[Federal Register Volume 64, Number 119 (Tuesday, June 22, 1999)]
[Rules and Regulations]
[Pages 33194-33196]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-15786]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1, 20, and 25

[TD 8819]
RIN 1545-AX14


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

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

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SUMMARY: This document contains corrections to final regulations that 
were published in the Federal Register on Friday, April 30, 1999 (64 FR 
23187) relating to the use of actuarial tables in valuing annuities, 
interests for life or terms of years, and remainder or reversionary 
interests.

DATES: This correction is effective May 1, 1999.

FOR FURTHER INFORMATION CONTACT: William L. Blodgett (202) 622-3090 
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of these corrections are 
under

[[Page 33195]]

section 7520 and 2031 of the Internal Revenue Code.

Need for Correction

    As published, the final regulations contain errors that may prove 
to be misleading and are in need of clarification.

Correction of Publication

    Accordingly, the publication of the final regulations (TD 8819), 
that were the subject of FR Doc. 99-10533 is corrected as follows:
    1. On page 23188, in the table entitled ``CROSS REFERENCE TO 
REGULATION SECTIONS'', in the column entitled ``Interest rate'', line 
11, the language ``Sec. 7520.............'' is corrected to read 
``Sec. 7520''.

PART 1--[CORRECTED]


Sec. 1.170A-12T  [Corrected]

    2. On page 23189, column 3, Sec. 1.170A-12T(b)(2), the formula is 
corrected to read as follows:


Sec. 1.170A-12T  Valuation of a remainder interest in real property for 
contributions made after July 31, 1969 (temporary).

* * * * *
    (b) (2) * * *
    [GRAPHIC] [TIFF OMITTED] TR22JN99.000
    
* * * * *


Sec. 1.7520-1T  [Corrected]

    3. On page 23211, column 1, Sec. 1.7520-1T(c)(2) heading, line 3, 
the language ``interest rates between 2.2 and 26'' is corrected to read 
``interest rates between 2.2 and 22''.
    4. On page 23211, column 1, Sec. 1.7520-1T(c)(2)(iii), line 5, the 
language ``deprecation adjustment factors. See'' is corrected to read 
``depreciation adjustment factors. See''.

PART 20--[CORRECTED]


Sec. 20.2031-7A  [Corrected]

    5. On page 23212, column 1, Sec. 20.2031-7A(e)(4), line 9, the 
language ``paragraph (b)(4), and Table B, Table J,'' is corrected to 
read ``paragraph (e)(4), and Table B, Table J,''.
    6. On page 23212, column 2, Sec. 20.2031-7T(c), the table at the 
end of the paragraph is corrected to read as follows:


Sec. 20.2031-7T  Valuation of annuities, interests for life or term of 
years, and remainder or reversionary interests (temporary).

* * * * *
    (c) * * *

------------------------------------------------------------------------
                Valuation dates
------------------------------------------------ Applicable  regulations
             After                   Before
------------------------------------------------------------------------
                                       01-01-52  20.2031-7A(a).
12-31-51.......................        01-01-71  20.2031-7A(b).
12-31-70.......................        12-01-83  20.2031-7A(c).
11-30-83.......................        05-01-89  20.2031-7A(d).
04-30-89.......................        05-01-99  20.2031-7A(e).
------------------------------------------------------------------------

* * * * *
    7. On page 23222, Sec. 20.2031-7T(d)(7), in the table entitled 
``TABLE 90 CM.--LIFE TABLE APPLICABLE AFTER APRIL 30, 1999'', the 
column headings are corrected to read as follows:


Sec. 20.2031-7T  Valuation of annuities, interests for life or term of 
years, and remainder or reversionary interests (temporary).

* * * * *
    (d) * * *
    (7) * * *

                            Table 90 CM.--Life Table Applicable After April 30, 1999
----------------------------------------------------------------------------------------------------------------
              Age x                  l (x)            Age x            l (x)            Age x           l (x)
----------------------------------------------------------------------------------------------------------------
               (1)                    (2)              (1)              (2)              (1)             (2)
----------------------------------------------------------------------------------------------------------------

* * * * *


Sec. 20.7520-1T  [Corrected]

    8. On page 23223, column 2, Sec. 20.7520-1T(c)(2) heading, line 3, 
the language ``interest rates between 2.2 and 26'' is corrected to read 
``interest rates between 2.2 and 22''.

PART 25--[CORRECTED]


Sec. 25.7520-1T  [Corrected]

    9. On page 23227, column 3, Sec. 25.7520-1T(c)(2) heading, line 3, 
the language ``interest rates between 2.2 and 26'' is corrected to read 
``interest rates between 2.2 and 22''.

[[Page 33196]]

PARTS 1, 20, 25--[CORRECTED]

    10. On page 23228, in the table in amendatory instruction Par.32, 
the entry for 1.170A-6 (c)(5), Example (2)(c) is added in numerical 
order; and the entries for 1.170A-6(c)(5), Example (2)(a), first 
sentence; 1.170A-6(c)(5), Example (3)(a), seventh and eighth sentences 
(the fifth entry from top of chart); 1.642(c)-A6(e)(2)(i); 20.2055-2 
(f)(2)(iv), Example (3), second sentence; 20.2055-2(f)(2)(iv), Example 
(3), third sentence; 20.2056A-4(c)(4)(ii)(B), penultimate sentence; and 
25.7520-1(c)(1), third sentence are corrected to read as follows:

----------------------------------------------------------------------------------------------------------------
                Section                                 Remove                                Add
----------------------------------------------------------------------------------------------------------------
 
*                  *                  *                  *                  *                  *
                                                        *
1.170A-6(c)(5), Example (2)(a), first    1970...............................
 sentence.
1.170A-6(c)(5), Example (2)(c).........  for 1970...........................
 
*                  *                  *                  *                  *                  *
                                                        *
1.170A-6(c)(5), Example (3)(a),          1972...............................  1973.
 seventh, eighth, and ninth sentences.
 
*                  *                  *                  *                  *                  *
                                                        *
1.642(c)-6A(e)(2)(i)...................  Sec.  20.2031-7(d)(6)..............  Sec.  20.2031-7A(e)(4).
 
*                  *                  *                  *                  *                  *
                                                        *
20.2055-2(f)(2)(iv), Example (3), third  Sec.  20.2031-10(e)................  Sec.  20.2031-7A(c).
 sentence.
20.2055-2(f)(2)(iv), Example (3),        Sec.  20.2031-10(f)................  Sec.  20.2031-7A(d).
 fourth sentence.
20.2056A-4(c)(4)(ii)(B), fifth sentence  Alpha Volume.......................  Book Aleph.
 
*                  *                  *                  *                  *                  *
                                                        *
25.7520-1(c)(1), third sentence........  Section 20.2031-7(d)(6) of this      Sections 20.2031-7(d)(6) and
                                          chapter (Estate Tax Regulations)     20.2031-7A(e)(4) of this chapter
                                          contains.                            contain.
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Michael Slaughter,
Acting Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 99-15786 Filed 6-21-99; 8:45 am]
BILLING CODE 4830-01-P