.86040

.85618

.85200

98

.89680

.89245

.88815

.88389

.87968

.87551

.87138

.86730

.86326

.85926

99

.90217

.89803

.89393

.88987

.88585

.88187

.87793

.87402

.87016

.86633

100

.90738

.90344

.89953

.89567

.89183

.88804

.88428

.88056

.87687

.87322

101

.91250

.90876

.90504

.90137

.89772

.89412

.89054

.88699

.88348

.88000

102

.91751

.91396

.91045

.90696

.90350

.90007

.89668

.89331

.88997

.88666

103

.92247

.91912

.91579

.91249

.90922

.90598

.90276

.89957

.89640

.89326

104

.92775

.92460

.92148

.91839

.91532

.91227

.90924

.90624

.90326

.90031

105

.93290

.92996

.92704

.92415

.92127

.91841

.91558

.91276

.90997

.90719

106

.93948

.93680

.93415

.93151

.92889

.92628

.92370

.92113

.91857

.91604

107

.94739

.94504

.94271

.94039

.93808

.93579

.93351

.93124

.92899

.92675

108

.95950

.95767

.95585

.95404

.95224

.95045

.94867

.94689

.94512

.94336

109

.97985

.97893

.97801

.97710

.97619

.97529

.97438

.97348

.97259

.97170

Age

6.2%

6.4%

6.6%

6.8%

7.0%

7.2%

7.4%

7.6%

7.8%

8.0%

0

.03034

.02857

.02700

.02559

.02433

.02321

.02220

.02129

.02047

.01973

1

.02279

.02094

.01929

.01782

.01650

.01533

.01427

.01331

.01246

.01168

2

.02347

.02155

.01983

.01829

.01692

.01569

.01458

.01358

.01268

.01187

3

.02444

.02243

.02065

.01905

.01761

.01632

.01516

.01412

.01317

.01232

4

.02558

.02349

.02163

.01996

.01846

.01712

.01590

.01481

.01382

.01292

5

.02686

.02469

.02275

.02101

.01945

.01804

.01677

.01562

.01458

.01364

6

.02825

.02600

.02398

.02217

.02053

.01906

.01773

.01653

.01544

.01445

7

.02976

.02742

.02532

.02343

.02172

.02019

.01880

.01754

.01640

.01536

8

.03137

.02894

.02675

.02479

.02301

.02140

.01995

.01864

.01744

.01635

9

.03311

.03059

.02832

.02627

.02442

.02274

.02122

.01985

.01859

.01745

10

.03499

.03237

.03001

.02788

.02595

.02420

.02262

.02118

.01987

.01867

11

.03700

.03428

.03183

.02961

.02760

.02578

.02413

.02262

.02125

.02000

12

.03913

.03632

.03377

.03146

.02937

.02748

.02575

.02418

.02275

.02144

13

.04135

.03843

.03579

.03339

.03122

.02924

.02744

.02580

.02431

.02294

14

.04359

.04057

.03783

.03534

.03308

.03102

.02915

.02744

.02587

.02444

15

.04584

.04270

.03986

.03728

.03493

.03279

.03083

.02905

.02742

.02593

16

.04806

.04482

.04187

.03919

.03674

.03452

.03248

.03063

.02892

.02736

17

.05029

.04692

.04387

.04108

.03855

.03623

.03411

.03218

.03040

.02877

18

.05253

.04905

.04588

.04299

.04036

.03795

.03574

.03373

.03187

.03017

19

.05484

.05124

.04796

.04496

.04222

.03972

.03742

.03532

.03339

.03161

20

.05726

.05354

.05013

.04702

.04418

.04158

.03919

.03700

.03498

.03313

21

.05980

.05595

.05242

.04920

.04625

.04354

.04105

.03877

.03667

.03473

22

.06246

.05847

.05482

.05147

.04841

.04559

.04301

.04063

.03844

.03642

23

.06524

.06112

.05734

.05387

.05069

.04777

.04508

.04260

.04032

.03821

24

.06819

.06392

.06001

.05642

.05312

.05008

.04728

.04470

.04232

.04012

25

.07131

.06690

.06285

.05913

.05570

.05255

.04964

.04695

.04447

.04218

26

.07460

.07005

.06586

.06200

.05845

.05518

.05215

.04936

.04677

.04438

27

.07810

.07340

.06907

.06508

.06140

.05800

.05485

.05195

.04925

.04676

28

.08179

.07693

.07246

.06833

.06451

.06098

.05772

.05469

.05189

.04929

29

.08566

.08065

.07603

.07176

.06780

.06414

.06075

.05761

.05469

.05198

30

.08973

.08456

.07978

.07536

.07127

.06748

.06396

.06069

.05766

.05483

31

.09398

.08865

.08372

.07915

.07491

.07098

.06733

.06394

.06078

.05785

32

.09843

.09294

.08785

.08313

.07875

.07468

.07089

.06737

.06409

.06103

33

.10310

.09745

.09220

.08732

.08279

.07858

.07466

.07100

.06759

.06441

34

.10799

.10217

.09676

.09173

.08705

.08269

.07862

.07483

.07129

.06798

35

.11314

.10715

.10157

.09638

.09155

.08704

.08283

.07890

.07522

.07179

36

.11852

.11236

.10662

.10127

.09628

.09162

.08726

.08319

.07938

.07581

37

.12416

.11783

.11193

.10641

.10126

.09645

.09194

.08772

.08377

.08006

38

.13009

.12359

.11751

.11183

.10652

.10155

.09689

.09253

.08843

.08459

39

.13629

.12962

.12338

.11753

.11206

.10693

.10212

.09761

.09337

.08938

40

.14281

.13597

.12955

.12355

.11791

.11262

.10766

.10299

.09860

.09447

41

.14966

.14264

.13606

.12989

.12409

.11864

.11352

.10870

.10417

.09989

42

.15685

.14966

.14291

.13657

.13061

.12500

.11972

.11475

.11006

.10564

43

.16437

.15702

.15010

.14360

.13747

.13171

.12627

.12115

.11631

.11174

44

.17224

.16472

.15764

.15098

.14469

.13876

.13317

.12789

.12290

.11819

45

.18042

.17274

.16550

.15867

.15223

.14615

.14040

.13496

.12982

.12496

46

.18893

.18110

.17370

.16671

.16011

.15387

.14796

.14238

.13708

.13207

47

.19775

.18975

.18220

.17505

.16830

.16190

.15584

.15010

.14466

.13950

48

.20688

.19873

.19102

.18373

.17682

.17027

.16406

.15817

.15258

.14727

49

.21633

.20804

.20018

.19274

.18568

.17898

.17262

.16658

.16084

.15539

50

.22612

.21769

.20969

.20210

.19490

.18805

.18155

.17536

.16948

.16388

51

.23625

.22769

.21955

.21182

.20448

.19749

.19084

.18452

.17849

.17275

52

.24669

.23799

.22973

.22186

.21438

.20726

.20047

.19400

.18784

.18196

53

.25742

.24861

.24022

.23222

.22461

.21735

.21043

.20383

.19753

.19151

54

.26845

.25952

.25101

.24290

.23516

.22777

.22072

.21399

.20756

.20140

55

.27978

.27074

.26212

.25389

.24604

.23853

.23136

.22450

.21793

.21166

56

.29140

.28227

.27355

.26522

.25725

.24963

.24233

.23535

.22867

.22227

57

.30333

.29411

.28529

.27686

.26879

.26106

.25365

.24656

.23976

.23324

58

.31551

.30621

.29731

.28878

.28061

.27278

.26528

.25807

.25116

.24453

59

.32790

.31854

.30956

.30095

.29269

.28477

.27716

.26986

.26284

.25610

60

.34050

.33107

.32202

.31334

.30500

.29699

.28929

.28190

.27478

.26794

61

.35331

.34384

.33473

.32598

.31757

.30948

.30170

.29422

.28701

.28007

62

.36639

.35688

.34772

.33892

.33044

.32229

.31443

.30687

.29958

.29255

63

.37974

.37020

.36101

.35216

.34363

.33542

.32750

.31986

.31250

.30539

64

.39334

.38378

.37456

.36568

.35711

.34884

.34087

.33317

.32574

.31857

65

.40718

.39761

.38838

.37947

.37087

.36257

.35455

.34681

.33932

.33208

66

.42128

.41172

.40249

.39357

.38496

.37663

.36858

.36079

.35326

.34597

67

.43569

.42616

.41694

.40803

.39941

.39107

.38299

.37518

.36761

.36028

68

.45038

.44089

.43170

.42281

.41419

.40585

.39777

.38994

.38235

.37499

69

.46531

.45587

.44672

.43786

.42927

.42094

.41286

.40503

.39743

.39006

70

.48040

.47103

.46194

.45312

.44456

.43626

.42820

.42038

.41278

.40540

71

.49558

.48629

.47727

.46851

.46000

.45174

.44371

.43591

.42832

.42095

72

.51082

.50162

.49268

.48399

.47554

.46733

.45934

.45157

.44401

.43666

73

.52607

.51697

.50813

.49952

.49114

.48299

.47506

.46733

.45981

.45249

74

.54139

.53241

.52367

.51515

.50686

.49879

.49092

.48325

.47578

.46849

75

.55683

.54798

.53936

.53095

.52276

.51477

.50698

.49938

.49197

.48474

76

.57243

.56373

.55524

.54696

.53888

.53100

.52330

.51579

.50846

.50130

77

.58819

.57965

.57132

.56318

.55523

.54747

.53988

.53247

.52523

.51815

78

.60408

.59572

.58755

.57957

.57177

.56414

.55668

.54939

.54225

.53527

79

.62001

.61184

.60385

.59604

.58840

.58092

.57360

.56644

.55943

.55256

80

.63582

.62786

.62007

.61244

.60497

.59765

.59048

.58347

.57659

.56985

81

.65142

.64367

.63608

.62864

.62135

.61421

.60721

.60034

.59361

.58701

82

.66673

.65920

.65182

.64458

.63748

.63052

.62368

.61698

.61041

.60395

83

.68175

.67444

.66728

.66024

.65334

.64656

.63991

.63338

.62696

.62066

84

.69657

.68950

.68256

.67574

.66904

.66246

.65599

.64964

.64340

.63727

85

.71128

.70446

.69775

.69116

.68467

.67830

.67204

.66587

.65982

.65386

86

.72576

.71919

.71272

.70636

.70010

.69394

.68789

.68193

.67606

.67029

87

.73981

.73349

.72726

.72114

.71511

.70917

.70333

.69757

.69190

.68632

88

.75342

.74735

.74137

.73548

.72968

.72396

.71833

.71279

.70732

.70194

89

.76658

.76076

.75503

.74938

.74381

.73832

.73290

.72757

.72231

.71712

90

.77928

.77371

.76823

.76281

.75748

.75221

.74702

.74190

.73684

.73186

91

.79131

.78600

.78075

.77557

.77046

.76542

.76044

.75553

.75068

.74589

92

.80246

.79737

.79235

.78740

.78250

.77767

.77290

.76818

.76353

.75893

93

.81274

.80788

.80307

.79832

.79363

.78899

.78441

.77989

.77542

.77100

94

.82232

.81766

.81306

.80850

.80401

.79956

.79517

.79082

.78653

.78228

95

.83141

.82695

.82254

.81818

.81387

.80961

.80539

.80122

.79710

.79302

96

.83996

.83569

.83147

.82729

.82316

.81907

.81503

.81103

.80707

.80315

97

.84787

.84378

.83973

.83573

.83176

.82784

.82396

.82012

.81632

.81255

98

.85530

.85138

.84750

.84366

.83985

.83609

.83236

.82867

.82502

.82140

99

.86255

.85880

.85508

.85140

.84776

.84415

.84057

.83703

.83353

.83005

100

.86960

.86601

.86246

.85894

.85546

.85200

.84858

.84519

.84183

.83849

101

.87655

.87313

.86974

.86638

.86305

.85975

.85648

.85324

.85003

.84684

102

.88338

.88012

.87689

.87369

.87052

.86738

.86426

.86116

.85809

.85505

103

.89015

.88706

.88399

.88095

.87793

.87494

.87197

.86903

.86611

.86321

104

.89737

.89446

.89157

.88871

.88586

.88304

.88024

.87745

.87469

.87195

105

.90443

.90170

.89898

.89628

.89360

.89094

.88830

.88568

.88307

.88049

106

.91351

.91101

.90852

.90605

.90359

.90115

.89873

.89632

.89392

.89154

107

.92452

.92230

.92010

.91791

.91573

.91356

.91141

.90927

.90714

.90502

108

.94161

.93987

.93814

.93641

.93469

.93298

.93128

.92958

.92790

.92622

109

.97081

.96992

.96904

.96816

.96729

.96642

.96555

.96468

.96382

.96296

Age

8.2%

8.4%

8.6%

8.8%

9.0%

9.2%

9.4%

9.6%

9.8%

10.0%

0

.01906

.01845

.01790

.01740

.01694

.01652

.01613

.01578

.01546

.01516

1

.01098

.01034

.00977

.00924

.00876

.00833

.00793

.00756

.00722

.00691

2

.01113

.01046

.00986

.00930

.00880

.00834

.00791

.00753

.00717

.00684

3

.01155

.01084

.01020

.00962

.00909

.00860

.00816

.00775

.00737

.00702

4

.01211

.01137

.01069

.01008

.00952

.00900

.00853

.00810

.00770

.00733

5

.01279

.01201

.01130

.01065

.01006

.00952

.00902

.00856

.00814

.00775

6

.01356

.01274

.01199

.01131

.01068

.01011

.00959

.00910

.00865

.00824

7

.01442

.01356

.01277

.01205

.01140

.01079

.01023

.00972

.00925

.00881

8

.01536

.01446

.01363

.01287

.01218

.01154

.01096

.01041

.00991

.00945

9

.01641

.01546

.01460

.01380

.01307

.01240

.01178

.01120

.01068

.01019

10

.01758

.01659

.01567

.01484

.01407

.01336

.01270

.01210

.01154

.01103

11

.01886

.01781

.01686

.01598

.01517

.01442

.01373

.01310

.01251

.01196

12

.02024

.01915

.01814

.01721

.01636

.01558

.01485

.01419

.01357

.01299

13

.02168

.02054

.01948

.01851

.01762

.01679

.01603

.01533

.01467

.01407

14

.02313

.02193

.02083

.01981

.01887

.01801

.01721

.01646

.01578

.01514

15

.02456

.02330

.02214

.02107

.02009

.01918

.01834

.01756

.01684

.01617

16

.02593

.02462

.02340

.02229

.02126

.02030

.01942

.01860

.01785

.01714

17

.02728

.02590

.02463

.02346

.02238

.02138

.02046

.01960

.01880

.01806

18

.02861

.02717

.02584

.02462

.02348

.02243

.02146

.02056

.01972

.01894

19

.02998

.02847

.02708

.02580

.02461

.02351

.02249

.02154

.02066

.01984

20

.03142

.02984

.02839

.02704

.02580

.02465

.02357

.02258

.02165

.02079

21

.03295

.03130

.02978

.02837

.02706

.02585

.02473

.02368

.02271

.02180

22

.03455

.03283

.03124

.02976

.02839

.02712

.02594

.02484

.02382

.02286

23

.03626

.03446

.03279

.03124

.02981

.02847

.02723

.02608

.02500

.02400

24

.03809

.03620

.03446

.03283

.03133

.02993

.02863

.02741

.02628

.02522

25

.04005

.03808

.03625

.03456

.03298

.03151

.03014

.02887

.02768

.02656

26

.04216

.04010

.03819

.03641

.03476

.03322

.03178

.03044

.02919

.02802

27

.04444

.04229

.04029

.03843

.03670

.03508

.03357

.03217

.03085

.02962

28

.04687

.04463

.04254

.04059

.03877

.03708

.03550

.03402

.03263

.03133

29

.04946

.04712

.04493

.04289

.04099

.03922

.03756

.03600

.03455

.03318

30

.05221

.04976

.04748

.04534

.04335

.04149

.03975

.03812

.03659

.03515

31

.05511

.05255

.05017

.04794

.04585

.04390

.04208

.04037

.03876

.03725

32

.05818

.05551

.05302

.05069

.04851

.04647

.04455

.04276

.04107

.03948

33

.06144

.05866

.05606

.05363

.05135

.04921

.04720

.04532

.04355

.04188

34

.06489

.06200

.05928

.05674

.05436

.05212

.05002

.04805

.04619

.04444

35

.06857

.06555

.06273

.06007

.05758

.05524

.05304

.05097

.04902

.04718

36

.07246

.06932

.06638

.06361

.06101

.05856

.05626

.05409

.05205

.05012

37

.07659

.07332

.07025

.06737

.06466

.06210

.05969

.05742

.05528

.05325

38

.08098

.07758

.07439

.07138

.06855

.06588

.06336

.06099

.05874

.05662

39

.08563

.08210

.07878

.07565

.07270

.06992

.06729

.06480

.06245

.06023

40

.09059

.08692

.08347

.08021

.07714

.07423

.07149

.06889

.06643

.06411

41

.09586

.09206

.08848

.08509

.08189

.07886

.07600

.07329

.07072

.06828

42

.10147

.09753

.09381

.09029

.08696

.08381

.08083

.07800

.07531

.07277

43

.10742

.10334

.09948

.09583

.09237

.08909

.08598

.08304

.08024

.07758

44

.11373

.10950

.10551

.10172

.09813

.09472

.09148

.08841

.08549

.08272

45

.12035

.11599

.11185

.10792

.10420

.10066

.09730

.09410

.09106

.08817

46

.12732

.12281

.11853

.11447

.11061

.10694

.10345

.10013

.09696

.09395

47

.13460

.12995

.12553

.12133

.11733

.11353

.10991

.10646

.10317

.10004

48

.14223

.13743

.13287

.12853

.12439

.12046

.11671

.11313

.10972

.10646

49

.15020

.14526

.14056

.13608

.13181

.12774

.12385

.12015

.11661

.11322

50

.15855

.15347

.14862

.14401

.13960

.13540

.13138

.12754

.12388

.12037

51

.16727

.16205

.15707

.15232

.14777

.14344

.13929

.13532

.13153

.12789

52

.17634

.17098

.16587

.16097

.15630

.15183

.14755

.14345

.13953

.13577

53

.18576

.18027

.17501

.16999

.16518

.16057

.15616

.15194

.14789

.14400

54

.19552

.18990

.18451

.17935

.17441

.16968

.16514

.16078

.15661

.15260

55

.20564

.19989

.19437

.18908

.18402

.17915

.17449

.17001

.16571

.16157

56

.21613

.21025

.20461

.19919

.19400

.18901

.18422

.17962

.17519

.17093

57

.22698

.22098

.21522

.20968

.20436

.19925

.19434

.18961

.18507

.18069

58

.23816

.23204

.22616

.22051

.21507

.20984

.20481

.19996

.19530

.19080

59

.24962

.24339

.23740

.23163

.22608

.22073

.21558

.21062

.20584

.20123

60

.26136

.25502

.24892

.24304

.23738

.23192

.22666

.22158

.21669

.21196

61

.27339

.26695

.26075

.25477

.24900

.24343

.23806

.23288

.22787

.22304

62

.28578

.27925

.27295

.26687

.26100

.25533

.24985

.24456

.23945

.23451

63

.29854

.29192

.28553

.27935

.27339

.26762

.26205

.25666

.25145

.24641

64

.31164

.30494

.29846

.29221

.28615

.28030

.27463

.26915

.26384

.25870

65

.32508

.31831

.31177

.30543

.29930

.29336

.28761

.28203

.27663

.27140

66

.33891

.33208

.32547

.31906

.31285

.30684

.30101

.29536

.28987

.28456

67

.35318

.34630

.33963

.33316

.32689

.32081

.31491

.30918

.30363

.29823

68

.36785

.36093

.35422

.34770

.34138

.33524

.32928

.32349

.31787

.31240

69

.38290

.37595

.36920

.36265

.35628

.35009

.34408

.33824

.33256

.32703

70

.39823

.39127

.38450

.37791

.37151

.36529

.35924

.35335

.34762

.34204

71

.41378

.40681

.40003

.39343

.38701

.38076

.37467

.36875

.36298

.35736

72

.42950

.42253

.41575

.40914

.40271

.39644

.39034

.38438

.37858

.37293

73

.44535

.43840

.43162

.42502

.41858

.41231

.40619

.40022

.39440

.38872

74

.46139

.45446

.44771

.44112

.43469

.42842

.42230

.41632

.41049

.40479

75

.47769

.47080

.46408

.45752

.45111

.44485

.43874

.43277

.42693

.42123

76

.49430

.48747

.48079

.47427

.46790

.46167

.45558

.44963

.44380

.43811

77

.51123

.50447

.49786

.49139

.48506

.47888

.47282

.46690

.46111

.45543

78

.52845

.52177

.51523

.50884

.50257

.49645

.49044

.48457

.47881

.47317

79

.54584

.53926

.53282

.52650

.52032

.51426

.50833

.50251

.49681

.49122

80

.56325

.55678

.55044

.54423

.53813

.53216

.52630

.52056

.51492

.50939

81

.58054

.57419

.56797

.56186

.55587

.54999

.54422

.53856

.53300

.52754

82

.59762

.59140

.58530

.57931

.57343

.56766

.56198

.55641

.55094

.54557

83

.61448

.60840

.60243

.59657

.59081

.58515

.57958

.57411

.56874

.56346

84

.63124

.62531

.61949

.61376

.60813

.60259

.59715

.59179

.58652

.58134

85

.64800

.64224

.63657

.63099

.62550

.62010

.61478

.60955

.60441

.59934

86

.66461

.65902

.65351

.64810

.64276

.63751

.63233

.62724

.62222

.61728

87

.68083

.67541

.67008

.66483

.65965

.65455

.64953

.64458

.63970

.63489

88

.69663

.69140

.68624

.68116

.67615

.67121

.66634

.66154

.65680

.65213

89

.71201

.70696

.70199

.69708

.69224

.68747

.68276

.67811

.67353

.66900

90

.72694

.72209

.71730

.71257

.70791

.70330

.69876

.69427

.68984

.68547

91

.74117

.73650

.73190

.72735

.72286

.71842

.71404

.70972

.70545

.70123

92

.75439

.74991

.74548

.74110

.73678

.73251

.72829

.72412

.72000

.71593

93

.76664

.76233

.75806

.75385

.74969

.74557

.74150

.73748

.73350

.72957

94

.77809

.77394

.76983

.76578

.76177

.75780

.75388

.75000

.74616

.74237

95

.78899

.78500

.78106

.77715

.77329

.76947

.76569

.76195

.75826

.75460

96

.79928

.79544

.79165

.78790

.78418

.78050

.77686

.77326

.76970

.76617

97

.80883

.80514

.80149

.79787

.79430

.79075

.78725

.78377

.78033

.77693

98

.81781

.81427

.81075

.80727

.80382

.80041

.79703

.79368

.79036

.78708

99

.82661

.82320

.81982

.81648

.81316

.80988

.80662

.80340

.80020

.79704

100

.83519

.83192

.82868

.82547

.82228

.81913

.81600

.81290

.80982

.80678

101

.84368

.84055

.83744

.83437

.83131

.82829

.82529

.82231

.81936

.81643

102

.85203

.84904

.84607

.84313

.84021

.83731

.83444

.83159

.82876

.82596

103

.86034

.85748

.85465

.85184

.84906

.84629

.84355

.84082

.83812

.83544

104

.86923

.86653

.86385

.86119

.85855

.85593

.85333

.85074

.84818

.84563

105

.87792

.87537

.87283

.87032

.86782

.86534

.86287

.86042

.85799

.85557

106

.88918

.88683

.88450

.88218

.87987

.87758

.87530

.87304

.87079

.86855

107

.90291

.90082

.89873

.89666

.89460

.89255

.89051

.88849

.88647

.88447

108

.92455

.92288

.92123

.91958

.91794

.91630

.91468

.91306

.91145

.90984

109

.96211

.96125

.96041

.95956

.95872

.95788

.95704

.95620

.95537

.95455

Age

10.2%

10.4%

10.6%

10.8%

11.0%

11.2%

11.4%

11.6%

11.8%

12.0%

0

.01488

.01463

.01439

.01417

.01396

.01377

.01359

.01343

.01327

.01312

1

.00662

.00636

.00612

.00589

.00568

.00548

.00530

.00513

.00497

.00482

2

.00654

.00626

.00600

.00576

.00554

.00533

.00514

.00496

.00479

.00463

3

.00670

.00641

.00613

.00588

.00564

.00542

.00522

.00502

.00484

.00468

4

.00699

.00668

.00639

.00612

.00587

.00563

.00542

.00521

.00502

.00484

5

.00739

.00706

.00675

.00646

.00620

.00595

.00571

.00550

.00529

.00510

6

.00786

.00751

.00718

.00687

.00659

.00633

.00608

.00585

.00563

.00543

7

.00841

.00803

.00769

.00736

.00706

.00678

.00652

.00627

.00604

.00582

8

.00902

.00863

.00826

.00791

.00759

.00730

.00702

.00675

.00651

.00628

9

.00973

.00931

.00892

.00856

.00822

.00790

.00760

.00733

.00706

.00682

10

.01055

.01010

.00969

.00930

.00894

.00861

.00829

.00799

.00772

.00746

11

.01146

.01099

.01055

.01014

.00976

.00940

.00907

.00875

.00846

.00818

12

.01246

.01196

.01150

.01106

.01066

.01028

.00993

.00960

.00928

.00899

13

.01351

.01298

.01249

.01204

.01161

.01121

.01084

.01049

.01016

.00985

14

.01455

.01400

.01348

.01300

.01255

.01213

.01173

.01136

.01102

.01069

15

.01555

.01497

.01443

.01392

.01345

.01300

.01259

.01220

.01183

.01148

16

.01648

.01587

.01530

.01477

.01427

.01380

.01336

.01295

.01257

.01220

17

.01737

.01673

.01612

.01556

.01504

.01455

.01408

.01365

.01324

.01286

18

.01822

.01754

.01691

.01632

.01576

.01525

.01476

.01430

.01387

.01347

19

.01908

.01837

.01770

.01708

.01650

.01595

.01544

.01495

.01450

.01407

20

.01999

.01924

.01854

.01788

.01726

.01669

.01615

.01564

.01516

.01471

21

.02096

.02017

.01943

.01874

.01809

.01748

.01691

.01637

.01586

.01539

22

.02197

.02114

.02036

.01963

.01895

.01830

.01770

.01713

.01660

.01610

23

.02306

.02218

.02136

.02059

.01987

.01919

.01855

.01795

.01739

.01686

24

.02424

.02331

.02245

.02163

.02087

.02016

.01948

.01885

.01825

.01769

25

.02552

.02455

.02364

.02278

.02197

.02122

.02051

.01984

.01920

.01861

26

.02692

.02589

.02493

.02403

.02318

.02238

.02162

.02091

.02025

.01961

27

.02846

.02738

.02636

.02541

.02451

.02367

.02287

.02212

.02141

.02074

28

.03012

.02898

.02791

.02690

.02595

.02506

.02422

.02342

.02267

.02196

29

.03190

.03070

.02957

.02851

.02751

.02656

.02567

.02483

.02404

.02329

30

.03381

.03254

.03135

.03023

.02917

.02817

.02723

.02634

.02551

.02471

31

.03583

.03450

.03324

.03206

.03094

.02989

.02890

.02796

.02707

.02623

32

.03799

.03659

.03527

.03402

.03284

.03173

.03068

.02968

.02874

.02785

33

.04031

.03883

.03744

.03612

.03488

.03371

.03260

.03155

.03055

.02961

34

.04279

.04123

.03976

.03838

.03707

.03583

.03465

.03354

.03249

.03149

35

.04545

.04382

.04227

.04081

.03943

.03812

.03688

.03571

.03459

.03354

36

.04830

.04658

.04495

.04341

.04196

.04058

.03927

.03803

.03685

.03573

37

.05134

.04953

.04782

.04620

.04467

.04321

.04183

.04052

.03928

.03809

38

.05462

.05272

.05092

.04921

.04760

.04606

.04461

.04322

.04191

.04066

39

.05812

.05613

.05424

.05245

.05075

.04913

.04760

.04614

.04475

.04343

40

.06190

.05981

.05782

.05594

.05415

.05245

.05083

.04929

.04783

.04643

41

.06597

.06378

.06170

.05972

.05784

.05605

.05435

.05272

.05118

.04970

42

.07035

.06806

.06587

.06380

.06182

.05994

.05815

.05644

.05481

.05326

43

.07505

.07265

.07036

.06818

.06611

.06414

.06225

.06045

.05874

.05710

44

.08008

.07757

.07518

.07290

.07072

.06865

.06667

.06478

.06298

.06125

45

.08542

.08279

.08029

.07791

.07563

.07346

.07138

.06940

.06750

.06569

46

.09108

.08834

.08573

.08324

.08085

.07858

.07640

.07432

.07233

.07043

47

.09705

.09419

.09147

.08886

.08637

.08399

.08172

.07954

.07745

.07545

48

.10335

.10038

.09754

.09482

.09222

.08973

.08735

.08507

.08288

.08078

49

.10999

.10690

.10394

.10111

.09840

.09581

.09332

.09093

.08864

.08644

50

.11701

.11380

.11073

.10778

.10496

.10225

.09965

.09716

.09477

.09247

51

.12441

.12108

.11789

.11482

.11189

.10907

.10636

.10376

.10126

.09886

52

.13217

.12871

.12540

.12222

.11916

.11623

.11341

.11071

.10810

.10560

53

.14028

.13670

.13327

.12997

.12680

.12375

.12082

.11801

.11529

.11268

54

.14875

.14505

.14150

.13808

.13480

.13163

.12859

.12566

.12284

.12012

55

.15760

.15378

.15011

.14657

.14317

.13989

.13674

.13370

.13077

.12794

56

.16684

.16290

.15911

.15546

.15194

.14855

.14528

.14213

.13909

.13615

57

.17648

.17242

.16851

.16474

.16111

.15760

.15422

.15096

.14781

.14477

58

.18647

.18229

.17827

.17438

.17064

.16702

.16353

.16015

.15689

.15374

59

.19678

.19249

.18835

.18435

.18049

.17676

.17316

.16968

.16631

.16305

60

.20740

.20300

.19875

.19464

.19066

.18682

.18311

.17952

.17604

.17268

61

.21837

.21385

.20949

.20527

.20119

.19724

.19341

.18971

.18613

.18266

62

.22973

.22511

.22064

.21631

.21212

.20807

.20414

.20033

.19664

.19306

63

.24152

.23680

.23222

.22779

.22350

.21934

.21530

.21139

.20760

.20392

64

.25372

.24890

.24422

.23969

.23529

.23103

.22690

.22289

.21899

.21521

65

.26633

.26141

.25664

.25201

.24752

.24316

.23893

.23482

.23083

.22695

66

.27940

.27439

.26953

.26481

.26023

.25577

.25145

.24724

.24316

.23918

67

.29299

.28790

.28296

.27815

.27348

.26894

.26453

.26024

.25606

.25200

68

.30709

.30193

.29691

.29202

.28728

.28265

.27816

.27378

.26952

.26537

69

.32166

.31643

.31134

.30639

.30157

.29687

.29230

.28785

.28351

.27928

70

.33661

.33133

.32618

.32116

.31628

.31152

.30688

.30235

.29794

.29364

71

.35188

.34654

.34134

.33627

.33133

.32651

.32181

.31722

.31275

.30838

72

.36742

.36204

.35679

.35168

.34668

.34181

.33706

.33241

.32788

.32345

73

.38317

.37776

.37248

.36733

.36229

.35738

.35257

.34788

.34330

.33882

74

.39923

.39380

.38849

.38330

.37823

.37328

.36844

.36370

.35908

.35455

75

.41566

.41021

.40489

.39968

.39459

.38961

.38474

.37997

.37531

.37074

76

.43254

.42709

.42176

.41655

.41144

.40645

.40156

.39677

.39208

.38749

77

.44988

.44444

.43912

.43391

.42880

.42380

.41891

.41411

.40940

.40479

78

.46765

.46224

.45694

.45174

.44665

.44166

.43677

.43197

.42726

.42265

79

.48574

.48037

.47510

.46993

.46487

.45990

.45502

.45024

.44554

.44094

80

.50397

.49865

.49343

.48830

.48327

.47834

.47349

.46873

.46406

.45947

81

.52219

.51693

.51176

.50669

.50171

.49682

.49201

.48729

.48265

.47809

82

.54029

.53510

.53000

.52499

.52007

.51523

.51047

.50580

.50120

.49667

83

.55826

.55315

.54813

.54319

.53834

.53356

.52886

.52424

.51969

.51522

84

.57624

.57123

.56629

.56144

.55666

.55195

.54732

.54277

.53828

.53386

85

.59435

.58944

.58460

.57984

.57516

.57054

.56599

.56151

.55710

.55275

86

.61241

.60762

.60289

.59824

.59365

.58913

.58468

.58029

.57596

.57170

87

.63015

.62548

.62087

.61633

.61185

.60744

.60309

.59880

.59456

.59039

88

.64753

.64299

.63851

.63409

.62973

.62543

.62118

.61700

.61287

.60879

89

.66454

.66013

.65579

.65150

.64726

.64308

.63895

.63488

.63086

.62689

90

.68115

.67689

.67268

.66853

.66442

.66037

.65637

.65241

.64851

.64465

91

.69706

.69294

.68887

.68486

.68089

.67696

.67309

.66925

.66547

.66173

92

.71190

.70792

.70399

.70011

.69627

.69247

.68872

.68501

.68134

.67771

93

.72569

.72184

.71804

.71429

.71057

.70689

.70326

.69967

.69611

.69259

94

.73861

.73490

.73123

.72759

.72400

.72044

.71692

.71344

.71000

.70659

95

.75097

.74739

.74384

.74033

.73686

.73342

.73002

.72665

.72331

.72001

96

.76267

.75922

.75579

.75240

.74905

.74572

.74243

.73917

.73595

.73275

97

.77356

.77022

.76691

.76363

.76039

.75718

.75399

.75084

.74772

.74463

98

.78382

.78059

.77740

.77423

.77110

.76799

.76491

.76186

.75884

.75584

99

.79390

.79079

.78771

.78465

.78162

.77862

.77565

.77270

.76978

.76688

100

.80376

.80076

.79779

.79485

.79193

.78904

.78617

.78333

.78051

.77771

101

.81353

.81066

.80780

.80497

.80217

.79938

.79662

.79388

.79117

.78847

102

.82318

.82042

.81768

.81496

.81227

.80960

.80694

.80431

.80170

.79911

103

.83278

.83014

.82752

.82491

.82233

.81977

.81723

.81470

.81220

.80971

104

.84310

.84059

.83810

.83563

.83317

.83073

.82831

.82591

.82352

.82115

105

.85318

.85079

.84843

.84607

.84374

.84142

.83911

.83682

.83455

.83229

106

.86633

.86413

.86193

.85975

.85758

.85543

.85329

.85116

.84904

.84694

107

.88247

.88049

.87852

.87656

.87460

.87266

.87073

.86881

.86690

.86500

108

.90825

.90666

.90507

.90350

.90193

.90037

.89881

.89727

.89572

.89419

109

.95372

.95290

.95208

.95126

.95045

.94964

.94883

.94803

.94723

.94643

Age

12.2%

12.4%

12.6%

12.8%

13.0%

13.2%

13.4%

13.6%

13.8%

14.0%

0

.01298

.01285

.01273

.01261

.01250

.01240

.01230

.01221

.01212

.01203

1

.00468

.00455

.00443

.00431

.00420

.00410

.00400

.00391

.00382

.00374

2

.00448

.00435

.00421

.00409

.00398

.00387

.00376

.00366

.00357

.00348

3

.00452

.00437

.00423

.00410

.00398

.00386

.00375

.00365

.00355

.00345

4

.00468

.00452

.00437

.00423

.00410

.00397

.00386

.00375

.00364

.00354

5

.00493

.00476

.00460

.00445

.00431

.00418

.00405

.00393

.00382

.00371

6

.00524

.00506

.00489

.00473

.00458

.00444

.00430

.00418

.00406

.00394

7

.00562

.00543

.00525

.00508

.00492

.00477

.00462

.00449

.00436

.00423

8

.00606

.00586

.00566

.00548

.00531

.00515

.00499

.00485

.00471

.00458

9

.00659

.00637

.00616

.00597

.00579

.00561

.00545

.00529

.00514

.00500

10

.00721

.00698

.00676

.00655

.00636

.00617

.00600

.00583

.00567

.00552

11

.00792

.00767

.00744

.00722

.00701

.00682

.00663

.00645

.00628

.00612

12

.00871

.00845

.00821

.00797

.00775

.00754

.00735

.00716

.00698

.00681

13

.00955

.00928

.00902

.00877

.00854

.00831

.00810

.00790

.00771

.00753

14

.01038

.01009

.00981

.00955

.00930

.00907

.00885

.00864

.00843

.00824

15

.01116

.01085

.01056

.01028

.01002

.00977

.00954

.00932

.00910

.00890

16

.01186

.01153

.01123

.01094

.01066

.01040

.01015

.00992

.00969

.00948

17

.01250

.01215

.01183

.01152

.01124

.01096

.01070

.01045

.01022

.00999

18

.01308

.01272

.01238

.01206

.01175

.01147

.01119

.01093

.01068

.01044

19

.01367

.01329

.01293

.01259

.01227

.01196

.01167

.01140

.01113

.01088

20

.01428

.01388

.01350

.01314

.01280

.01248

.01217

.01188

.01161

.01134

21

.01494

.01451

.01411

.01373

.01337

.01303

.01271

.01240

.01211

.01183

22

.01562

.01517

.01475

.01435

.01397

.01361

.01326

.01294

.01263

.01233

23

.01635

.01588

.01543

.01501

.01460

.01422

.01386

.01351

.01319

.01287

24

.01716

.01665

.01618

.01573

.01530

.01489

.01451

.01415

.01380

.01347

25

.01804

.01751

.01701

.01653

.01608

.01565

.01524

.01485

.01448

.01413

26

.01902

.01845

.01792

.01741

.01693

.01648

.01604

.01563

.01524

.01487

27

.02011

.01951

.01895

.01841

.01790

.01742

.01696

.01652

.01610

.01571

28

.02129

.02066

.02006

.01949

.01895

.01844

.01795

.01748

.01704

.01662

29

.02258

.02191

.02127

.02067

.02009

.01955

.01903

.01853

.01806

.01762

30

.02396

.02325

.02257

.02193

.02132

.02074

.02019

.01966

.01916

.01869

31

.02543

.02467

.02396

.02328

.02263

.02201

.02143

.02087

.02034

.01983

32

.02701

.02621

.02545

.02472

.02404

.02338

.02276

.02217

.02160

.02106

33

.02871

.02786

.02706

.02629

.02556

.02487

.02420

.02357

.02297

.02240

34

.03054

.02964

.02879

.02797

.02720

.02646

.02576

.02509

.02445

.02383

35

.03253

.03158

.03067

.02981

.02898

.02820

.02745

.02674

.02606

.02541

36

.03467

.03366

.03269

.03178

.03090

.03007

.02928

.02852

.02779

.02710

37

.03697

.03590

.03488

.03391

.03298

.03209

.03125

.03044

.02967

.02893

38

.03947

.03833

.03725

.03622

.03524

.03430

.03340

.03254

.03172

.03094

39

.04217

.04096

.03982

.03873

.03768

.03669

.03573

.03482

.03395

.03312

40

.04510

.04383

.04262

.04146

.04035

.03930

.03828

.03732

.03639

.03550

41

.04830

.04695

.04567

.04445

.04327

.04215

.04108

.04005

.03907

.03812

42

.05177

.05035

.04900

.04770

.04646

.04527

.04413

.04304

.04200

.04100

43

.05553

.05404

.05261

.05123

.04992

.04866

.04746

.04630

.04520

.04413

44

.05960

.05802

.05651

.05506

.05368

.05235

.05107

.04985

.04867

.04754

45

.06395

.06229

.06069

.05917

.05770

.05630

.05495

.05365

.05241

.05121

46

.06860

.06685

.06517

.06356

.06202

.06053

.05911

.05774

.05643

.05516

47

.07353

.07169

.06992

.06823

.06660

.06504

.06353

.06209

.06070

.05936

48

.07877

.07684

.07498

.07320

.07149

.06984

.06826

.06673

.06527

.06385

49

.08433

.08231

.08036

.07849

.07669

.07495

.07329

.07168

.07013

.06864

50

.09026

.08814

.08609

.08413

.08224

.08042

.07867

.07698

.07535

.07378

51

.09655

.09433

.09219

.09013

.08815

.08624

.08440

.08262

.08091

.07926

52

.10318

.10086

.09863

.09647

.09439

.09239

.09046

.08860

.08680

.08506

53

.11017

.10774

.10541

.10315

.10098

.09888

.09686

.09491

.09302

.09120

54

.11750

.11498

.11254

.11019

.10792

.10572

.10361

.10156

.09958

.09767

55

.12522

.12258

.12005

.11759

.11522

.11294

.11072

.10859

.10652

.10451

56

.13332

.13059

.12794

.12539

.12292

.12054

.11823

.11599

.11383

.11174

57

.14183

.13899

.13624

.13359

.13102

.12853

.12613

.12380

.12154

.11936

58

.15070

.14775

.14490

.14215

.13948

.13689

.13439

.13197

.12962

.12734

59

.15990

.15685

.15389

.15103

.14826

.14558

.14298

.14046

.13801

.13564

60

.16942

.16626

.16321

.16024

.15737

.15459

.15189

.14927

.14673

.14426

61

.17929

.17603

.17287

.16981

.16684

.16395

.16115

.15844

.15580

.15324

62

.18960

.18623

.18297

.17980

.17673

.17375

.17085

.16803

.16530

.16264

63

.20035

.19688

.19352

.19025

.18708

.18400

.18100

.17809

.17525

.17250

64

.21154

.20797

.20451

.20114

.19787

.19469

.19159

.18859

.18566

.18281

65

.22318

.21951

.21595

.21249

.20912

.20584

.20265

.19955

.19652

.19358

66

.23532

.23156

.22790

.22434

.22088

.21751

.21422

.21102

.20791

.20487

67

.24804

.24419

.24044

.23679

.23324

.22977

.22640

.22311

.21990

.21678

68

.26133

.25740

.25356

.24983

.24618

.24263

.23917

.23579

.23250

.22929

69

.27516

.27114

.26723

.26341

.25969

.25605

.25251

.24905

.24567

.24237

70

.28945

.28536

.28137

.27747

.27367

.26996

.26633

.26279

.25934

.25596

71

.30412

.29996

.29590

.29193

.28806

.28427

.28057

.27696

.27343

.26998

72

.31913

.31491

.31078

.30675

.30281

.29895

.29519

.29150

.28790

.28438

73

.33444

.33016

.32597

.32188

.31788

.31396

.31013

.30638

.30271

.29913

74

.35012

.34579

.34155

.33741

.33335

.32938

.32549

.32168

.31795

.31430

75

.36628

.36190

.35762

.35343

.34932

.34530

.34136

.33750

.33372

.33001

76

.38299

.37858

.37427

.37004

.36589

.36183

.35784

.35394

.35011

.34636

77

.40028

.39585

.39151

.38725

.38307

.37898

.37496

.37103

.36716

.36337

78

.41812

.41368

.40933

.40506

.40086

.39675

.39271

.38874

.38485

.38103

79

.43641

.43198

.42762

.42334

.41914

.41502

.41096

.40698

.40308

.39924

80

.45496

.45054

.44619

.44192

.43772

.43360

.42954

.42556

.42164

.41779

81

.47360

.46920

.46487

.46061

.45643

.45231

.44827

.44429

.44038

.43653

82

.49223

.48785

.48355

.47932

.47516

.47106

.46703

.46307

.45916

.45532

83

.51081

.50648

.50221

.49802

.49388

.48982

.48581

.48187

.47799

.47416

84

.52951

.52523

.52101

.51686

.51277

.50874

.50477

.50086

.49701

.49321

85

.54847

.54425

.54009

.53600

.53196

.52798

.52406

.52019

.51638

.51262

86

.56749

.56335

.55926

.55523

.55126

.54734

.54348

.53966

.53591

.53220

87

.58627

.58221

.57820

.57425

.57035

.56650

.56270

.55895

.55526

.55161

88

.60477

.60079

.59688

.59301

.58919

.58542

.58170

.57802

.57439

.57081

89

.62297

.61909

.61527

.61149

.60776

.60408

.60044

.59685

.59330

.58979

90

.64084

.63707

.63335

.62968

.62604

.62246

.61891

.61540

.61194

.60851

91

.65803

.65437

.65076

.64719

.64366

.64017

.63672

.63330

.62993

.62659

92

.67412

.67058

.66707

.66360

.66017

.65678

.65342

.65010

.64682

.64357

93

.68911

.68567

.68227

.67890

.67557

.67227

.66901

.66578

.66258

.65942

94

.70321

.69988

.69657

.69330

.69006

.68686

.68369

.68055

.67744

.67437

95

.71674

.71351

.71031

.70713

.70399

.70088

.69781

.69476

.69174

.68875

96

.72959

.72646

.72335

.72028

.71724

.71422

.71123

.70828

.70534

.70244

97

.74156

.73853

.73552

.73254

.72959

.72666

.72376

.72089

.71804

.71522

98

.75287

.74993

.74702

.74413

.74126

.73842

.73561

.73282

.73006

.72732

99

.76401

.76117

.75834

.75555

.75277

.75002

.74730

.74459

.74191

.73926

100

.77494

.77219

.76946

.76676

.76408

.76142

.75878

.75616

.75357

.75099

101

.78580

.78315

.78052

.77791

.77532

.77275

.77021

.76768

.76517

.76268

102

.79654

.79399

.79146

.78894

.78645

.78397

.78152

.77908

.77666

.77426

103

.80724

.80479

.80236

.79994

.79755

.79517

.79280

.79046

.78813

.78582

104

.81879

.81646

.81413

.81183

.80954

.80726

.80501

.80276

.80054

.79832

105

.83005

.82782

.82560

.82340

.82121

.81904

.81688

.81474

.81260

.81049

106

.84485

.84277

.84071

.83866

.83662

.83459

.83257

.83057

.82857

.82659

107

.86311

.86124

.85937

.85751

.85566

.85382

.85199

.85017

.84835

.84655

108

.89266

.89114

.88963

.88812

.88662

.88513

.88364

.88216

.88068

.87922

109

.94563

.94484

.94405

.94326

.94248

.94170

.94092

.94014

.93937

.93860

(f)

Effective dates.

This section applies after April 30, 1999.

§ 1.642(c)-6T

[Removed]

Par. 6.

Section 1.642(c)-6T is removed.

Par. 7.

Section 1.664-4 is amended by:

1. Revising paragraph (a)(1).

2. Removing existing paragraphs (d) through (e)(5).

3. Adding paragraphs (d), (e) heading and (e)(1) through (e)(5).

4. Adding paragraph (e)(7).

5. Revising paragraph (f).

The revisions and additions read as follows:

§ 1.664-4

Calculation of the fair market value of the remainder interest in a charitable remainder unitrust.

(a) * * *

(1) Life contingencies determined as to each life involved, from the values of

lx

set forth in Table 90CM contained in § 20.2031-7(d)(7) of this chapter in the case of transfers for which the valuation date is after April 30, 1999; or from Table 80CNSMT contained § 20.2031-7A(e)(4) of this chapter in the case of transfer for which the valuation date is after April 30, 1989, and before May 1, 1999. See § 20.2031-7A(a) through (d) of this chapter, whichever is applicable, for transfers for which the valuation date is before May 1, 1989;

(d)

Valuation.

The fair market value of a remainder interest in a charitable remainder unitrust (as described in § 1.664-3) for transfers for which the valuation date is after April 30, 1999, 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 § 1.664-3) for transfers for which the valuation date is before May 1, 1999, is its present value determined under the following sections:

Valuation dates

After

Before

Applicable

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)

04-30-89

05-01-99

1.664-4A(e)

(e)

Valuation of charitable remainder unitrusts having certain payout sequences for transfers for which the valuation date is after April 30, 1999—

(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, 1999, the present value of a remainder interest is determined under paragraphs (e)(3) through (e)(7) 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 § 1.664-3(a)(1)(v) if the taxable year of the trust were to end on such date. See, however, § 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) For purposes of sections 2055, 2106, or 2624, if on May 1, 1999, the decedent was mentally incompetent so that the disposition of the property could not be changed, and the decedent died after April 30, 1999, 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, 1999, the present value of a remainder interest under this section is determined as if the valuation date with respect to the decedent's gross estate is either before May 1, 1999, or after April 30, 1999, at the option of the decedent's executor.

(ii) For purposes of sections 170, 2055, 2106, 2522, or 2624, in the case of transfers to a charitable remainder unitrust for which the valuation date is after April 30, 1999, and before July 1, 1999, the present value of a remainder interest based on one or more measuring lives is determined under this section by use of the section 7520 interest rate for the month in which the valuation date occurs (see §§ 1.7520-1(b) and 1.7520-2(a)(2)) and the appropriate actuarial tables under either paragraph (e)(7) of this section or § 1.664-4A(e)(6), at the option of the donor or the decedent's executor, as the case may be.

(iii) For purposes of paragraphs (e)(2)(i) and (ii) of this section, where the donor or decedent's executor is given the option to use the appropriate actuarial tables under either paragraph (e)(7) of this section or § 1.664-4A(e)(6), the donor or decedent's executor must use the same actuarial table with respect to each individual transaction and with respect to all transfers occurring on the valuation date (for example, gift and income tax charitable deductions with respect to the same transfer must be determined based on the same tables, and all assets includible in the gross estate and/or estate tax deductions claimed must be valued based on the same tables).

(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 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 paragraph (b) of this section. The adjusted payout rate is determined by multiplying the fixed percentage described in § 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 paragraph (a) of this section. 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 paragraph (b) of this section.

(4)

Period is a term of years.

If the period described in § 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 November 30, 1983, is the factor under the appropriate adjusted payout rate in Table D of paragraph (e)(6) of this section corresponding to the number of years in the term. 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 § 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 § 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 application of this paragraph (e)(4) may be illustrated by the following example:

Example.

D transfers $100,000 to a charitable remainder unitrust on January 1. 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 for January (the month that the transfer occurred) is 9.6 percent. Under Table F(9.6) in paragraph(e)(6) of this section, the appropriate adjustment factor is .944628 for quarterly payments payable at the end of each quarter. The adjusted payout rate is 7.557 (8%× .944628). Based on the remainder factors in Table D in paragraph(e)(6) of this section, 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

Interpolation adjustment:

ER12JN00.002

Factor at 7.4 percent for 12 years

.397495

Less: Interpolation adjustment

.007992

Interpolated factor

.389503

Present value of remainder interest:

($100,000× .389503)..........$38,950.30

(5)

Period is the life of one individual.

If the period described in § 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, 1999, is the factor in Table U(1) in paragraph (e)(7) 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)(7) of this section. If the adjusted payout rate is below 4.2 percent or greater than 14 percent, see paragraph (b) of this section. The application of this paragraph (e)(5) may be illustrated by the following example:

Example.

A, who is 44 years and 11 months old, transfers $100,000 to a charitable remainder unitrust on January 1st. 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 is 9.6 percent. Under Table F(9.6) in paragraph (e)(6) of this section, 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) in paragraph (e)(7) of this section, the present value of the remainder interest is $10,109.00, computed as follows:

Factor at 8.4 percent at age 45

.10117

Factor at 8.6 percent at age 45

.09715

Difference

.00402

Interpolation adjustment:

ER12JN00.003

Factor at 8.4 percent at age 45

.10117

Less: Interpolation adjustment

.00008

Interpolated Factor

.10109

Present value of remainder interest:

($100,000× .10109)..........$10,109.00

(7)

Actuarial Table U(1) for transfers for which the valuation date is after April 30, 1999.

For transfers for which the valuation date is after April 30, 1999, the present value of a charitable remainder unitrust interest that is dependent on the termination of a life interest is determined by using the section 7520 rate, Table U(1) in this paragraph (e)(7), and Table F(4.2) through (14.0) in paragraph (e)(6) of this section. See, however, § 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, Book Beth,” (7-1999). A copy of this publication is available for purchase from the Superintendent of Documents, United States Government Printing Office, Washington, DC 20402.

Table U(1).—Based on Life Table 90CM Unitrust Single Life Remainder Factors Applicable For Transfers After April 30, 1999

[Adjusted payout rate]

Age

4.2%

4.4%

4.6%

4.8%

5.0%

5.2%

5.4%

5.6%

.8%

6.0%

0

.06177

.05580

.05061

.04609

.04215

.03871

.03570

.03307

.03075

.02872

1

.05543

.04925

.04388

.03919

.03509

.03151

.02838

.02563

.02321

.02109

2

.05716

.05081

.04528

.04045

.03622

.03252

.02927

.02642

.02391

.02170

3

.05920

.05268

.04699

.04201

.03765

.03382

.03046

.02750

.02490

.02260

4

.06143

.05475

.04889

.04376

.03926

.03530

.03182

.02876

.02605

.02366

5

.06384

.05697

.05095

.04567

.04103

.03694

.03334

.03016

.02735

.02487

6

.06637

.05933

.05315

.04771

.04292

.03870

.03497

.03168

.02876

.02618

7

.06905

.06183

.05547

.04987

.04494

.04058

.03673

.03332

.03029

.02761

8

.07186

.06445

.05792

.05216

.04708

.04258

.03859

.03506

.03192

.02914

9

.07482

.06722

.06052

.05460

.04936

.04471

.04060

.03694

.03369

.03079

10

.07793

.07015

.06327

.05718

.05179

.04700

.04274

.03896

.03559

.03259

11

.08120

.07323

.06617

.05991

.05435

.04942

.04502

.04111

.03762

.03450

12

.08461

.07645

.06920

.06277

.05706

.05197

.04744

.04339

.03978

.03655

13

.08812

.07976

.07234

.06574

.05985

.05461

.04993

.04576

.04202

.03867

14

.09168

.08313

.07552

.06874

.06269

.05729

.05247

.04815

.04428

.04081

15

.09527

.08652

.07872

.07176

.06554

.05999

.05501

.05055

.04655

.04296

16

.09886

.08991

.08192

.07478

.06839

.06267

.05754

.05294

.04880

.04508

17

.10249

.09334

.08515

.07782

.07126

.06537

.06008

.05533

.05105

.04720

18

.10616

.09680

.08842

.08090

.07415

.06809

.06264

.05774

.05332

.04933

19

.10994

.10037

.09178

.08407

.07714

.07091

.06529

.06023

.05566

.05153

20

.11384

.10406

.09527

.08737

.08025

.07383

.06805

.06283

.05811

.05384

21

.11790

.10790

.09891

.09080

.08349

.07690

.07094

.06555

.06068

.05626

22

.12208

.11188

.10267

.09436

.08686

.08008

.07395

.06839

.06336

.05879

23

.12643

.11601

.10659

.09808

.09038

.08342

.07710

.07138

.06618

.06146

24

.13095

.12031

.11069

.10197

.09408

.08692

.08042

.07452

.06915

.06427

25

.13567

.12481

.11497

.10605

.09795

.09060

.08392

.07784

.07230

.06726

26

.14058

.12950

.11945

.11032

.10202

.09447

.08760

.08134

.07563

.07042

27

.14571

.13442

.12415

.11481

.10631

.09856

.09149

.08505

.07916

.07379

28

.15104

.13953

.12904

.11949

.11078

.10284

.09558

.08895

.08288

.07733

29

.15656

.14484

.13414

.12438

.11546

.10731

.09986

.09304

.08679

.08106

30

.16229

.15034

.13943

.12946

.12034

.11198

.10433

.09732

.09089

.08498

31

.16821

.15605

.14493

.13474

.12541

.11685

.10900

.10179

.09517

.08909

32

.17433

.16196

.15063

.14023

.13069

.12193

.11387

.10647

.09966

.09339

33

.18068

.16810

.15655

.14595

.13620

.12723

.11897

.11137

.10437

.09791

34

.18724

.17446

.16270

.15189

.14193

.13275

.12430

.11650

.10930

.10265

35

.19405

.18107

.16910

.15808

.14791

.13853

.12987

.12187

.11448

.10764

36

.20109

.18791

.17574

.16451

.15414

.14456

.13569

.12749

.11990

.11287

37

.20838

.19500

.18263

.17120

.16062

.15083

.14177

.13337

.12558

.11835

38

.21593

.20236

.18979

.17816

.16739

.15739

.14813

.13953

.13154

.12412

39

.22374

.20998

.19723

.18540

.17443

.16423

.15477

.14597

.13779

.13017

40

.23183

.21789

.20496

.19294

.18177

.17138

.16172

.15272

.14434

.13653

41

.24021

.22611

.21299

.20079

.18943

.17885

.16899

.15980

.15123

.14322

42

.24889

.23463

.22134

.20896

.19741

.18665

.17660

.16721

.15845

.15025

43

.25786

.24344

.23000

.21744

.20572

.19477

.18453

.17496

.16601

.15762

44

.26712

.25257

.23896

.22625

.21435

.20322

.19281

.18305

.17391

.16534

45

.27665

.26196

.24821

.23534

.22328

.21198

.20139

.19145

.18213

.17338

46

.28644

.27163

.25774

.24472

.23251

.22105

.21028

.20018

.19068

.18174

47

.29647

.28155

.26754

.25438

.24201

.23040

.21947

.20919

.19952

.19041

48

.30676

.29173

.27760

.26431

.25181

.24004

.22896

.21852

.20868

.19941

49

.31729

.30217

.28794

.27453

.26190

.24999

.23876

.22817

.21817

.20873

50

.32808

.31289

.29856

.28505

.27229

.26026

.24889

.23814

.22799

.21839

51

.33912

.32387

.30946

.29585

.28299

.27083

.25933

.24845

.23815

.22840

52

.35038

.33507

.32060

.30691

.29395

.28168

.27005

.25904

.24861

.23872

53

.36185

.34651

.33198

.31821

.30517

.29280

.28106

.26993

.25937

.24934

54

.37352

.35815

.34358

.32976

.31664

.30418

.29234

.28110

.27042

.26026

55

.38539

.37002

.35542

.34155

.32836

.31583

.30390

.29256

.28177

.27149

56

.39746

.38209

.36748

.35358

.34034

.32774

.31574

.30431

.29342

.28303

57

.40971

.39437

.37976

.36584

.35257

.33992

.32785

.31634

.30536

.29488

58

.42212

.40682

.39222

.37829

.36500

.35231

.34019

.32862

.31756

.30699

59

.43464

.41939

.40482

.39090

.37759

.36488

.35272

.34109

.32996

.31932

60

.44726

.43207

.41754

.40364

.39034

.37761

.36542

.35375

.34257

.33186

61

.45999

.44488

.43041

.41655

.40326

.39053

.37833

.36662

.35540

.34463

62

.47286

.45785

.44345

.42964

.41639

.40367

.39146

.37974

.36848

.35767

63

.48589

.47098

.45667

.44293

.42972

.41703

.40484

.39311

.38184

.37100

64

.49903

.48426

.47005

.45638

.44324

.43060

.41843

.40671

.39544

.38458

65

.51229

.49766

.48357

.47001

.45694

.44435

.43223

.42054

.40927

.39841

66

.52568

.51121

.49726

.48381

.47084

.45833

.44626

.43461

.42337

.41252

67

.53924

.52495

.51115

.49784

.48498

.47256

.46056

.44898

.43778

.42696

68

.55293

.53883

.52521

.51205

.49932

.48701

.47511

.46360

.45246

.44169

69

.56671

.55283

.53940

.52640

.51382

.50165

.48985

.47844

.46738

.45666

70

.58052

.56687

.55365

.54084

.52843

.51639

.50473

.49342

.48245

.47181

71

.59431

.58091

.56791

.55529

.54306

.53118

.51966

.50847

.49761

.48707

72

.60804

.59490

.58213

.56973

.55768

.54598

.53461

.52357

.51283

.50239

73

.62168

.60881

.59629

.58411

.57227

.56076

.54955

.53866

.52806

.51774

74

.63528

.62268

.61042

.59848

.58686

.57555

.56453

.55380

.54335

.53316

75

.64887

.63657

.62458

.61290

.60151

.59041

.57959

.56904

.55875

.54872

76

.66249

.65049

.63880

.62739

.61625

.60538

.59478

.58443

.57432

.56446

77

.67612

.66446

.65307

.64194

.63108

.62046

.61009

.59995

.59005

.58037

78

.68975

.67843

.66736

.65654

.64596

.63561

.62548

.61558

.60590

.59643

79

.70330

.69233

.68160

.67109

.66081

.65074

.64088

.63123

.62178

.61253

80

.71666

.70605

.69566

.68548

.67550

.66573

.65615

.64676

.63755

.62853

81

.72975

.71950

.70946

.69961

.68995

.68047

.67117

.66205

.65310

.64433

82

.74250

.73263

.72293

.71342

.70407

.69490

.68589

.67705

.66837

.65984

83

.75493

.74542

.73608

.72690

.71788

.70902

.70031

.69175

.68333

.67506

84

.76712

.75798

.74900

.74016

.73147

.72292

.71451

.70624

.69810

.69010

85

.77913

.77037

.76175

.75326

.74491

.73668

.72859

.72061

.71276

.70503

86

.79086

.78248

.77423

.76610

.75808

.75019

.74241

.73474

.72719

.71974

87

.80218

.79418

.78628

.77850

.77083

.76326

.75580

.74844

.74118

.73402

88

.81307

.80544

.79790

.79047

.78313

.77589

.76874

.76169

.75473

.74786

89

.82355

.81628

.80909

.80200

.79500

.78808

.78125

.77450

.76783

.76125

90

.83360

.82668

.81985

.81309

.80642

.79982

.79330

.78685

.78048

.77418

91

.84308

.83650

.83000

.82357

.81721

.81092

.80470

.79855

.79246

.78645

92

.85182

.84556

.83937

.83325

.82718

.82119

.81525

.80937

.80356

.79780

93

.85985

.85390

.84800

.84215

.83637

.83064

.82497

.81936

.81379

.80829

94

.86732

.86164

.85601

.85044

.84491

.83944

.83402

.82865

.82333

.81806

95

.87437

.86895

.86359

.85827

.85300

.84778

.84260

.83746

.83237

.82733

96

.88097

.87582

.87070

.86563

.86060

.85561

.85066

.84575

.84088

.83605

97

.88708

.88216

.87727

.87243

.86762

.86285

.85811

.85341

.84875

.84413

98

.89280

.88810

.88343

.87880

.87420

.86964

.86511

.86061

.85614

.85171

99

.89836

.89388

.88943

.88501

.88062

.87626

.87193

.86763

.86336

.85911

100

.90375

.89948

.89525

.89103

.88685

.88269

.87856

.87445

.87037

.86632

101

.90905

.90500

.90097

.89696

.89298

.88902

.88509

.88118

.87729

.87342

102

.91424

.91040

.90658

.90278

.89900

.89524

.89150

.88778

.88408

.88040

103

.91939

.91575

.91214

.90854

.90496

.90139

.89785

.89432

.89081

.88732

104

.92485

.92144

.91805

.91467

.91131

.90796

.90463

.90131

.89800

.89471

105

.93020

.92701

.92383

.92067

.91751

.91437

.91125

.90813

.90502

.90193

106

.93701

.93411

.93122

.92834

.92546

.92260

.91974

.91689

.91405

.91122

107

.94522

.94268

.94013

.93760

.93507

.93254

.93002

.92750

.92499

.92249

108

.95782

.95583

.95385

.95187

.94989

.94791

.94593

.94396

.94199

.94002

109

.97900

.97800

.97700

.97600

.97500

.97400

.97300

.97200

.97100

.97000

Age

6.2%

6.4%

6.6%

6.8%

7.0%

7.2%

7.4%

7.6%

7.8%

8.0%

0

.02693

.02534

.02395

.02271

.02161

.02063

.01976

.01898

.01828

.01765

1

.01922

.01756

.01610

.01480

.01365

.01263

.01171

.01090

.01017

.00951

2

.01975

.01802

.01650

.01514

.01393

.01286

.01190

.01104

.01028

.00959

3

.02056

.01876

.01717

.01575

.01449

.01336

.01235

.01145

.01064

.00992

4

.02155

.01967

.01800

.01652

.01520

.01401

.01296

.01201

.01116

.01039

5

.02266

.02071

.01896

.01741

.01603

.01479

.01368

.01269

.01179

.01098

6

.02389

.02184

.02003

.01841

.01696

.01566

.01450

.01345

.01251

.01166

7

.02522

.02309

.02120

.01950

.01799

.01663

.01540

.01431

.01332

.01242

8

.02665

.02444

.02246

.02069

.01910

.01768

.01640

.01524

.01420

.01326

9

.02821

.02590

.02384

.02199

.02033

.01884

.01750

.01629

.01520

.01421

10

.02990

.02750

.02535

.02342

.02169

.02013

.01872

.01745

.01631

.01526

11

.03172

.02922

.02698

.02497

.02316

.02153

.02006

.01872

.01752

.01643

12

.03365

.03106

.02872

.02663

.02474

.02303

.02149

.02010

.01884

.01769

13

.03566

.03297

.03054

.02835

.02638

.02460

.02299

.02154

.02021

.01901

14

.03770

.03490

.03237

.03010

.02804

.02619

.02450

.02298

.02159

.02033

15

.03973

.03682

.03419

.03182

.02968

.02775

.02599

.02439

.02294

.02162

16

.04173

.03871

.03598

.03352

.03129

.02926

.02743

.02576

.02424

.02286

17

.04372

.04059

.03775

.03519

.03287

.03076

.02884

.02710

.02551

.02406

18

.04573

.04248

.03953

.03686

.03444

.03224

.03024

.02842

.02676

.02524

19

.04780

.04443

.04137

.03859

.03607

.03378

.03169

.02978

.02804

.02646

20

.04997

.04647

.04329

.04040

.03778

.03539

.03321

.03122

.02940

.02773

21

.05226

.04862

.04532

.04232

.03958

.03709

.03481

.03274

.03083

.02909

22

.05465

.05088

.04745

.04432

.04148

.03888

.03650

.03433

.03234

.03052

23

.05716

.05325

.04969

.04645

.04348

.04077

.03830

.03603

.03394

.03203

24

.05983

.05578

.05208

.04871

.04562

.04280

.04021

.03784

.03566

.03367

25

.06266

.05846

.05463

.05112

.04791

.04497

.04227

.03980

.03752

.03543

26

.06566