Because of the Coronavirus Disease 2019 (COVID-19) pandemic, the Department of the Treasury and the Internal Revenue Service issued Notice 2021-12, 2021-6 I.R.B. Under the old table, the factor for a 75-year old was 22.9 or $21,834.00 for a $500,000 account. Marshall, (202) 317-6700. Rul. The 2012 Individual Annuity Mortality Basic Table, the 2012 Individual Annuity Reserve Table, and methodology used to develop these tables can be found at https://www.actuary.org/sites/default/files/files/publications/Payout_Annuity_Report_09-28-11.pdf. These mortality rates were derived by applying mortality improvement through 2022 to the mortality rates from the experience tables used to develop the 2012 Individual Annuity Mortality Basic Tables (which are the most recent individual annuity mortality tables). 2014-49, in the case of a casualty loss suffered due to a Major Disaster that has reduced a low-income buildings qualified basis, the Agency that has jurisdiction over the building must determine what constitutes a reasonable restoration period. . Document Drafting Handbook Updated Life Expectancy and Distribution Period Tables, V. Use of Revised Tables to Determine Substantially Equal Periodic Payments, https://www.federalregister.gov/d/2020-24723, MODS: Government Publishing Office metadata, https://www.actuary.org/sites/default/files/files/publications/Payout_Annuity_Report_09-28-11.pdf, https://www.soa.org/experience-studies/2018/mortality-improvement-scale-mp-2018/. Proc. These tools are designed to help you understand the official document This information is not part of the official Federal Register document. For purposes of determining the credit amount allowable under 42(a) in the case of a credit year that ends on or after April 1, 2020, and not later than the end of the Reasonable Restoration Period (taking into account any extension under the preceding paragraph), if the Owner restores the building by the end of that extended Reasonable Restoration Period, then for taxable years ending after the first day of the casualty and before the completion of the restoration, the Owner must use the buildings qualified basis at the end of the taxable year immediately preceding the first day of the casualty as the buildings qualified basis for that credit year. Rulings and procedures reported in the Bulletin do not have the force and effect of Treasury Department Regulations, but they may be used as precedents. documents in the last year, 1479 On top of that, IRS issued new RMD life expectancy tables for 2022 RMDs, but the tables don't apply for all RMDs taken in 2022. 2014-49 and sections 5, 6, and 7 of Rev. [emailprotected] | (800) 663-1340 2 See https://www.fema.gov/coronavirus/disaster-declarations. As of January 1st, the IRS expects you to live a little longer. The updated tables reflect longer life expectancies than current tables. About the Federal Register This document includes amendments to the Income Tax Regulations (26 CFR part 1) under section 401(a)(9) of the Internal Revenue Code (Code) regarding the requirement to take required minimum distributions from qualified trusts. The IRS has released new life expectancy tables for calculating required minimum distributions (RMDs) for 2022. IRA Required Minimum Distribution (RMD) Table for 2023. The following table, referred to as the Joint and Last Survivor Table, is used for determining the joint and last survivor life expectancy of two individuals. For charts:Copyright [year of publication], Ed Slott and Company, LLC Reprinted with permission Ed Slott and Company, LLC takes no responsibility for the current accuracy of this information. Section 401(a)(9)(H)(i) provides that for such a plan, in the case of a designated beneficiary, section 401(a)(9)(B)(ii) is applied (1) by substituting 10 years for 5 years, and (2) without regard to whether distributions have begun prior to an employee's death. 2014-49, 2014-37 I.R.B. Find members of Ed Slott's Elite IRA Advisor GroupSM in your area. This feature is not available for this document. (f) Applicability dates(1) In general. Sections IV.A through F of this notice apply to certain deadlines related to low-income housing projects under 42. Effective and Applicability Dates Assistant Secretary of the Treasury (Tax Policy). 5. Proc. An executive order in 2018 required the Treasury Department to determine if the tables should be revised. The verbiage must be used any time you take text from a piece and put it onto your own letterhead, within your newsletter, on your website, etc. Revenue rulings and revenue procedures (hereinafter referred to as rulings) that have an effect on previous rulings use the following defined terms to describe the effect: Amplified describes a situation where no change is being made in a prior published position, but the prior position is being extended to apply to a variation of the fact situation set forth therein. After consideration of the comments, the proposed regulations are adopted as revised by this Treasury decision. See sections 12, 13, and 14 of Rev. Section 72(t)(2) sets forth exceptions to this 10% additional tax. Proc. Section 1.42-5(c)(2)(iii)(C)(2) provides that an Agency must select the low-income units to inspect and low-income certifications to review in a manner that does not give advance notice that a particular low-income unit (or low-income certifications for a particular low-income unit) will or will not be inspected (or reviewed) for a particular year. That is, Agencies, Issuers, Owners, and Operators may provide emergency housing for these individuals pursuant to the provisions of the applicable revenue procedure. This part includes notices of proposed rulemakings, disbarment and suspension lists, and announcements. Effective Date: The final regulations contained in this document are effective on November 12, 2020. 03/01/2023, 267 03/01/2023, 828 Superseded describes a situation where the new ruling does nothing more than restate the substance and situation of a previously published ruling (or rulings). The SECURE Act made two significant changes to section 401(a)(9): (1) It changed the required beginning date for an employee from April 1 of the year following the year the employee attains age 701/2 to April 1 of the year following the year the employee attains age 72; and (2) it made adjustments to the required minimum distribution rules that apply after the death of the employee in the case of an eligible retirement plan described in section 402(c)(8)(B) that is not a defined benefit plan. This notice also modifies the guidance in Notice 2004-15 to apply these changes for purposes of section 72(q). Life tables are used to measure mortality, survivorship, and the life expectancy of a population at varying ages. . The Bulletin is divided into four parts as follows: Part I.1986 Code. .01 General rule. In This Article RMD Rules New RMD Tables Effective January 1, 2022 Table I - Single Life Expectancy for Inherited IRAs Table II - Joint Life and Last Survivor Life Expectancy 2014-49 or under Rev. Proc. A Rule by the Internal Revenue Service on 11/12/2020. documents in the last year, 83 The final regulations include the proposed transition rules that allow the life expectancy of certain deceased employees and surviving spouses to be reset using the updated Single Life Table. The principal authors of these regulations are Arslan Malik and Linda S.F. These tables calculate your annual required minimum distribution (RMD), which. 2. 3. Effective in 2022, the IRS initiated new life expectancy . Your distribution amount would . of the issuing agency. This PDF is Clarified is used in those instances where the language in a prior ruling is being made clear because the language has caused, or may cause, some confusion. The life expectancy and distribution period tables in these regulations have been developed based on mortality rates for 2022. 6. If you are using public inspection listings for legal research, you Under the old tables, Gary's life expectancy at age 77 was 12.1 years, so the RMD . However, section 401(a)(9)(H)(ii) provides that, with respect to an eligible retirement plan defined in section 402(c)(8)(B) other than a defined benefit plan, the section 401(a)(9)(B)(iii) exception is only available in the case of an eligible designated beneficiary defined in section 401(a)(9)(E)(ii). (d) Account balance. Taxpayers may use the principles of section 3.03 of this notice to determine whether a change in substantially equal periodic payments will be treated as a modification under section 72(q)(3). SINGLE LIFE EXPECTANCY TABLE (01/2022) RETSLET PAGE 1 OF 2 NY CS 10152457 01/2022 Single Life Expectancy Table (For Use by Beneciaries) Table effective January 1, 2022 Age Life Expectancy 0 84.6 . This document has been published in the Federal Register. An individual who begins distributions using either the fixed amortization method or the fixed annuitization method is permitted in any subsequent distribution year to switch to the required minimum distribution method to determine the payment for the distribution year of the switch and all subsequent distribution years, and this change in method will not be treated as a modification within the meaning of section 72(t)(4). The designated beneficiary is determined for a distribution year as of January 1 of the distribution year, without regard to changes in the designated beneficiary later in that distribution year or designated beneficiary determinations in prior distribution years. documents in the last year, 474 daily Federal Register on FederalRegister.gov will remain an unofficial Proc. Use the ages you and your spouse will be on this year's birthdays. Rul. Rev. Reg. Thus, if an earlier ruling held that a principle applied to A, and the new ruling holds that the same principle also applies to B, the earlier ruling is amplified. on FederalRegister.gov The reasonable restoration period established by the Agency must not extend beyond the end of the 25th month following the close of the month of the Major Disaster declaration (25-month reasonable restoration period). Federal Register provide legal notice to the public and judicial notice Based on the single life table at that time, the life expectancy factor he used for his initial RMD in 2017 was 29.6 based on his age of 55, resulting in an RMD of $16,891 assuming an IRA value of $500,000 ($500,000 divided by 29.6 equals $16,891) 3. 2014-49 also provides emergency housing relief for individuals who are displaced by a Major Disaster from their principal residences in certain Major Disaster Areas. (Compare with modified, below). Q-1. More information and documentation can be found in our Verbiage varies based on where youre taking the content from. Federal Register. This transition rule could apply in three situations: (1) The employee died with a non-spousal eligible designated beneficiary (so that the applicable distribution period under 1.401(a)(9)-5, Q&A-5(c)(1), is determined based on the remaining life expectancy of the eligible designated beneficiary for the calendar year following the calendar year of the employee's death); (2) the employee died after the required beginning date without a designated beneficiary (so that the applicable distribution period under 1.401(a)(9)-5, Q&A-5(c)(3), is determined based on the remaining life expectancy of the employee for the year of the employee's death); and (3) the employee, who is younger than the designated beneficiary, died after the required beginning date (so that the applicable distribution period under 1.401(a)(9)-5, Q&A-5(a)(1), is determined based on the remaining life expectancy of the employee for the year of the employee's death). 03/01/2023, 43 For background on the requirements under 42 that are receiving an extension under this notice of the relief provided under Notice 2021-12, refer to Section II.A of Notice 2021-12. (b) One-time change from fixed amortization method or fixed annuitization method to required minimum distribution method. However, see section 401(a)(9)(H)(iii) for rules regarding how to apply the required distribution rules to defined contribution plans if the eligible designated beneficiary dies prior to distribution of the employee's entire interest. corresponding official PDF file on govinfo.gov. Thus, if a prior ruling held that a principle applied to A but not to B, and the new ruling holds that it applies to both A and B, the prior ruling is modified because it corrects a published position. To show how this is beneficial for those subject to RMDs, here is an illustration of an RMD for someone aged 75 in 2021 with a 2020 year-end account balance of $100,000: age 75 = 22.9 factor. [14] (b) The fixed amortization method. However, see section 401(a)(9)(H)(ii) and (iii) for rules limiting the availability of a life expectancy distribution period. These two exceptions apply to an employee who does not have a designated beneficiary or who is younger than the designated beneficiary.[5]. In response to the continuing presence of the pandemic and precautions necessitated by new disease variants, this notice provides certain new relief and extends the temporary relief for certain requirements addressed in Notice 2021-12. rendition of the daily Federal Register on FederalRegister.gov does not 990 (Dec. 10, 2018), that were due to be performed on or after April 1, 2020, and before July 15, 2020, including certain actions under 42 for qualified low-income housing projects. In the context of a Presidentially-declared Major Disaster, Rev. 7. documents in the last year, 37 (Compare with amplified and clarified, above). The annual payment for each distribution year is determined as the amount that will result in the level amortization of the account balance over a specified number of years determined using the chosen life expectancy table under section 3.02(a) of this notice and an interest rate that is permitted pursuant to section 3.02(c) of this notice. Document page views are updated periodically throughout the day and are cumulative counts for this document. Those mortality rates were derived by applying mortality improvement through 2003 to the mortality rates from the Annuity 2000 Basic Table (which was the most recent individual annuity mortality table available in 2002). Bank Secrecy Act Administrative Rulings are issued by the Department of the Treasurys Office of the Assistant Secretary (Enforcement). edition of the Federal Register. With respect to a life expectancy described in paragraph (f)(2)(i) of this section, the distribution period that applies for a distribution calendar year beginning on or after January 1, 2022, is determined by using the Single Life Table in paragraph (b) of this section to determine the initial life expectancy for the age of the relevant individual in the relevant calendar year and then reducing the resulting distribution period by 1 for each subsequent year. documents in the last year, 11 14. Until the restoration is completed, to determine the credit amount allowable during the reasonable restoration period for a building described in section 8 of Rev. 2014-50, Agencies, Issuers, Owners, and Operators of low-income housing projects may treat these individuals as if they were Displaced Individuals (defined under section 5.02 of Rev. Only official editions of the 710, provides that the life expectancy tables set forth in 1.401(a)(9) may be used for purposes of determining payments that satisfy the exception under section 72(t)(2)(A)(iv). No interpretive inferences should be drawn from the references to section 401(a)(9)(H) included in this preamble and the regulations. documents in the last year, by the Rural Utilities Service Internal Revenue Service (IRS), Treasury. Rul. Designated beneficiaries use this Single Life Expectancy Table based on their age in the year after the IRA owner's death. Accordingly, these regulations update those tables. Rul. The Internal Revenue Bulletin is the authoritative instrument of the Commissioner of Internal Revenue for announcing official rulings and procedures of the Internal Revenue Service and for publishing Treasury Decisions, Executive Orders, Tax Conventions, legislation, court decisions, and other items of general interest. IRS guidance on new life expectancy tables and safe-harbor maximum . 9930, 85 FR 72427 (Nov. 12, 2020). However, other personnel from the Treasury Department and the IRS participated in the development of the proposed regulations. Example . 1503 & 1507. IRS Joint Life and Last Survivor Expectancy Table 2 AGE OF SPOUSE YOUR AGE (80-89) Section 1.401(a)(9)-6, Q&A-14(c) provides that, in the case of annuity payments paid from an annuity contract purchased from an insurance company, certain types of increasing payments will not cause an annuity payment stream to fail to satisfy this non-increasing payment requirement. Provide Americas taxpayers top-quality service by helping them understand and meet their tax responsibilities and enforce the law with integrity and fairness to all. This repetition of headings to form internal navigation links Rev. Notice 2020-53, 2020-30 I.R.B. This guidance also applies for purposes of determining whether a distribution from a non-qualified annuity contract is part of a series of substantially equal periodic payments within the meaning of section 72(q)(2)(D). Notice 2021-17, published on April 5, 2021, clarified Notice 2021-12 by providing a more precise citation in Section IV.E of that notice. The authority citation for part 1 continues to read in part as follows: Authority: Because approval under 147(f)(2)(B)(i) involves a public hearing, such a hearing is also required for purposes of 42(m)(1)(A)(i). No comments were received from the Chief Counsel for the Office of Advocacy of the Small Business Administration. According to Ed Slott. Proc. FICAFederal Insurance Contributions Act. offers a preview of documents scheduled to appear in the next day's The annual payment for each distribution year is determined by dividing the account balance by an annuity factor that is the present value of an annuity of $1 per year beginning at the employees age and continuing for the life of the employee (or the joint lives of the employee and designated beneficiary). These regulations affect participants, beneficiaries, and plan administrators of these qualified retirement plans and other tax-favored employer-provided retirement arrangements, as well as owners, beneficiaries, trustees and custodians of individual retirement accounts and annuities. For example, modified and superseded describes a situation where the substance of a previously published ruling is being changed in part and is continued without change in part and it is desired to restate the valid portion of the previously published ruling in a new ruling that is self contained. For the complete table, please refer to IRS Publication 590-B. A smaller RMD means less taxable income, while more retirement savings can be retained for tax-deferred growth. The last Bulletin for each month includes a cumulative index for the matters published during the preceding months. Pursuant to section 7805(f) of the Code, the notice of proposed rulemaking preceding this regulation was submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on its impact on small entities. You can email us your suggestions or comments through the IRS Internet Home Page www.irs.gov) or write to the, Page Last Reviewed or Updated: 28-Jan-2022, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, Electronic Federal Tax Payment System (EFTPS), Determination of Substantially Equal Periodic Payments, Finding List of Current Actions on Previously Published Items1, We Welcome Comments About the Internal Revenue Bulletin, Treasury Inspector General for Tax Administration. The new Uniform Lifetime Table assigns a life expectancy of 27.4 years to a 72-year-old IRA owner to calculate RMDs. For further information regarding this notice, contact Arslan Malik or Linda S.F. See Treas. Unpublished rulings will not be relied on, used, or cited as precedents by Service personnel in the disposition of other cases. If, as a result of following a method of determining substantially equal periodic payments that qualifies for the exception of section 72(t)(2)(A)(iv), an individuals assets in an individual account plan or an IRA are exhausted, any resulting reduction in the amount of the final payment (and the subsequent cessation of payments) is not a modification within the meaning of section 72(t)(4). Under the final regulations, however, the reset is only available if the employee or surviving spouse dies before January 1, 2022. .06 Rev. the Federal Register. Procedures relating solely to matters of internal management are not published; however, statements of internal practices and procedures that affect the rights and duties of taxpayers are published. Proc. Fidelity does not provide legal or tax advice. Click here for all current and prior IRS revenue rulings. Section 401(a)(9)(H)(iii) provides that if an eligible designated beneficiary dies prior to the distribution of the employee's entire interest, the remaining interest must be distributed within 10 years after the death of the eligible designated beneficiary. Section 401(a)(9)(A) provides rules for distributions during the life of the employee. For life expectancy tables and the Uniform Lifetime Table applicable for earlier distribution calendar years, see 1.401(a)(9)-9, as set forth in 26 CFR part 1 revised as of April 1, 2020 (formerly applicable 1.401(a)(9)-9). The Introduction at the beginning of this issue describes the purpose and content of this publication. Because of the Coronavirus Disease 2019 (COVID-19) pandemic, the Department of the Treasury and the Internal Revenue Service issued Notice 2021-12, 2021-6 I.R.B. Paragraph (e) of this section provides the mortality rates that are used to develop these tables. For purposes of applying the required minimum distribution method, the account balance for a distribution year is determined under 1.401(a)(9)-5. It is the policy of the Service to publish in the Bulletin all substantive rulings necessary to promote a uniform application of the tax laws, including all rulings that supersede, revoke, modify, or amend any of those previously published in the Bulletin. This part includes rulings and decisions based on provisions of the Internal Revenue Code of 1986. For 2022, taking into account the life expectancy tables under these regulations and applying the transition rule, the applicable distribution period would be 12.1 years (the 14.1-year life expectancy for a 76-year-old under the Single Life Table in these regulations, reduced by 2 years). The weekly Internal Revenue Bulletins are available at www.irs.gov/irb/. 5. Proc. This situation occurs when the account owner died before January 1, 2022, and the beneficiary was using the old life expectancy tables to determine the RMD. Beginning on April 1, 2020, for the purposes of QAP approval under 42(m)(1)(A), if a public hearing is conducted in a manner and under procedures such that 1.147(f)-1(d) would be satisfied, taking into account the date on which the hearing is held, then the manner and procedures of the hearing are acceptable for QAP approval under 42(m)(1)(A).3 Continued application of the preceding sentence is not dependent on the continuation of the COVID-19 pandemic. Section 401(a)(9) and Related Statutory Provisions, III. The single life expectancy table is used to calculate RMDs from inherited IRAs for beneficiaries who inherited IRAs prior to the passage of the SECURE Act which became effective Jan. 1, 2020. . So which tables apply for RMDs taken in 2022? Deputy Commissioner for Services and Enforcement. 2002-62 modifies the application of the fixed amortization method and the fixed annuitization method by providing that the interest rate that may be used to apply the fixed amortization method or the fixed annuitization method is any interest rate that is not greater than 120% of the federal mid-term rate (determined in accordance with section 1274(d) for either of the two months immediately preceding the month in which the distribution begins). "They give you about one to two years more in life expectancy," Slott said . These can be useful In the case of distributions from an IRA, the IRA owner is treated as an employee for purposes of applying this notice. (Note that the SECURE 2.0 Act will raise the age for RMDs to 73 for those who turn 72 in 2023.) The resulting separate mortality rates for males and females were blended using a fixed 50 percent male/50 percent female blend. 2014-50, as applicable). The life expectancy tables in formerly applicable 1.401(a)(9)-9 are used in several numerical examples in 1.401(a)(9)-6, Q&A-14(f) that illustrate the availability of the exception described in 1.401(a)(9)-6, Q&A-14(c) (regarding certain increasing payments under insurance company annuity contracts). * Table 1 - Single Life Expectancy, Appendix B, Publication 590-B Page Last Reviewed or Updated: 22-Dec-2022 [3] Consistent with the policy of section 401(a)(9) to limit deferral of retirement income, 1.401(a)(9)-6, Q&A-1(a) provides that, except as otherwise provided in 1.401(a)(9)-6, payments from a defined benefit plan must be non-increasing in order to satisfy section 401(a)(9). Those mortality rates were developed based on the same experience tables as the 2012 Individual Annuity Mortality Basic Table but reflect an adjustment to the mortality rates in the 2012 Individual Annuity Mortality Basic Table to provide a margin for conservatism for establishing life insurance company reserves (and therefore the use of those mortality rates would result in longer life expectancies than the life expectancies in the proposed regulations).[8]. Rul. Uniform Lifetime Table - 2022 and thereafter (For Use by: Unmarried Owners, Married Owners Whose Spouses Are Not More Than 10 Years Younger, and Married Owners Whose Spouses Are Not the Sole Beneficiaries of Their IRAs) Age Distribution Period Age Distribution Period 72 27.4 96 8.4 73 26.5 97 7.8 74 25.5 98 7.3 75 24.6 99 6.8 76 23.7 100 6.4 77 22.9 101 6.0 78 22.0 102 5.6 79 21.1 103 5.2 80 . This site displays a prototype of a Web 2.0 version of the daily Under these regulations, a 75-year-old surviving spouse will use a life expectancy of 14.8 years. The Joint and Last Survivor Table sets forth joint and last survivor life expectancies of an employee and the employee's beneficiary for each combination of ages of those individuals. 2004-39, Rev. Under the transition rule, the initial life expectancy used to determine the distribution period is reset by using the new Single Life Table for the age of the spouse in the calendar year of the spouse's death. 742, published on April 27, 2020, provided certain relief to affected taxpayers and postponed due dates until July 15, 2020, with respect to certain tax filings and payments, certain time-sensitive government actions, and all time-sensitive actions listed in Rev. However, pursuant to 1.401(a)(9)-5, Q&A-4(b), if an employee's sole beneficiary is the employee's surviving spouse and the spouse is more than 10 years younger than the employee, then the applicable distribution period is the joint and last survivor life expectancy of the employee and spouse under the Joint and Last Survivor Table (which is longer than the distribution period that would apply for the employee under the Uniform Lifetime Table). Section 1.401(a)(9)-9 is revised to read as follows: (a) In general. the material on FederalRegister.gov is accurately displayed, consistent with His daughter, Susan, is the beneficiary on his account. However, pursuant to sections 408A(a) and (c)(5), those rules apply to a Roth IRA only after the death of the IRA owner. Please note that this is a partial table. For 2020, the distribution period that would have applied for the beneficiary was 12.7 years (the period applicable for a 76-year-old under the Single Life Table in formerly applicable 1.401(a)(9)-9), and for 2021, it would have been 11.7 years (the original distribution period, reduced by 1 year). Consideration of the comments, the proposed regulations are adopted as revised by this Treasury decision Service helping! Female blend percent male/50 percent female blend, & quot ; They give you about one to two more. Be revised 2 ) sets forth exceptions to this 10 % additional tax ( Compare with and! And fairness to all purpose and content of this notice also modifies the in! Month includes a cumulative index for the complete table, please refer to Publication... $ 21,834.00 for a 75-year old was 22.9 or $ 21,834.00 for a $ 500,000.. To required minimum distribution ( RMD ), which ( Enforcement ) information and documentation be! 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Secure 2.0 Act will raise the age for RMDs to 73 for those who 72! Can be found in our Verbiage varies based on where youre taking the content from order 2018. Them understand and meet their tax responsibilities and enforce the law with integrity and to! 800 ) 663-1340 2 See https: //www.fema.gov/coronavirus/disaster-declarations as follows: part I.1986 Code area... 2023. Elite IRA Advisor GroupSM in your area tables and safe-harbor maximum index for the matters published the... ) ( 9 ) and related Statutory provisions, III and safe-harbor maximum and are cumulative counts this. About one to two years more in life expectancy and distribution period tables in these are. See https: //www.fema.gov/coronavirus/disaster-declarations life expectancies than current tables required the Treasury tax. Rmds to 73 for those who turn 72 in 2023. Internal navigation links Rev for distributions during the of... To required minimum distribution method is divided into four parts as follows (. For individuals who are displaced by a Major Disaster from their principal residences in certain Major Disaster.... Updated tables reflect longer life expectancies than current tables includes rulings and decisions based on where youre taking content! The context of a population at varying ages of section 72 ( q ) this 10 % additional....

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