Rev. Proc. 71-7
Rev. Proc. 71-7; 1971-1 C.B. 671
- Cross-Reference
(Also Part I, Sections 101, 2031, 2039; 26 CFR 1.101-2, 20.2031-10,
20.2039-2.)
- Code Sections
- LanguageEnglish
- Tax Analysts Electronic Citationnot available
Obsoleted by Rev. Rul. 88-85
Section 1. Purpose
The purpose of this Revenue Procedure is to set forth tables computed on the 6 percent basis described in section 20.2031-10(e) of the Estate Tax Regulations, to be used in appropriate cases for the valuation of temporary survivor annuities payable under the Civil Service Retirement System to the eligible surviving children of its deceased members.
Sec. 2. Background
As part of a larger computation, the present value of a temporary survivor annuity payable under the Civil Service Retirement Act to the eligible child of a deceased member of the Civil Service Retirement System may be required to determine the amount of the death benefit exclusion allowable under section 101(b) of the Internal Revenue Code of 1954, relating to employees' death benefits. See section 1.101-2(e) of the Income Tax Regulations. The present value of such an annuity may also be required, as part of a larger computation, to determine the amount excludable from the gross estate for Federal estate tax purposes under section 2039(c) of the Code, relating to the exemption of annuities under certain qualified trusts and plans. See section 20.2039-2(c)(2) of the Estate Tax Regulations.
For the period prior to October 12, 1962, the law provided that to be eligible for a survivor annuity, the child must be unmarried and under 18. For the period October 12, 1962 through July 17, 1966, the law was amended to provide that an unmarried child who is a student (that is, in regular full-time attendance at a high school, trade school, technical or vocational institute, junior college, college, university, or comparable recognized educational institution) between ages 18 and 21 may also be eligible. Effective on and after July 18, 1966, a later amendment substituted age 22 for age 21.
Sec. 3. Relationship to Other Tables
Whenever the present value is to be determined on the 6 percent basis described in section 20.2031-10(e) of the Estate Tax Regulations, the tables set forth in section 5 may be used. As to the basis applicable in a particular case, see section 20.2031-7 of the Estate Tax Regulations.
Sec. 4. Use of Tables IX, X
Use Table IX if the annuity is for a male child and Table X if the annuity is for a female child. Select the factor from Table IX or Table X that is opposite the age of the child on the valuation date. Multiply such factor by the annual amount of the annuity. Finally, multiply the result by 1.0272 to adjust from an annual to a monthly payment basis.
Example. The factor in Table IX opposite age 2 years and 5 months is 11.2736. Hence the present value of an annuity of $10 a month payable to a male aged 2 years, 5 months, until he attains age 22 or dies under that age is $120 X 11.2736 X 1.0272 (factor for monthly payments) or $1,389.63.
Example. The factor in Table X opposite age 2 years and 5 months is 11.2933. Hence the present value of an annuity of $10 a month payable to a female aged 2 years, 5 months, until she attains age 22 or dies under that age is $120 X 11.2933 X 1.0272 or $1,392.06.
Sec. 5. Tables IX, X
Table IX
Present value of annuity of $1 per year payable
until male child reaches age 22 -- Interest at 6.0 percent
[Monthly payment factor 1.0272]
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Age
------------------------------- Present value
Years Months
--------------------------------------------------------------------
0 0 11.6266
0 1 11.6046
0 2 11.5826
0 3 11.5605
0 4 11.5385
0 5 11.5165
0 6 11.8148
0 7 11.7922
0 8 11.7695
0 9 11.7469
0 10 11.7242
0 11 11.7016
1 0 11.6789
1 1 11.6549
1 2 11.6308
1 3 11.6068
1 4 11.5827
1 5 11.5587
1 6 11.5456
1 7 11.5215
1 8 11.4975
1 9 11.4734
1 10 11.4494
1 11 11.4253
2 0 11.4013
2 1 11.3758
2 2 11.3502
2 3 11.3247
2 4 11.2991
2 5 11.2736
2 6 11.2517
2 7 11.2262
2 8 11.2007
2 9 11.1752
2 10 11.1496
2 11 11.1241
3 0 11.0986
3 1 11.0715
3 2 11.0444
3 3 11.0173
3 4 10.9902
3 5 10.9631
3 6 10.9370
3 7 10.9099
3 8 10.8829
3 9 10.8558
3 10 10.8287
3 11 10.8017
4 0 10.7746
4 1 10.7458
4 2 10.7171
4 3 10.6883
4 4 10.6596
4 5 10.6308
4 6 10.6014
4 7 10.5726
4 8 10.5439
4 9 10.5152
4 10 10.4865
4 11 10.4577
5 0 10.4290
5 1 10.3985
5 2 10.3680
5 3 10.3375
5 4 10.3070
5 5 10.2765
5 6 10.2445
5 7 10.2140
5 8 10.1835
5 9 10.1531
5 10 10.1226
5 11 10.0922
6 0 10.0617
6 1 10.0294
6 2 9.9970
6 3 9.9647
6 4 9.9323
6 5 9.9000
6 6 9.8654
6 7 9.8330
6 8 9.8007
6 9 9.7684
6 10 9.7361
6 11 9.7038
7 0 9.6715
7 1 9.6372
7 2 9.6029
7 3 9.5686
7 4 9.5342
7 5 9.4999
7 6 9.4627
7 7 9.4284
7 8 9.3942
7 9 9.3599
7 10 9.3256
7 11 9.2914
8 0 9.2571
8 1 9.2207
8 2 9.1843
8 3 9.1479
8 4 9.1115
8 5 9.0751
8 6 9.0354
8 7 8.9990
8 8 8.9627
8 9 8.9263
8 10 8.8900
8 11 8.8536
9 0 8.8173
9 1 8.7787
9 2 8.7401
9 3 8.7015
9 4 8.6629
9 5 8.6243
9 6 8.5817
9 7 8.5432
9 8 8.5046
9 9 8.4661
9 10 8.4276
9 11 8.3890
Table IX (Continued)
Present value of annuity of $1 per year payable
until male child reaches age 22 -- Interest at 6.0 percent
[Monthly payment factor 1.0272]
--------------------------------------------------------------------
Age
------------------------------- Present value
Years Months
--------------------------------------------------------------------
10 0 8.3505
10 1 8.3096
10 2 8.2686
10 3 8.2277
10 4 8.1868
10 5 8.1458
10 6 8.1004
10 7 8.0595
10 8 8.0186
10 9 7.9777
10 10 7.9368
10 11 7.8960
11 0 7.8551
11 1 7.8117
11 2 7.7683
11 3 7.7249
11 4 7.6815
11 5 7.6381
11 6 7.5900
11 7 7.5466
11 8 7.5033
11 9 7.4599
11 10 7.4166
11 11 7.3732
12 0 7.3299
12 1 7.2839
12 2 7.2379
12 3 7.1918
12 4 7.1458
12 5 7.0998
12 6 7.0491
12 7 7.0032
12 8 6.9572
12 9 6.9113
12 10 6.8652
12 11 6.8194
13 0 6.7734
13 1 6.7246
13 2 6.6758
13 3 6.6269
13 4 6.5781
13 5 6.5293
13 6 6.4765
13 7 6.4277
13 8 6.3789
13 9 6.3302
13 10 6.2814
13 11 6.2327
14 0 6.1839
14 1 6.1321
14 2 6.0803
14 3 6.0286
14 4 5.9768
14 5 5.9250
14 6 5.8700
14 7 5.8183
14 8 5.7666
14 9 5.7148
14 10 5.6631
14 11 5.6114
15 0 5.5597
15 1 5.5048
15 2 5.4499
15 3 5.3949
15 4 5.3400
15 5 5.2851
15 6 5.2278
15 7 5.1729
15 8 5.1180
15 9 5.0631
15 10 5.0083
15 11 4.9534
16 0 4.8985
16 1 4.8402
16 2 4.7820
16 3 4.7237
16 4 4.6654
16 5 4.6071
16 6 4.5472
16 7 4.4889
16 8 4.4307
16 9 4.3724
16 10 4.3142
16 11 4.2559
17 0 4.1977
17 1 4.1359
17 2 4.0740
17 3 4.0122
17 4 3.9503
17 5 3.8885
17 6 3.8257
17 7 3.7638
17 8 3.7020
17 9 3.6402
17 10 3.5784
17 11 3.5166
18 0 3.4548
18 1 3.3892
18 2 3.3235
18 3 3.2579
18 4 3.1922
18 5 3.1266
18 6 3.0603
18 7 2.9947
18 8 2.9291
18 9 2.8635
18 10 2.7978
18 11 2.7322
19 0 2.6666
19 1 2.5969
19 2 2.5273
19 3 2.4576
19 4 2.3879
19 5 2.3182
19 6 2.2483
19 7 2.1786
19 8 2.1089
19 9 2.0393
19 10 1.9696
19 11 1.9000
20 0 1.8303
20 1 1.7563
20 2 1.6824
20 3 1.6084
20 4 1.5344
20 5 1.4604
20 6 1.3863
20 7 1.3123
20 8 1.2384
20 9 1.1644
20 10 1.0904
20 11 1.0165
21 0 .9425
21 1 .8640
21 2 .7854
21 3 .7069
21 4 .6283
21 5 .5498
21 6 .4713
21 7 .3927
21 8 .3142
21 9 .2356
21 10 .1571
21 11 .0785
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Table X
Present value of annuity of $1 per year payable
until female child reaches age 22 -- Interest at 6.0 percent
[Monthly payment factor 1.0272]
--------------------------------------------------------------------
Age
------------------------------- Present value
Years Months
--------------------------------------------------------------------
0 0 11.7225
0 1 11.7001
0 2 11.6778
0 3 11.6554
0 4 11.6331
0 5 11.6107
0 6 11.8382
0 7 11.8154
0 8 11.7925
0 9 11.7697
0 10 11.7468
0 11 11.7240
1 0 11.7011
1 1 11.6769
1 2 11.6526
1 3 11.6284
1 4 11.6041
1 5 11.5799
1 6 11.5676
1 7 11.5433
1 8 11.5191
1 9 11.4948
1 10 11.4705
1 11 11.4463
2 0 11.4220
2 1 11.3963
2 2 11.3705
2 3 11.3448
2 4 11.3191
2 5 11.2933
2 6 11.2727
2 7 11.2469
2 8 11.2212
2 9 11.1954
2 10 11.1697
2 11 11.1439
3 0 11.1182
3 1 11.0909
3 2 11.0636
3 3 11.0363
3 4 11.0090
3 5 10.9817
3 6 10.9571
3 7 10.9298
3 8 10.9025
3 9 10.8752
3 10 10.8479
3 11 10.8206
4 0 10.7933
4 1 10.7643
4 2 10.7354
4 3 10.7064
4 4 10.6774
4 5 10.6485
4 6 10.6212
4 7 10.5922
4 8 10.5632
4 9 10.5343
4 10 10.5053
4 11 10.4764
5 0 10.4474
5 1 10.4167
5 2 10.3860
5 3 10.3552
5 4 10.3245
5 5 10.2938
5 6 10.2641
5 7 10.2334
5 8 10.2027
5 9 10.1720
5 10 10.1412
5 11 10.1105
6 0 10.0798
6 1 10.0472
6 2 10.0146
6 3 9.9820
6 4 9.9495
6 5 9.9169
6 6 9.8844
6 7 9.8519
6 8 9.8193
6 9 9.7867
6 10 9.7541
6 11 9.7216
7 0 9.6890
7 1 9.6544
7 2 9.6199
7 3 9.5854
7 4 9.5508
7 5 9.5163
7 6 9.4815
7 7 9.4470
7 8 9.4125
7 9 9.3779
7 10 9.3434
7 11 9.3088
8 0 9.2743
8 1 9.2377
8 2 9.2010
8 3 9.1644
8 4 9.1277
8 5 9.0911
8 6 9.0538
8 7 9.0172
8 8 8.9805
8 9 8.9439
8 10 8.9073
8 11 8.8706
9 0 8.8340
9 1 8.7951
9 2 8.7563
9 3 8.7174
9 5 8.6786
9 5 8.6398
9 6 8.5999
9 7 8.5611
9 8 8.5223
9 9 8.4834
9 10 8.4446
9 11 8.4057
Table X (Continued)
Present value of annuity of $1 per year payable
until female child reaches age 22 -- Interest at 6.0 percent
[Monthly payment factor 1.0272]
--------------------------------------------------------------------
Age
------------------------------- Present value
Years Months
--------------------------------------------------------------------
10 0 8.3669
10 1 8.3257
10 2 8.2845
10 3 8.2433
10 4 8.2021
10 5 8.1609
10 6 8.1185
10 7 8.0773
10 8 8.0361
10 9 7.9949
10 10 7.9538
10 11 7.9126
11 0 7.8714
11 1 7.8277
11 2 7.7840
11 3 7.7403
11 4 7.6967
11 5 7.6530
11 6 7.6080
11 7 7.5643
11 8 7.5206
11 9 7.4770
11 10 7.4333
11 11 7.3897
12 0 7.3460
12 1 7.2997
12 2 7.2534
12 3 7.2070
12 4 7.1607
12 5 7.1144
12 6 7.0667
12 7 7.0205
12 8 6.9742
12 9 6.9279
12 10 6.8816
12 11 6.8353
13 0 6.7890
13 1 6.7399
13 2 6.6908
13 3 6.6417
13 4 6.5926
13 5 6.5435
13 6 6.4931
13 7 6.4441
13 8 6.3950
13 9 6.3459
13 10 6.2968
13 11 6.2477
14 0 6.1986
14 1 6.1465
14 2 6.0944
14 3 6.0424
14 4 5.9903
14 5 5.9382
14 6 5.8851
14 7 5.8331
14 8 5.7810
14 9 5.7290
14 10 5.6769
14 11 5.6249
15 0 5.5728
15 1 5.5176
15 2 5.4624
15 3 5.4072
15 4 5.3519
15 5 5.2967
15 6 5.2408
15 7 5.1856
15 8 5.1304
15 9 5.0752
15 10 5.0200
15 11 4.9648
16 0 4.9096
16 1 4.8510
16 2 4.7925
16 3 4.7339
16 4 4.6754
16 5 4.6168
16 6 4.5578
16 7 4.4992
16 8 4.4407
16 9 4.3821
16 10 4.3236
16 11 4.2650
17 0 4.2065
17 1 4.1444
17 2 4.0823
17 3 4.0202
17 4 3.9581
17 5 3.8960
17 6 3.8336
17 7 3.7715
17 8 3.7094
17 9 3.6473
17 10 3.5852
17 11 3.5231
18 0 3.4610
18 1 3.3951
18 2 3.3293
18 3 3.2634
18 4 3.1976
18 5 3.1317
18 6 3.0658
18 7 2.9999
18 8 2.9340
18 9 2.8682
18 10 2.8023
18 11 2.7365
19 0 2.6706
19 1 2.6007
19 2 2.5309
19 3 2.4610
19 4 2.3912
19 5 2.3213
19 6 2.2513
19 7 2.1815
19 8 2.1116
19 9 2.0418
19 10 1.9719
19 11 1.9021
20 0 1.8322
20 1 1.7581
20 2 1.6840
20 3 1.6099
20 4 1.5358
20 5 1.4617
20 6 1.3877
20 7 1.3136
20 8 1.2395
20 9 1.1654
20 10 1.0913
20 11 1.0172
21 0 .9431
21 1 .8645
21 2 .7859
21 3 .7073
21 4 .6287
21 5 .5501
21 6 .4716
21 7 .3930
21 8 .3144
21 9 .2358
21 10 .1572
21 11 .0786
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- Cross-Reference
(Also Part I, Sections 101, 2031, 2039; 26 CFR 1.101-2, 20.2031-10,
20.2039-2.)
- Code Sections
- LanguageEnglish
- Tax Analysts Electronic Citationnot available