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IRS Releases New Mortality Table
Summary
The IRS has released Publications 1457, 1458 and 1459 in which it illustrates the method for using actuarial factors for certain income tax valuations of future interests. Of note is a new mortality Table 2000CM which is effective for gifts made after April 30, 2009.
Downloads:
Pub. 1457 — Remainder, Income, and Annuity Examples — For One Life, Two Lives, and Terms Certain [pdf]
Pub. 1458 — Actuarial Valuations — Unitrust Remainder
Examples — For One Life, Two Lives, and Terms Certain [pdf]
Pub. 1459 — Examples for Computing Depreciation Adjustment Factors [pdf]
Table 2000CM [xls]
Editor's Note: Table 2000CM is effective for gifts made after April 30, 2009. However, given the fact the table was announced a mere two days prior to its effective date, it is not known if the IRS will allow a transition period (as it did when previous tables were announced) that would enable taxpayers to use either the 2000CM or the 90CM previously in effect. Because the 2000CM table offers slightly longer longevity, use of the 90CM table for gifts of remainder interests measured by lives will result in higher deductions. We will advise upon clarification of this issue.
Donation
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Note that there is also a mortality table named Annuity 2000, which is required by certain states for the computation of minimum gift annuity reserves and is used by the ACGA in developing its schedule of suggested maximum annuity rates. This is not the same table as 2000CM. Annuity 2000 is a gender-biased mortality tableTable 2000CM
How does this new table differ from the Annuity 2000 Mortality Table used to calculate liabilities?