CFR
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20.2031-7—Valuation of annuities, interests for life or term of years, and remainder or reversionary interests.
(a) In general.
Except as otherwise provided in paragraph (b) of this section and § 20.7520-3(b) (pertaining to certain limitations on the use of prescribed tables), the fair market value of annuities, life estates, terms of years, remainders, and reversionary interests for estates of decedents is the present value of such interests, determined under paragraph (d) of this section. The regulations in this and in related sections provide tables with standard actuarial factors and examples that illustrate how to use the tables to compute the present value of ordinary annuity, life, and remainder interests in property. These sections also refer to standard and special actuarial factors that may be necessary to compute the present value of similar interests in more unusual fact situations.
(b) Commercial annuities and insurance contracts.
The value of annuities issued by companies regularly engaged in their sale, and of insurance policies on the lives of persons other than the decedent, is determined under § 20.2031-8. See § 20.2042-1 with respect to insurance policies on the decedent's life.
(6) Actuarial Table B, Table J, and Table K where the valuation date is after April 30, 1989.
Except as provided in § 20.7520-3(b) (pertaining to certain limitations on prescribed tables), for determination of the present value of an interest that is dependent on a term of years, the tables in this paragraph (d)(6) must be used in the application of the provisions of this section when the section 7520 interest rate component is between 4.2 and 14 percent.
| Years | Interest rate | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 4.2% | 4.4% | 4.6% | 4.8% | 5.0% | 5.2% | 5.4% | 5.6% | 5.8% | 6.0% | |
| 1 | .959693 | .957854 | .956023 | .954198 | .952381 | .950570 | .948767 | .946970 | .945180 | .943396 |
| 2 | .921010 | .917485 | .913980 | .910495 | .907029 | .903584 | .900158 | .896752 | .893364 | .889996 |
| 3 | .883887 | .878817 | .873786 | .868793 | .863838 | .858920 | .854040 | .849197 | .844390 | .839619 |
| 4 | .848260 | .841779 | .835359 | .829001 | .822702 | .816464 | .810285 | .804163 | .798100 | .792094 |
| 5 | .814069 | .806302 | .798623 | .791031 | .783526 | .776106 | .768771 | .761518 | .754348 | .747258 |
| 6 | .781257 | .772320 | .763501 | .754801 | .746215 | .737744 | .729384 | .721135 | .712994 | .704961 |
| 7 | .749766 | .739770 | .729925 | .720230 | .710681 | .701277 | .692015 | .682893 | .673908 | .665057 |
| 8 | .719545 | .708592 | .697825 | .687242 | .676839 | .666613 | .656561 | .646679 | .636964 | .627412 |
| 9 | .690543 | .678728 | .667137 | .655765 | .644609 | .633663 | .622923 | .612385 | .602045 | .591898 |
| 10 | .662709 | .650122 | .637798 | .625730 | .613913 | .602341 | .591009 | .579910 | .569041 | .558395 |
| 11 | .635997 | .622722 | .609750 | .597071 | .584679 | .572568 | .560729 | .549157 | .537846 | .526788 |
| 12 | .610362 | .596477 | .582935 | .569724 | .556837 | .544266 | .532001 | .520035 | .508361 | .496969 |
| 13 | .585760 | .571339 | .557299 | .543630 | .530321 | .517363 | .504745 | .492458 | .480492 | .468839 |
| 14 | .562150 | .547259 | .532790 | .518731 | .505068 | .491790 | .478885 | .466343 | .454151 | .442301 |
| 15 | .539491 | .524195 | .509360 | .494972 | .481017 | .467481 | .454350 | .441612 | .429255 | .417265 |
| 16 | .517746 | .502102 | .486960 | .472302 | .458112 | .444374 | .431072 | .418194 | .405723 | .393646 |
| 17 | .496877 | .480941 | .465545 | .450670 | .436297 | .422408 | .408987 | .396017 | .383481 | .371364 |
| 18 | .476849 | .460671 | .445071 | .430028 | .415521 | .401529 | .388033 | .375016 | .362458 | .350344 |
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| 19 | .457629 | .441256 | .425498 | .410332 | .395734 | .381681 | .368153 | .355129 | .342588 | .330513 |
| 20 | .439183 | .422659 | .406786 | .391538 | .376889 | .362815 | .349291 | .336296 | .323807 | .311805 |
| 21 | .421481 | .404846 | .388897 | .373605 | .358942 | .344881 | .331396 | .318462 | .306056 | .294155 |
| 22 | .404492 | .387783 | .371794 | .356494 | .341850 | .327834 | .314417 | .301574 | .289278 | .277505 |
| 23 | .388188 | .371440 | .355444 | .340166 | .325571 | .311629 | .298309 | .285581 | .273420 | .261797 |
| 24 | .372542 | .355785 | .339813 | .324586 | .310068 | .296225 | .283025 | .270437 | .258431 | .246979 |
| 25 | .357526 | .340791 | .324869 | .309719 | .295303 | .281583 | .268525 | .256096 | .244263 | .232999 |
| 26 | .343115 | .326428 | .310582 | .295533 | .281241 | .267664 | .254768 | .242515 | .230873 | .219810 |
| 27 | .329285 | .312670 | .296923 | .281998 | .267848 | .254434 | .241715 | .229654 | .218216 | .207368 |
| 28 | .316012 | .299493 | .283866 | .269082 | .255094 | .241857 | .229331 | .217475 | .206253 | .195630 |
| 29 | .303275 | .286870 | .271382 | .256757 | .242946 | .229902 | .217582 | .205943 | .194947 | .184557 |
| 30 | .291051 | .274780 | .259447 | .244997 | .231377 | .218538 | .206434 | .195021 | .184260 | .174110 |
| 31 | .279319 | .263199 | .248038 | .233776 | .220359 | .207736 | .195858 | .184679 | .174158 | .164255 |
| 32 | .268061 | .252106 | .237130 | .223069 | .209866 | .197468 | .185823 | .174886 | .164611 | .154957 |
| 33 | .257256 | .241481 | .226702 | .212852 | .199873 | .187707 | .176303 | .165612 | .155587 | .146186 |
| 34 | .246887 | .231304 | .216732 | .203103 | .190355 | .178429 | .167270 | .156829 | .147058 | .137912 |
| 35 | .236935 | .221556 | .207201 | .193801 | .181290 | .169609 | .158701 | .148512 | .138996 | .130105 |
| 36 | .227385 | .212218 | .198089 | .184924 | .172657 | .161225 | .150570 | .140637 | .131376 | .122741 |
| 37 | .218220 | .203274 | .189377 | .176454 | .164436 | .153256 | .142856 | .133179 | .124174 | .115793 |
| 38 | .209424 | .194707 | .181049 | .168373 | .156605 | .145681 | .135537 | .126116 | .117367 | .109239 |
| 39 | .200983 | .186501 | .173087 | .160661 | .149148 | .138480 | .128593 | .119428 | .110933 | .103056 |
| 40 | .192882 | .178641 | .165475 | .153302 | .142046 | .131635 | .122004 | .113095 | .104851 | .097222 |
| 41 | .185107 | .171112 | .158198 | .146281 | .135282 | .125128 | .115754 | .107098 | .099103 | .091719 |
| 42 | .177646 | .163900 | .151241 | .139581 | .128840 | .118943 | .109823 | .101418 | .093670 | .086527 |
| 43 | .170486 | .156992 | .144590 | .133188 | .122704 | .113064 | .104197 | .096040 | .088535 | .081630 |
| 44 | .163614 | .150376 | .138231 | .127088 | .116861 | .107475 | .098858 | .090947 | .083682 | .077009 |
| 45 | .157019 | .144038 | .132152 | .121267 | .111297 | .102163 | .093793 | .086124 | .079094 | .072650 |
| 46 | .150690 | .137968 | .126340 | .115713 | .105997 | .097113 | .088988 | .081557 | .074758 | .068538 |
| 47 | .144616 | .132153 | .120784 | .110413 | .100949 | .092312 | .084429 | .077232 | .070660 | .064658 |
| 48 | .138787 | .126583 | .115473 | .105356 | .096142 | .087749 | .080103 | .073136 | .066786 | .060998 |
| 49 | .133193 | .121248 | .110395 | .100530 | .091564 | .083412 | .075999 | .069258 | .063125 | .057546 |
| 50 | .127824 | .116138 | .105540 | .095926 | .087204 | .079289 | .072106 | .065585 | .059665 | .054288 |
| 51 | .122672 | .111243 | .100898 | .091532 | .083051 | .075370 | .068411 | .062107 | .056394 | .051215 |
| 52 | .117728 | .106555 | .096461 | .087340 | .079096 | .071644 | .064907 | .058813 | .053302 | .048316 |
| 53 | .112982 | .102064 | .092219 | .083340 | .075330 | .068103 | .061581 | .055695 | .050380 | .045582 |
| 54 | .108428 | .097763 | .088164 | .079523 | .071743 | .064737 | .058426 | .052741 | .047618 | .043001 |
| 55 | .104058 | .093642 | .084286 | .075880 | .068326 | .061537 | .055433 | .049944 | .045008 | .040567 |
| 56 | .099864 | .089696 | .080580 | .072405 | .065073 | .058495 | .052593 | .047296 | .042541 | .038271 |
| 57 | .095839 | .085916 | .077036 | .069089 | .061974 | .055604 | .049898 | .044787 | .040208 | .036105 |
| 58 | .091976 | .082295 | .073648 | .065924 | .059023 | .052855 | .047342 | .042412 | .038004 | .034061 |
| 59 | .088268 | .078826 | .070409 | .062905 | .056212 | .050243 | .044916 | .040163 | .035921 | .032133 |
| 60 | .084710 | .075504 | .067313 | .060024 | .053536 | .047759 | .042615 | .038033 | .033952 | .030314 |
| Years | Interest rate | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 6.2% | 6.4% | 6.6% | 6.8% | 7.0% | 7.2% | 7.4% | 7.6% | 7.8% | 8.0% | |
| 1 | .941620 | .939850 | .938086 | .936330 | .934579 | .932836 | .931099 | .929368 | .927644 | .925926 |
| 2 | .886647 | .883317 | .880006 | .876713 | .873439 | .870183 | .866945 | .863725 | .860523 | .857339 |
| 3 | .834885 | .830185 | .825521 | .820892 | .816298 | .811738 | .807211 | .802718 | .798259 | .793832 |
| 4 | .786144 | .780249 | .774410 | .768626 | .762895 | .757218 | .751593 | .746021 | .740500 | .735030 |
| 5 | .740248 | .733317 | .726464 | .719687 | .712986 | .706360 | .699808 | .693328 | .686920 | .680583 |
| 6 | .697032 | .689208 | .681486 | .673864 | .666342 | .658918 | .651590 | .644357 | .637217 | .630170 |
| 7 | .656339 | .647752 | .639292 | .630959 | .622750 | .614662 | .606694 | .598845 | .591111 | .583490 |
| 8 | .618022 | .608789 | .599711 | .590786 | .582009 | .573379 | .564892 | .556547 | .548340 | .540269 |
| 9 | .581942 | .572170 | .562581 | .553170 | .543934 | .534868 | .525971 | .517237 | .508664 | .500249 |
| 10 | .547968 | .537754 | .527750 | .517950 | .508349 | .498944 | .489731 | .480704 | .471859 | .463193 |
| 11 | .515977 | .505408 | .495075 | .484972 | .475093 | .465433 | .455987 | .446750 | .437717 | .428883 |
| 12 | .485854 | .475007 | .464423 | .454093 | .444012 | .434173 | .424569 | .415196 | .406046 | .397114 |
| 13 | .457490 | .446436 | .435669 | .425181 | .414964 | .405012 | .395316 | .385870 | .376666 | .367698 |
| 14 | .430781 | .419582 | .408695 | .398109 | .387817 | .377810 | .368078 | .358615 | .349412 | .340461 |
| 15 | .405632 | .394344 | .383391 | .372762 | .362446 | .352434 | .342717 | .333285 | .324130 | .315242 |
| 16 | .381951 | .370624 | .359654 | .349028 | .338735 | .328763 | .319103 | .309745 | .300677 | .291890 |
| 17 | .359653 | .348331 | .337386 | .326805 | .316574 | .306682 | .297117 | .287867 | .278921 | .270269 |
| 18 | .338656 | .327379 | .316498 | .305997 | .295864 | .286084 | .276645 | .267534 | .258739 | .250249 |
| 19 | .318885 | .307687 | .296902 | .286514 | .276508 | .266870 | .257584 | .248638 | .240018 | .231712 |
| 20 | .300268 | .289179 | .278520 | .268272 | .258419 | .248946 | .239836 | .231076 | .222651 | .214548 |
| 21 | .282739 | .271785 | .261276 | .251191 | .241513 | .232225 | .223311 | .214755 | .206541 | .198656 |
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| 22 | .266232 | .255437 | .245099 | .235197 | .225713 | .216628 | .207925 | .199586 | .191596 | .183941 |
| 23 | .250689 | .240073 | .229924 | .220222 | .210947 | .202078 | .193598 | .185489 | .177733 | .170315 |
| 24 | .236054 | .225632 | .215689 | .206201 | .197147 | .188506 | .180259 | .172387 | .164873 | .157699 |
| 25 | .222273 | .212060 | .202334 | .193072 | .184249 | .175845 | .167839 | .160211 | .152943 | .146018 |
| 26 | .209297 | .199305 | .189807 | .180779 | .172195 | .164035 | .156275 | .148895 | .141877 | .135202 |
| 27 | .197078 | .187317 | .178056 | .169269 | .160930 | .153017 | .145507 | .138379 | .131611 | .125187 |
| 28 | .185572 | .176049 | .167031 | .158491 | .150402 | .142740 | .135482 | .128605 | .122088 | .115914 |
| 29 | .174739 | .165460 | .156690 | .148400 | .140563 | .133153 | .126147 | .119521 | .113255 | .107328 |
| 30 | .164537 | .155507 | .146989 | .138951 | .131367 | .124210 | .117455 | .111079 | .105060 | .099377 |
| 31 | .154932 | .146154 | .137888 | .130104 | .122773 | .115868 | .109362 | .103233 | .097458 | .092016 |
| 32 | .145887 | .137362 | .129351 | .121820 | .114741 | .108085 | .101827 | .095942 | .090406 | .085200 |
| 33 | .137370 | .129100 | .121342 | .114064 | .107235 | .100826 | .094811 | .089165 | .083865 | .078889 |
| 34 | .129350 | .121335 | .113830 | .106802 | .100219 | .094054 | .088278 | .082867 | .077797 | .073045 |
| 35 | .121798 | .114036 | .106782 | .100001 | .093663 | .087737 | .082196 | .077014 | .072168 | .067635 |
| 36 | .114688 | .107177 | .100171 | .093634 | .087535 | .081844 | .076532 | .071574 | .066946 | .062625 |
| 37 | .107992 | .100730 | .093969 | .087673 | .081809 | .076347 | .071259 | .066519 | .062102 | .057986 |
| 38 | .101688 | .094671 | .088151 | .082090 | .076457 | .071219 | .066349 | .061821 | .057609 | .053690 |
| 39 | .095751 | .088977 | .082693 | .076864 | .071455 | .066436 | .061778 | .057454 | .053440 | .049713 |
| 40 | .090161 | .083625 | .077573 | .071970 | .066780 | .061974 | .057521 | .053396 | .049573 | .046031 |
| 41 | .084897 | .078595 | .072770 | .067387 | .062412 | .057811 | .053558 | .049625 | .045987 | .042621 |
| 42 | .079941 | .073867 | .068265 | .063097 | .058329 | .053929 | .049868 | .046120 | .042659 | .039464 |
| 43 | .075274 | .069424 | .064038 | .059079 | .054513 | .050307 | .046432 | .042862 | .039572 | .036541 |
| 44 | .070880 | .065248 | .060074 | .055318 | .050946 | .046928 | .043233 | .039835 | .036709 | .033834 |
| 45 | .066742 | .061323 | .056354 | .051796 | .047613 | .043776 | .040254 | .037021 | .034053 | .031328 |
| 46 | .062845 | .057635 | .052865 | .048498 | .044499 | .040836 | .037480 | .034406 | .031589 | .029007 |
| 47 | .059176 | .054168 | .049592 | .045410 | .041587 | .038093 | .034898 | .031976 | .029303 | .026859 |
| 48 | .055722 | .050910 | .046522 | .042519 | .038867 | .035535 | .032493 | .029717 | .027183 | .024869 |
| 49 | .052469 | .047848 | .043641 | .039812 | .036324 | .033148 | .030255 | .027618 | .025216 | .023027 |
| 50 | .049405 | .044970 | .040939 | .037277 | .033948 | .030922 | .028170 | .025668 | .023392 | .021321 |