Reg. § 1.664-4 Calculation of the fair market value of the remainder interest in a charitable remainder unitrust.
26 CFR § 1.664-4eCFR, current through 2026-07-14
(a)Rules for determining present value For purposes of sections , , , and , the fair market value of a remainder interest in a charitable remainder unitrust (as described in ) is its present value determined under of this section. The present value determined under this section shall be computed on the basis of—
(1) Life contingencies determined as to each life involved, from the values of lX set forth in Table 2010CM in in the case of transfers for which the valuation date is on or after June 1, 2023; or from Table 2000CM contained in in the case of transfers for which the valuation date is on or after May 1, 2009, and before June 1, 2023. See through , whichever is applicable, for transfers for which the valuation date is before May 1, 2009;
(2) Interest at the section rate in the case of transfers for which the valuation date is after April 30, 1989, or 10 percent in the case of transfers to charitable remainder unitrusts made after November 30, 1983, for which the valuation date is before May 1, 1989. See through , whichever is applicable, for transfers for which the valuation date is before December 1, 1983; and
(3) The assumption that the amount described in is distributed in accordance with the payout sequence described in the governing instrument. If the governing instrument does not prescribe when the distribution is made during the period for which the payment is made, for purposes of this section, the distribution is considered payable on the first day of the period for which the payment is made.
(b)Actuarial Computations by the Internal Revenue Service The regulations in this and in related sections provide tables of actuarial factors and examples that illustrate the use of the tables in determining the value of remainder interests in property. refers to government publications that provide additional tables of factors and examples of computations for more complex situations. If the computation requires the use of a factor that is not provided in this section, the Commissioner may supply the factor upon a request for a ruling. A request for a ruling must be accompanied by a recitation of the facts including the date of birth of each measuring life, and copies of the relevant documents. A request for a ruling must comply with the instructions for requesting a ruling published periodically in the Internal Revenue Bulletin (See ) and include payment of the required user fee. If the Commissioner furnishes the factor, a copy of the letter supplying the factor should be attached to the tax return in which the deduction is claimed. If the Commissioner does not furnish the factor, the taxpayer must furnish a factor computed in accordance with the principles set forth in this section.
(c)Statement supporting deduction required Any claim for a deduction on any return for the value of a remainder interest in a charitable remainder unitrust must be supported by a full statement attached to the return showing the computation of the present value of such interest.
(d)Valuation The fair market value of a remainder interest in a charitable remainder unitrust (as described in ) for transfers for which the valuation date is on or after June 1, 2023, is its present value determined under of this section. The fair market value of a remainder interest in a charitable remainder unitrust (as described in ) for transfers for which the valuation date is before June 1, 2023, is its present value determined under the following sections:
Valuation dates
Applicable regulations
After
Before
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)
04-30-99
05-01-09
1.664-4A(f)
04-30-09
06-01-23
1.664-4A(g)
(e)Valuation of charitable remainder unitrusts having certain payout sequences for transfers for which the valuation date is on or after June 1, 2023
(1)In general Except as otherwise provided in of this section, in the case of transfers for which the valuation date is on or after June 1, 2023, the present value of a remainder interest is determined under through of this section, provided that, in a short taxable year, the trustee must prorate the unitrust amount as provided in . See, however, (relating to exceptions to the use of the prescribed tables under certain circumstances).
(2)Transitional rule for valuation of charitable remainder unitrusts For purposes of section , , , , or , in the case of transfers to a charitable remainder unitrust for which the valuation date is after April 30, 2019, and on or before June 1, 2023, the present value of a remainder interest based on one or more measuring lives is determined under this section by using the section interest rate for the month in which the valuation date occurs (see and -2(a)(2)) and the appropriate actuarial factors derived from the selected mortality table, either Table 2010CM in or Table 2000CM in , at the option of the donor or the decedent's executor, as the case may be. If any previously filed income tax return is amended to use the actuarial factors based on Table 2010CM, the amended return must state at the top “AMENDED PURSUANT TO TD 9974.” If any previously filed gift or estate tax return is supplemented to use the actuarial factors based on Table 2010CM, the supplemental return must state at the top “SUPPLEMENTED PURSUANT TO TD 9974.” For the convenience of taxpayers, actuarial factors based on Table 2010CM appear in the current version of Table U(1), and actuarial factors based on Table 2000CM appear in the previous version of Table U(1). Both versions of Table U(1) currently are available, at no charge, electronically via the IRS website at https://www.irs.gov/retirement-plans/actuarial-tables (or a corresponding URL as may be updated from time to time). The donor or decedent's executor must consistently use the same mortality basis with respect to each interest (income, remainder, partial, etc.) in the same property, and with respect to all transfers occurring on the same valuation date. For example, gift and income tax charitable deductions with respect to the same transfer must be determined based on factors with the same mortality basis, and all assets includible in the gross estate and/or estate tax deductions claimed must be valued based on factors with the same mortality basis.
(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 of this section, for the section interest rate applicable to the transfer. If the interest rate is between 4.2 and 14 percent, see of this section. If the interest rate is below 4.2 percent or greater than 14 percent, see of this section. The adjusted payout rate is determined by multiplying the fixed percentage described in 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 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 of this section.
(4)Period is a term of years If the period described in 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 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 and 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 , , or , the valuation date is the date of death, unless the alternate valuation date is elected under section , in which event, and within the limitations set forth in section and the regulations thereunder, the valuation date is the alternate valuation date. If the decedent's estate elects the alternate valuation date under section and also elects, under section and , 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 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 rate for January (the month that the transfer occurred) is 9.6 percent. Under Table F(9.6) in 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 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:
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
(i)Factor If the period described in 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 on or after June 1, 2023, is the factor obtained through the use of the formula in Figure 1 to this to at least five decimal places. The prescribed mortality table is Table 2010CM as set forth in , or for periods before June 1, 2023, the appropriate table found in . Table 2010CM is referenced by IRS Publication 1458, Actuarial Values Version 4B. The mortality tables prescribed for periods before June 1, 2023, are referenced by prior versions of IRS Publication 1458. Alternatively, the remainder factors have been determined for the convenience of taxpayers and appear in Table U(1) under the appropriate adjusted payout rate. Table U(1) currently is available, at no charge, electronically via the IRS website at https://www.irs.gov/retirement-plans/actuarial-tables (or a corresponding URL as may be updated from time to time). Table U(1) is referenced and explained by IRS Publication 1458, Actuarial Valuations Version 4B, which will be available within a reasonable time after June 1, 2023. For purposes of the computations described in this , 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, an exact method of obtaining the applicable remainder factors (such as through software using the actual adjusted payout rate and the actuarial formula in this ) or a linear interpolation must be used, provided whichever method used is applied consistently in valuing all interests in the same property. The applicable remainder factors derived by an exact method or by interpolation must be expressed to at least five decimal places. The present value of the remainder interest is determined by multiplying the net fair market value (as of the valuation date as determined in ) of the property placed in trust by the factor determined under this . If the adjusted payout rate is from 0.2 to 20.0 percent, inclusive, taxpayers may see the actuarial tables referenced and explained by IRS Publication 1458, Actuarial Valuations Version 4B. Alternatively, the Commissioner may supply a factor upon a request for a ruling. See of this section.
Figure 1 to Paragraph (e)(5)(i)—Formula for Determining Unitrust Remainder Factors
(ii)Sample factors from actuarial Table U(1) For purposes of the example in of this section, the following factors from Table U(1) and Table F(3.2) (see of this section) will be used:
Adjusted payout rate
Age
4.8%
5.0%
5.2%
77
0.61491
0.60343
0.59223
Factors from Table F(3.2)
Factors for Computing Adjusted Payout Rates for Unitrusts
Interest at 3.2 Percent
# of Months from Annual Valuation to First Payout
Adjustment Factors for Payments at End of Period
At Least
But Less Than
Annual
Semiannual
6
7
0.984374
0.976683
(iii)Example of interpolation After June 1, 2023, A, whose age is 76 years and 11 months, 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) 5 percent of the fair market value of the trust assets as of January 1st during A's life. The section rate for January is 3.2 percent. Under Table F(3.2), the appropriate adjustment factor is 0.976683 for semiannual payments payable at the end of the semiannual period. The adjusted payout rate is 4.883% (5% × 0.976683). Based on interpolating between the remainder factors in Table U(1), the present value of the remainder interest is $61,015, computed as illustrated in Figure 2 to this .
Figure 2 to Paragraph (e)(5)(iii)—Illustration of Unitrust Interpolation Method
(6)Actuarial Table D and Tables F(0.2) through F(20.0) for transfers for which the valuation date is on or after May 1, 1989
(i)Remainder factors for charitable remainder unitrusts For transfers for which the valuation date is on or after May 1, 1989, the present value of a charitable remainder unitrust interest that is dependent upon a term of years is determined by using the formula in Figure 3 to this and calculating the final result to at least six decimal places. For the convenience of taxpayers, actuarial factors have been computed by the IRS and appear in Table D. Table D can be found on the IRS website at https://www.irs.gov/retirement-plans/actuarial-tables (or a corresponding URL as may be updated from time to time). Table D is referenced and explained in IRS Publication 1458, Actuarial Valuations Version 4B, which will be available within a reasonable time after June 1, 2023. The remainder factors from Table D also can be found in of this section, but only for adjusted payout rates from 4.2 to 14 percent, inclusive. For transfers for which the valuation date is on or after June 1, 2023, where the present value of a charitable remainder unitrust interest is dependent on the termination of a life interest, see of this section. See, however, (relating to exceptions to the use of prescribed tables under certain circumstances).
Figure 3 to Paragraph (e)(6)(i)—Formula for Determining Term Certain Unitrust Remainder Factors
(ii)Unitrust payout rate adjustment factors For transfers for which the valuation date is on or after May 1, 1989, the unitrust payout rate adjustment factors are determined by using the formula in Figure 4 to this and calculating the final result to at least six decimal places. For the convenience of taxpayers, actuarial factors have been computed by the IRS, for interest rates from 0.2 to 20 percent, inclusive, and appear in Tables F(0.2) through F(20.0). Tables F(0.2) through F(20.0) can be found on the IRS website at https://www.irs.gov/retirement-plans/actuarial-tables (or a corresponding URL as may be updated from time to time). Tables F(0.2) through F(20.0) are referenced and explained in IRS Publication 1458, Actuarial Valuations Version 4B, which will be available within a reasonable time after June 1, 2023. The factors from Table F also can be found in of this section, but only for interest rates from 4.2 to 14 percent, inclusive.
Figure 4 to Paragraph (e)(6)(ii)—Formula for Determining Unitrust Payout Rate Adjustment Factors
(iii)Table D and Tables F(4.2) through F(14.0) The unitrust remainder factors from Table D, for interest rates from 4.2 to 14 percent, inclusive, and the unitrust payout factors from Tables F(4.2) through F(14.0) are as follows:
Years
Adjusted payout rate
4.2%
4.4%
4.6%
4.8%
5.0%
5.2%
5.4%
5.6%
5.8%
6.0%
1
.958000
.956000
.954000
.952000
.950000
.948000
.946000
.944000
.942000
.940000
2
.917764
.913936
.910116
.906304
.902500
.898704
.894916
.891136
.887364
.883600
3
.879218
.873723
.868251
.862801
.857375
.851971
.846591
.841232
.835897
.830584
4
.842291
.835279
.828311
.821387
.814506
.807669
.800875
.794123
.787415
.780749
5
.806915
.798527
.790209
.781960
.773781
.765670
.757627
.749652
.741745
.733904
6
.773024
.763392
.753859
.744426
.735092
.725855
.716716
.707672
.698724
.689870
7
.740557
.729802
.719182
.708694
.698337
.688111
.678013
.668042
.658198
.648478
8
.709454
.697691
.686099
.674677
.663420
.652329
.641400
.630632
.620022
.609569
9
.679657
.666993
.654539
.642292
.630249
.618408
.606765
.595317
.584061
.572995
10
.651111
.637645
.624430
.611462
.598737
.586251
.573999
.561979
.550185
.538615
11
.623764
.609589
.595706
.582112
.568800
.555766
.543003
.530508
.518275
.506298
12
.597566
.582767
.568304
.554170
.540360
.526866
.513681
.500800
.488215
.475920
13
.572469
.557125
.542162
.527570
.513342
.499469
.485942
.472755
.459898
.447365
14
.548425
.532611
.517222
.502247
.487675
.473496
.459701
.446281
.433224
.420523
15
.525391
.509177
.493430
.478139
.463291
.448875
.434878
.421289
.408097
.395292
16
.503325
.486773
.470732
.455188
.440127
.425533
.411394
.397697
.384427
.371574
17
.482185
.465355
.449079
.433339
.418120
.403405
.389179
.375426
.362131
.349280
18
.461933
.444879
.428421
.412539
.397214
.382428
.368163
.354402
.341127
.328323
19
.442532
.425304
.408714
.392737
.377354
.362542
.348282
.334555
.321342
.308624
20
.423946
.406591
.389913
.373886
.358486
.343690
.329475
.315820
.302704
.290106
Years
Adjusted payout rate
6.2%
6.4%
6.6%
6.8%
7.0%
7.2%
7.4%
7.6%
7.8%
8.0%
1
.938000
.936000
.934000
.932000
.930000
.928000
.926000
.924000
.922000
.920000
2
.879844
.876096
.872356
.868624
.864900
.861184
.857476
.853776
.850084
.846400
3
.825294
.820026
.814781
.809558
.804357
.799179
.794023
.788889
.783777
.778688
4
.774125
.767544
.761005
.754508
.748052
.741638
.735265
.728933
.722643
.716393
5
.726130
.718421
.710779
.703201
.695688
.688240
.680855
.673535
.666277
.659082
6
.681110
.672442
.663867
.655383
.646990
.638687
.630472
.622346
.614307
.606355
7
.638881
.629406
.620052
.610817
.601701
.592701
.583817
.575048
.566391
.557847
8
.599270
.589124
.579129
.569282
.559582
.550027
.540615
.531344
.522213
.513219
9
.562115
.551420
.540906
.530571
.520411
.510425
.500609
.490962
.481480
.472161
10
.527264
.516129
.505206
.494492
.483982
.473674
.463564
.453649
.443925
.434388
11
.494574
.483097
.471863
.460866
.450104
.439570
.429260
.419171
.409298
.399637
12
.463910
.452179
.440720
.429527
.418596
.407921
.397495
.387314
.377373
.367666
13
.435148
.423239
.411632
.400320
.389295
.378550
.368081
.357879
.347938
.338253
14
.408169
.396152
.384465
.373098
.362044
.351295
.340843
.330680
.320799
.311193
15
.382862
.370798
.359090
.347727
.336701
.326002
.315620
.305548
.295777
.286297
16
.359125
.347067
.335390
.324082
.313132
.302529
.292264
.282326
.272706
.263394
17
.336859
.324855
.313254
.302044
.291213
.280747
.270637
.260870
.251435
.242322
18
.315974
.304064
.292579
.281505
.270828
.260533
.250610
.241044
.231823
.222936
19
.296383
.284604
.273269
.262363
.251870
.241775
.232065
.222724
.213741
.205101
20
.278008
.266389
.255233
.244522
.234239
.224367
.214892
.205797
.197069
.188693
Years
Adjusted payout rate
8.2%
8.4%
8.6%
8.8%
9.0%
9.2%
9.4%
9.6%
9.8%
10.0%
1
.918000
.916000
.914000
.912000
.910000
.908000
.906000
.904000
.902000
.900000
2
.842724
.839056
.835396
.831744
.828100
.824464
.820836
.817216
.813604
.810000
3
.773621
.768575
.763552
.758551
.753571
.748613
.743677
.738763
.733871
.729000
4
.710184
.704015
.697886
.691798
.685750
.679741
.673772
.667842
.661951
.656100
5
.651949
.644878
.637868
.630920
.624032
.617205
.610437
.603729
.597080
.590490
6
.598489
.590708
.583012
.575399
.567869
.560422
.553056
.545771
.538566
.531441
7
.549413
.541089
.532873
.524764
.516761
.508863
.501069
.493377
.485787
.478297
8
.504361
.495637
.487046
.478585
.470253
.462048
.453968
.446013
.438180
.430467
9
.463003
.454004
.445160
.436469
.427930
.419539
.411295
.403196
.395238
.387420
10
.425037
.415867
.406876
.398060
.389416
.380942
.372634
.364489
.356505
.348678
11
.390184
.380934
.371885
.363031
.354369
.345895
.337606
.329498
.321567
.313811
12
.358189
.348936
.339902
.331084
.322475
.314073
.305871
.297866
.290054
.282430
13
.328817
.319625
.310671
.301949
.293453
.285178
.277119
.269271
.261628
.254187
14
.301854
.292777
.283953
.275377
.267042
.258942
.251070
.243421
.235989
.228768
15
.277102
.268184
.259533
.251144
.243008
.235119
.227469
.220053
.212862
.205891
16
.254380
.245656
.237213
.229043
.221137
.213488
.206087
.198928
.192001
.185302
17
.233521
.225021
.216813
.208887
.201235
.193847
.186715
.179830
.173185
.166772
18
.214372
.206119
.198167
.190505
.183124
.176013
.169164
.162567
.156213
.150095
19
.196794
.188805
.181125
.173741
.166643
.159820
.153262
.146960
.140904
.135085
20
.180657
.172946
.165548
.158452
.151645
.145117
.138856
.132852
.127096
.121577
Years
Adjusted payout rate
10.2%
10.4%
10.6%
10.8%
11.0%
11.2%
11.4%
11.6%
11.8%
12.0%
1
.898000
.896000
.894000
.892000
.890000
.888000
.886000
.884000
.882000
.880000
2
.806404
.802816
.799236
.795664
.792100
.788544
.784996
.781456
.777924
.774400
3
.724151
.719323
.714517
.709732
.704969
.700227
.695506
.690807
.686129
.681472
4
.650287
.644514
.638778
.633081
.627422
.621802
.616219
.610673
.605166
.599695
5
.583958
.577484
.571068
.564708
.558406
.552160
.545970
.539835
.533756
.527732
6
.524394
.517426
.510535
.503720
.496981
.490318
.483729
.477214
.470773
.464404
7
.470906
.463613
.456418
.449318
.442313
.435402
.428584
.421858
.415222
.408676
8
.422874
.415398
.408038
.400792
.393659
.386637
.379726
.372922
.366226
.359635
9
.379741
.372196
.364786
.357506
.350356
.343334
.336437
.329663
.323011
.316478
10
.341007
.333488
.326118
.318896
.311817
.304881
.298083
.291422
.284896
.278501
11
.306224
.298805
.291550
.284455
.277517
.270734
.264102
.257617
.251278
.245081
12
.274989
.267729
.260645
.253734
.246990
.240412
.233994
.227734
.221627
.215671
13
.246941
.239886
.233017
.226331
.219821
.213486
.207319
.201317
.195475
.189791
14
.221753
.214937
.208317
.201887
.195641
.189575
.183684
.177964
.172409
.167016
15
.199134
.192584
.186236
.180083
.174121
.168343
.162744
.157320
.152065
.146974
16
.178822
.172555
.166495
.160634
.154967
.149488
.144191
.139071
.134121
.129337
17
.160582
.154609
.148846
.143286
.137921
.132746
.127754
.122939
.118295
.113817
18
.144203
.138530
.133069
.127811
.122750
.117878
.113190
.108678
.104336
.100159
19
.129494
.124123
.118963
.114007
.109247
.104676
.100286
.096071
.092024
.088140
20
.116286
.111214
.106353
.101694
.097230
.092952
.088853
.084927
.081166
.077563
Years
Adjusted payout rate
12.2%
12.4%
12.6%
12.8%
13.0%
13.2%
13.4%
13.6%
13.8%
14.0%
1
.878000
.876000
.874000
.872000
.870000
.868000
.866000
.864000
.862000
.860000
2
.770884
.767376
.763876
.760384
.756900
.753424
.749956
.746496
.743044
.739600
3
.676836
.672221
.667628
.663055
.658503
.653972
.649462
.644973
.640504
.636056
4
.594262
.588866
.583507
.578184
.572898
.567648
.562434
.557256
.552114
.547008
5
.521762
.515847
.509985
.504176
.498421
.492718
.487068
.481469
.475923
.470427
6
.458107
.451882
.445727
.439642
.433626
.427679
.421801
.415990
.410245
.404567
7
.402218
.395848
.389565
.383368
.377255
.371226
.365279
.359415
.353631
.347928
8
.353147
.346763
.340480
.334297
.328212
.322224
.316332
.310535
.304830
.299218
9
.310063
.303764
.297579
.291507
.285544
.279690
.273944
.268302
.262764
.257327
10
.272236
.266098
.260084
.254194
.248423
.242771
.237235
.231813
.226502
.221302
11
.239023
.233102
.227314
.221657
.216128
.210725
.205446
.200286
.195245
.190319
12
.209862
.204197
.198672
.193285
.188032
.182910
.177916
.173047
.168301
.163675
13
.184259
.178877
.173640
.168544
.163588
.158766
.154075
.149513
.145076
.140760
14
.161779
.156696
.151761
.146971
.142321
.137809
.133429
.129179
.125055
.121054
15
.142042
.137266
.132639
.128158
.123819
.119618
.115550
.111611
.107798
.104106
16
.124713
.120245
.115927
.111754
.107723
.103828
.100066
.096432
.092922
.089531
17
.109498
.105334
.101320
.097450
.093719
.090123
.086657
.083317
.080098
.076997
18
.096139
.092273
.088554
.084976
.081535
.078227
.075045
.071986
.069045
.066217
19
.084410
.080831
.077396
.074099
.070936
.067901
.064989
.062196
.059517
.056947
20
.074112
.070808
.067644
.064614
.061714
.058938
.056280
.053737
.051303
.048974
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.989820
.984755
.981389
1
2
.996577
.986432
.981385
.978030
2
3
.993166
.983056
.978026
3
4
.989767
.979691
.974679
4
5
.986380
.976338
5
6
.983004
.972996
6
7
.979639
.969666
7
8
.976286
8
9
.972945
9
10
.969615
10
11
.966296
11
12
.962989
12
.959693
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.989350
.984054
.980533
1
2
.996418
.985806
.980529
.977021
2
3
.992849
.982275
.977017
3
4
.989293
.978757
.973517
4
5
.985749
.975251
5
6
.982219
.971758
6
7
.978700
.968277
7
8
.975195
8
9
.971702
9
10
.968221
10
11
.964753
11
12
.961298
12
.957854
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.988882
.983354
.979680
1
2
.996259
.985183
.979676
.976015
2
3
.992532
.981498
.976011
3
4
.988820
.977826
.972360
4
5
.985121
.974168
5
6
.981436
.970524
6
7
.977764
.966894
7
8
.974107
8
9
.970463
9
10
.966832
10
11
.963216
11
12
.959613
12
.956023
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.988415
.982657
.978830
1
2
.996101
.984561
.978825
.975013
2
3
.992217
.980722
.975008
3
4
.988348
.976898
.971206
4
5
.984494
.973089
5
6
.980655
.969294
6
7
.976831
.965515
7
8
.973022
8
9
.969228
9
10
.965448
10
11
.961684
11
12
.957934
12
.954198
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.987950
.981961
.977982
1
2
.995942
.983941
.977977
.974014
2
3
.991901
.979949
.974009
3
4
.987877
.975973
.970057
4
5
.983868
.972013
5
6
.979876
.968069
6
7
.975900
.964141
7
8
.971940
8
9
.967997
9
10
.964069
10
11
.960157
11
12
.956261
12
.952381
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.987486
.981268
.977137
1
2
.995784
.983323
.977132
.973018
2
3
.991587
.979178
.973012
3
4
.987407
.975050
.968911
4
5
.983244
.970940
5
6
.979099
.966847
6
7
.974972
.962771
7
8
.970862
8
9
.966769
9
10
.962694
10
11
.958636
11
12
.954594
12
.950570
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.987023
.980577
.976295
1
2
.995627
.982707
.976289
.972026
2
3
.991273
.978409
.972019
3
4
.986938
.974131
.967769
4
5
.982622
.969871
5
6
.978325
.965629
6
7
.974047
.961407
7
8
.969787
8
9
.965546
9
10
.961323
10
11
.957119
11
12
.952934
12
.948767
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.986562
.979888
.975455
1
2
.995470
.982092
.975449
.971036
2
3
.990960
.977643
.971029
3
4
.986470
.973214
.966630
4
5
.982001
.968805
5
6
.977552
.964416
6
7
.973124
.960047
7
8
.968715
8
9
.964326
9
10
.959958
10
11
.955609
11
12
.951279
12
.946970
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.986102
.979201
.974618
1
2
.995313
.981480
.974611
.970050
2
3
.990647
.976879
.970043
3
4
.986004
.972300
.965496
4
5
.981382
.967743
5
6
.976782
.963206
6
7
.972203
.958692
7
8
.967646
8
9
.963111
9
10
.958596
10
11
.954103
11
12
.949631
12
.945180
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.985643
.978516
.973784
1
2
.995156
.980869
.973776
.969067
2
3
.990336
.976117
.969059
3
4
.985538
.971389
.964365
4
5
.980764
.966684
5
6
.976014
.962001
6
7
.971286
.957341
7
8
.966581
8
9
.961899
9
10
.957239
10
11
.952603
11
12
.947988
12
.943396
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.985185
.977833
.972952
1
2
.995000
.980259
.972944
.968087
2
3
.990024
.975358
.968079
3
4
.985074
.970481
.963238
4
5
.980148
.965628
5
6
.975247
.960799
6
7
.970371
.955995
7
8
.965519
8
9
.960691
9
10
.955887
10
11
.951107
11
12
.946352
12
.941620
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.984729
.977152
.972122
1
2
.994844
.979652
.972114
.967110
2
3
.989714
.974600
.967101
3
4
.984611
.969575
.962115
4
5
.979534
.964576
5
6
.974483
.959602
6
7
.969458
.954654
7
8
.964460
8
9
.959487
9
10
.954539
10
11
.949617
11
12
.944721
12
.939850
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.984274
.976473
.971295
1
2
.994688
.979046
.971286
.966136
2
3
.989404
.973845
.966127
3
4
.984149
.968672
.960995
4
5
.978921
.963527
5
6
.973721
.958408
6
7
.968549
.953317
7
8
.963404
8
9
.958286
9
10
.953196
10
11
.948132
11
12
.943096
12
.938086
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.983821
.975796
.970471
1
2
.994533
.978442
.970461
.965165
2
3
.989095
.973092
.965156
3
4
.983688
.967772
.959879
4
5
.978309
.962481
5
6
.972961
.957219
6
7
.967641
.951985
7
8
.962351
8
9
.957089
9
10
.951857
10
11
.946653
11
12
.941477
12
.936330
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.983368
.975122
.969649
1
2
.994378
.977839
.969639
.964198
2
3
.988787
.972342
.964187
3
4
.983228
.966875
.958766
4
5
.977700
.961439
5
6
.972203
.956033
6
7
.966736
.950658
7
8
.961301
8
9
.955896
9
10
.950522
10
11
.945178
11
12
.939864
12
.934579
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.982917
.974449
.968830
1
2
.994223
.977239
.968819
.963233
2
3
.988479
.971593
.963222
3
4
.982769
.965980
.957658
4
5
.977091
.960400
5
6
.971446
.954851
6
7
.965834
.949335
7
8
.960255
8
9
.954707
9
10
.949192
10
11
.943708
11
12
.938256
12
.932836
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.982467
.973778
.968013
1
2
.994068
.976640
.968002
.962271
2
3
.988172
.970847
.962260
3
4
.982311
.965088
.956552
4
5
.976484
.959364
5
6
.970692
.953673
6
7
.964935
.948017
7
8
.959211
8
9
.953521
9
10
.947866
10
11
.942243
11
12
.936654
12
.931099
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.982019
.973109
.967199
1
2
.993914
.976042
.967187
.961313
2
3
.987866
.970103
.961301
3
4
.981854
.964199
.955451
4
5
.975879
.958331
5
6
.969940
.952499
6
7
.964037
.946703
7
8
.958171
8
9
.952340
9
10
.946544
10
11
.940784
11
12
.935058
12
.929368
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.0000000
.981571
.972442
.966387
1
2
.993761
.975447
.966374
.960357
2
3
.987560
.969361
.960345
3
4
.981398
.963312
.954353
4
5
.975275
.957302
5
6
.969190
.951329
6
7
.963143
.945393
7
8
.957133
8
9
.951161
9
10
.945227
10
11
.939329
11
12
.933468
12
.927644
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.981125
.971777
.965578
1
2
.993607
.974853
.965564
.959405
2
3
.987255
.968621
.959392
3
4
980944
.962429
.953258
4
5
.974673
.956276
5
6
.968442
.950162
6
7
.962250
.944088
7
8
.956099
8
9
.949987
9
10
.943913
10
11
.937879
11
12
.931883
12
.925926
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.980680
.971114
.964771
1
2
.993454
.974261
.964757
.958455
2
3
.986951
.967883
.958441
3
4
.980490
.961547
.952167
4
5
.974072
.955253
5
6
.967695
.949000
6
7
.961361
.942788
7
8
.955068
8
9
.948816
9
10
.942605
10
11
.936434
11
12
.930304
12
.924214
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.980237
.970453
.963966
1
2
.993301
.973670
.963952
.957509
2
3
.986647
.967148
.957494
3
4
.980037
.960669
.951080
4
5
.973472
.954233
5
6
.966951
.947841
6
7
.960473
.941491
7
8
.954039
8
9
.947648
9
10
.941300
10
11
.934994
11
12
.928731
12
.922509
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.979794
.969794
.963164
1
2
.993148
.973081
.963149
.956565
2
3
.986344
.966414
.956550
3
4
.979586
.959793
.949996
4
5
.972874
.953217
5
6
.966209
.946686
6
7
.959589
.940199
7
8
.953014
8
9
.946484
9
10
.940000
10
11
.933559
11
12
.927163
12
.920810
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.979353
.969136
.962364
1
2
.992996
.972494
.962349
.955624
2
3
.986041
.965683
.955609
3
4
.979135
.958919
.948916
4
5
.972278
.952203
5
6
.965468
.945534
6
7
.958706
.938912
7
8
.951992
8
9
.945324
9
10
.938703
10
11
.932129
11
12
.925600
12
.919118
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.978913
.968481
.961567
1
2
.992844
.971908
.961551
.954686
2
3
.985740
.964954
.954670
3
4
.978686
.958049
.947839
4
5
.971683
.951193
5
6
.964730
.944387
6
7
.957826
.937629
7
8
.950972
8
9
.944167
9
10
.937411
10
11
.930703
11
12
.924043
12
.917431
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.978474
.967827
.960772
1
2
.992693
.971324
.960755
.953752
2
3
.985439
.964226
.953734
3
4
.978238
.957180
.946765
4
5
.971089
.950186
5
6
.963993
.943242
6
7
.956949
.936350
7
8
.949956
8
9
.943014
9
10
.936123
10
11
.929283
11
12
.922492
12
.915751
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.978037
.967176
.959980
1
2
.992541
.970742
.959962
.952820
2
3
.985138
.963501
.952802
3
4
.977790
.956315
.945695
4
5
.970497
.949182
5
6
.963258
.942102
6
7
.956074
.935075
7
8
.948942
8
9
.941865
9
10
.934839
10
11
.927867
11
12
.920946
12
.914077
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.977600
.966526
.959190
1
2
.992390
.970161
.959171
.951890
2
3
.984838
.962778
.951872
3
4
.977344
.955452
.944628
4
5
.969906
.948181
5
6
.962526
.940965
6
7
.955201
.933805
7
8
.947932
8
9
.940718
9
10
.933560
10
11
.926455
11
12
.919405
12
.912409
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.977165
.965878
.958402
1
2
.992239
.969582
.958382
.950964
2
3
.984539
.962057
.950945
3
4
.976898
.954591
.943565
4
5
.969317
.947183
5
6
.961795
.939832
6
7
.954331
.932539
7
8
.946924
8
9
.939576
9
10
.932284
10
11
.925049
11
12
.917870
12
.910747
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.976731
.965232
.957616
1
2
.992089
.969004
.957596
.950041
2
3
.984240
.961338
.950021
3
4
.976454
.953733
.942505
4
5
.968729
.946188
5
6
.961066
.938703
6
7
.953463
.931277
7
8
.945920
8
9
.938436
9
10
.931012
10
11
.923647
11
12
.916340
12
.909091
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.976298
.964588
.956833
1
2
.991939
.968428
.956812
.949120
2
3
.983943
.960622
.949099
3
4
.976011
.952878
.941448
4
5
.968143
.945196
5
6
.960338
.937577
6
7
.952597
.930019
7
8
.944918
8
9
.937301
9
10
.929745
10
11
.922250
11
12
.914816
12
.907441
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.975867
.963946
.956052
1
2
.991789
.967854
.956031
.948202
2
3
.983645
.959907
.948181
3
4
.975568
.952025
.940395
4
5
.967558
.944208
5
6
.959613
.936455
6
7
.951734
.928765
7
8
.943919
8
9
.936168
9
10
.928481
10
11
.920858
11
12
.913296
12
.905797
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.975436
.963305
.955274
1
2
.991639
.967281
.955252
.947287
2
3
.983349
.959194
.947265
3
4
.975127
.951174
.939345
4
5
.966974
.943222
5
6
.958890
.935336
6
7
.950873
.927516
7
8
.942923
8
9
.935039
9
10
.927222
10
11
.919470
11
12
.911782
12
.904159
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.975007
.962667
.954498
1
2
.991490
.966710
.954475
.946375
2
3
.983052
.958483
.946352
3
4
.974687
.950327
.938299
4
5
.966392
.942239
5
6
.958168
.934221
6
7
.950014
.926271
7
8
.941930
8
9
.933914
9
10
.925966
10
11
.918086
11
12
.910273
12
.902527
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.974579
.962030
.953724
1
2
.991341
.966140
.953700
.945466
2
3
.982757
.957774
.945442
3
4
.974247
.949481
.937255
4
5
.965811
.941260
5
6
.957449
.933109
6
7
.949158
.925029
7
8
.940939
8
9
.932792
9
10
.924715
10
11
.916708
11
12
.908770
12
.900901
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.974152
.961395
.952952
1
2
.991192
.965572
.952927
.944559
2
3
.982462
.957068
.944534
3
4
.973809
.948638
.936215
4
5
.965232
.940283
5
6
.956731
.932001
6
7
.948304
.923792
7
8
.939952
8
9
.931673
9
10
.923467
10
11
.915333
11
12
.907272
12
.899281
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.973726
.960762
.952183
1
2
.991044
.965005
.952157
.943655
2
3
.982168
.956363
.943630
3
4
.973372
.947798
.935178
4
5
.964654
.939309
5
6
.956015
.930896
6
7
.947452
.922559
7
8
.938967
8
9
.930557
9
10
.922223
10
11
.913964
11
12
.905778
12
.897666
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.973302
.960130
.951416
1
2
.990896
.964440
.951389
.942754
2
3
.981874
.955660
.942728
3
4
.972935
.946959
.934145
4
5
.964077
.938338
5
6
.955300
.929795
6
7
.946603
.921330
7
8
.937985
8
9
.929445
9
10
.920984
10
11
.912599
11
12
.904290
12
.896057
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.972878
.959501
.950651
1
2
.990748
.963877
.950624
.941855
2
3
.981582
.954959
.941828
3
4
.972500
.946124
.933114
4
5
.963502
.937370
5
6
.954588
.928698
6
7
.945756
.920105
7
8
.937006
8
9
.928337
9
10
.919748
10
11
.911238
11
12
.902807
12
.894454
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.972456
.958873
.949888
1
2
.990600
.963315
.949860
.940960
2
3
.981289
.954260
.940932
3
4
.972065
.945290
.932087
4
5
.962928
.936405
5
6
.953877
.927603
6
7
.944911
.918884
7
8
.936029
8
9
.927231
9
10
.918515
10
11
.909882
11
12
.901329
12
.892857
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.972034
.958247
.949128
1
2
.990453
.962754
.949099
.940067
2
3
.980997
.953563
.940038
3
4
.971632
.944460
.931063
4
5
.962356
.935443
5
6
.953168
.926512
6
7
.944069
.917667
7
8
.935056
8
9
.926129
9
10
.917287
10
11
.908530
11
12
.899856
12
.891266
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.971614
.957623
.948370
1
2
.990306
.962195
.948340
.939176
2
3
.980706
.952868
.939147
3
4
.971199
.943631
.930043
4
5
.961785
.934484
5
6
.952461
.925425
6
7
.943228
.916454
7
8
.934085
8
9
.925030
9
10
.916063
10
11
.907183
11
12
.898389
12
.889680
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
but less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.971195
.957000
.947614
1
2
.990159
.961638
.947583
.938289
2
3
.980416
.952175
.938258
3
4
.970768
.942805
.929025
4
5
.961215
.933527
5
6
.951756
.924341
6
7
.942390
.915245
7
8
.933117
8
9
.923934
9
10
.914842
10
11
.905840
11
12
.896926
12
.888099
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
but less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.970777
.956379
.946860
1
2
.990013
.961082
.946828
.937403
2
3
.980126
.951484
.937372
3
4
.970337
.941981
.928011
4
5
.960647
.932574
5
6
.951053
.923260
6
7
.941554
.914040
7
8
.932151
8
9
.922842
9
10
.913625
10
11
.904501
11
12
.895468
12
.886525
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.970360
.955760
.946108
1
2
.989867
.960528
.946075
.936521
2
3
.979836
.950795
.936489
3
4
.969908
.941160
.926999
4
5
.960079
.931623
5
6
.950351
.922183
6
7
.940721
.912838
7
8
.931188
8
9
.921753
9
10
.912412
10
11
.903167
11
12
.894015
12
.884956
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.969945
.955143
.945359
1
2
.989721
.959975
.945325
.935641
2
3
.979548
.950107
.935608
3
4
.969479
.940341
.925991
4
5
.959514
.930675
5
6
.949651
.921109
6
7
.939889
.911641
7
8
.930228
8
9
.920667
9
10
.911203
10
11
.901837
11
12
.892567
12
.883392
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.969530
.954527
.944611
1
2
.989575
.959423
.944577
.934764
2
3
.979260
.949422
.934730
3
4
.969051
.939524
.924986
4
5
.958949
.929730
5
6
.948953
.920038
6
7
.939060
.910447
7
8
.929271
8
9
.919584
9
10
.909998
10
11
.900511
11
12
.891124
12
.881834
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.969117
.953913
.943866
1
2
.989430
.958873
.943831
.933890
2
3
.978972
.948738
.933854
3
4
.968624
.938710
.923984
4
5
.958386
.928788
5
6
.948256
.918971
6
7
.938233
.909257
7
8
.928316
8
9
.918504
9
10
.908796
10
11
.899190
11
12
.889686
12
.880282
1Number of months by which the valuation date for the first full taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.968704
.953301
.943123
1
2
.989285
.958325
.943087
.933018
2
3
.978685
.948056
.932982
3
4
.968199
.937898
.922985
4
5
.957824
.927849
5
6
.947561
.917907
6
7
.937408
.908072
7
8
.927364
8
9
.917428
9
10
.907598
10
11
.897873
11
12
.888252
12
.878735
1Number of months by which the valuation date for the first rull taxable year of the trust precedes the first payout
2Factors for payout at the end of each period
At least
But less than
Annual period
Semiannual period
Quarterly period
Monthly period
1
1.000000
.968293
.952691
.942382
1
2
.989140
.957778
.942345
.932148
2
3
.978399
.947377
.932111
3
4
.967774
.937088
.921989
4
5
.957264
.926912
5
6
.946868
.916846
6
7
.936586
.906889
7
8
.926415
8
9
.916354
9
10
.906403
10
11
.896560
11
12
.886824
12
.877193
(7)Actuarial Table U(1) for transfers for which the valuation date is on or after June 1, 2023 The present value of a remainder interest in a charitable remainder unitrust that is dependent on the termination of a life interest is determined by using the section rate, Tables F(0.2) through (20.0) (see of this section), and the formula in of this section to derive a remainder factor from the appropriate mortality table to at least five decimal places. For the convenience of taxpayers, actuarial factors have been computed by the IRS and appear in Table U(1). For transfers for which the valuation date is on or after June 1, 2023, the actuarial tables are currently available, at no charge, electronically via the IRS website at https://www.irs.gov/retirement-plans/actuarial-tables. These actuarial tables are referenced and explained by IRS Publication 1458, Actuarial Valuations Version 4B (2023). This publication will be available within a reasonable time after June 1, 2023. See, however, (relating to exceptions to the use of prescribed tables under certain circumstances).
(f)Applicability date This section applies on and after June 1, 2023.
[T.D. 8540, 59 FR 30117, June 10, 1994, as amended by T.D. 8819, 64 FR 23199, Apr. 30, 1999; T.D. 8886, 65 FR 36919, 36943, June 12, 2000; T.D. 9448, 74 FR 21465, May 7, 2009; T.D. 9540, 76 FR 49595, Aug. 10, 2011; T.D. 9974, 88 FR 37433, June 7, 2023]