Part IV — Internal Revenue Bulletin 2019-48

Notice of Proposed Rulemaking

Eligible Terminated S Corporations

REG-131071-18

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of proposed rulemaking.

SUMMARY: This notice of proposed rulemaking provides rules regarding the definition of an eligible terminated S corporation (ETSC). In addition, these proposed regulations provide rules relating to distributions of money by an ETSC after the post-termination transition period (PTTP). Finally, these proposed regulations revise current regulations to extend the treatment of distributions of money during the PTTP to all shareholders of the corporation and to update and clarify the allocation of current earnings and profits to distributions of money and other property. These proposed regulations would affect certain C corporations and the shareholders of such corporations.

DATES: Comments and requests for a public hearing must be received by December 23, 2019.

ADDRESSES: Submit electronic submissions via the Federal Rulemaking Portal at https://www. regulations. gov (indicate IRS and REG-131071-18) by following the online instructions for submitting comments. The Department of the Treasury (Treasury Department) and the IRS will publish for public availability any comment received to its public docket, whether submitted electronically or in hard copy. Send hard copy submissions to: CC:PA:LPD:PR (REG-131071-18), Room 5203, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be hand-delivered Monday through Friday between the hours of 8 a. m. and 4 p. m. to CC:PA:LPD:PR

(REG-131071-18), Courier’s Desk, Internal Revenue Building, 1111 Constitution Avenue NW, Washington, DC, 20224.

FOR FURTHER INFORMATION CONTACT: Concerning proposed regulations §§ 1. 481-5, 1. 481-6, 1. 1377-2, and

1377-3, Margaret Burow or Michael Gould at (202) 317-5279; concerning proposed regulations §§1. 1371-1 and 1. 13712, Aglaia Ovtchinnikova at (202) 3176975, Kevin M. Jacobs at (202) 317-5332, or Margaret Burow or Michael Gould at (202) 317-5279; concerning proposed regulation §1. 316-2, Aglaia Ovtchinnikova at (202) 317-6975 or Kevin M. Jacobs at (202) 317-5332; concerning submissions and the hearing, Regina Johnson at (202) 317-6901 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

I. Overview

This document contains proposed amendments to the Income Tax Regulations (26 CFR part 1) under sections 481 and 1377 of the Internal Revenue Code (Code) and proposed regulations under section 1371 of the Code. Section 13543(a) and (b) of the Tax Cuts and Jobs Act, Public Law 115-97, 131 Stat. 2054, 2155 (2017) (TCJA), amended the Code to add subsection (d) to section 481, and subsection (f) to section 1371. Both section 481(d) and section 1371(f) are effective as of December 22, 2017.

II. Summary of PTTP and ETSC Period

Generally, a distribution by a C corporation to its shareholders with respect to their stock ownership is treated as a taxable dividend to the extent of the corporation’s earnings and profits. See sections 301(c) and 316(a). However, following the termination of an S corporation’s election made under section 1362 (S election), section 1371(e) allows shareholders of the resulting C corporation to benefit from the corporation’s former status as an S corporation with respect to distributions of money during the corpo

ration’s PTTP, which is generally the oneyear period after the S election terminates. Specifically, during the PTTP, a distribution of money by the C corporation is characterized as a distribution from the corporation’s accumulated adjustments account (AAA), as defined in §1.1368-2(a)(1). The receipt of such a distribution is tax-free to the extent of the recipient’s basis in its stock with respect to which it received the distribution, and is taxed as gain from the sale of property to the extent the distribution exceeds the recipient’s basis in that stock. If the corporation exhausts its AAA during the PTTP, then subsequent distributions are subject to treatment under section 301. Without section 1371(e), shareholders of the former S corporation would be precluded from receiving distributions allocable to AAA.

Section 1371(f) extends the period during which the shareholders of a C corporation can benefit from AAA generated during such corporation’s former status as an S corporation (ETSC period) by allowing a C corporation’s distribution of money to which section 301 would otherwise apply (qualified distribution) to be sourced, in whole or in part, from AAA. Specifically, section 1371(f) provides that (i) the distributing ETSC’s AAA is allocated to a qualified distribution, and (ii) the qualified distribution is chargeable to accumulated earnings and profits (AE&P), in the same ratio as the amount of such AAA bears to the amount of such AE&P (clauses (i) and (ii), collectively, ETSC proration). In enacting section 1371(f), Congress determined that “it is important to provide rules to ease the transition from S corporation to C corporation for the affected taxpayers” because, based on TCJA revisions to the Code, “taxpayers that previously elected to be taxed as S corporations may prefer instead to be taxed as C corporations. ” H. Rept. 115-409, at 245 115 ^th Cong. 1 ^st Sess., (Nov. 14, 2017) (House Report).

Explanation of Provisions

I. Requirements to Qualify for Section 1371(f) Treatment

If a C corporation satisfies the ETSC qualification requirements, section 1371(f)

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provides special treatment for qualified distributions made by an ETSC during the ETSC period, which begins with the expiration of the PTTP and ends when the corporation exhausts its AAA.

A. ETSC Qualification Requirements

In General

In order for section 1371(f) to apply, the distributing corporation must be an ETSC. In conjunction with the enactment of section 1371(f), Congress enacted section 481(d), which includes the definition of an ETSC. Specifically, a C corporation qualifies as an ETSC if the following three requirements are satisfied. First, the corporation was an S corporation on December 21, 2017. Second, during the two-year period beginning on December 22, 2017, the S corporation revoked its S election (revocation requirement). Third, the owners of the stock of the corporation are the same owners (and in identical proportions) on December 22, 2017, and the date that the corporation made a revocation of its S election (shareholder identity requirement).

Revocation Requirement

In contrast to the PTTP, which applies regardless of how an S corporation’s election terminates, section 1371(f) applies only if the S election is revoked (section 1362(d)(1)), which, under section 1362(d) (1)(B), requires the consent of shareholders holding more than 50 percent of the corporation’s shares in the aggregate. Section 1362(d)(1) and its underlying regulations provide the sole means for an S corporation to revoke its S election. Pursuant to §1. 1362-6(a)(3), a valid revocation requires an S corporation to submit a written statement that the corporation revokes its S election. That revocation statement must set forth the number of shares of stock (including non-voting stock) issued and outstanding at the time of the revocation and must be accompanied by a separate written statement of shareholder consent. See §1. 1362-6(a)(3)(i), (b).

Generally, a revocation made on or before the 15th day of the third month of a taxable year is effective on the first day of that year, and an election made after that

date is effective on the first day of the following taxable year. See section 1362(d) (1)(C) and §1. 1362-2(a)(2)(i). However, if the revocation specifies a date for revocation that is on or after the day on which the revocation is made, the revocation becomes effective on that specified date. See section 1362(d)(1)(D) and §1. 13622(a)(2)(ii). Therefore, under the proposed regulations, the revocation requirement would be satisfied if the revocation of an S election is validly made during the two-year period beginning on December 22, 2017, even if the effective date for the revocation occurs after the conclusion of that two-period.

Shareholder Identity Requirement

For a former S corporation to qualify as an ETSC, the owners of its stock must be the same owners (and in identical proportions) on the following two dates: (1) December 22, 2017, and (2) the date on which the S corporation made a revocation of its S election. However, certain events should not affect the shareholder identity requirement because such events would not change in substance the identity of the subject shareholder. Specifically, these proposed regulations identify five categories of stock transfers that do not result in an ownership change for purposes of section 481(d)(2)(B): (1) transfers of stock between a shareholder and that shareholder’s trust treated as wholly owned by that shareholder under subpart E of subchapter J of chapter 1; (2) transfers of stock between a shareholder and an entity owned by the shareholder that is disregarded as separate from its owner under §301. 7701‑2(c)(2)(i) of the Procedure and Administration Regulations; (3) an election by a shareholder trust to be treated as part of a decedent’s estate under section 645 or the termination of an election under that section; (4) a change in the status of a shareholder trust from one type of eligible S corporation shareholder trust described in section 1361(c)(2)(A) to another type of eligible S corporation shareholder trust; and (5) a transaction that includes more than one of the events described in (1) through (4).

While specifying transaction categories provides certainty to taxpayers, the Treasury Department and the IRS request

comments regarding whether a principle-based rule would be more effective, as well as suggestions as to the rule’s proposed operative language.

B. Requirement for Corporation to Have AAA

Section 1371(f) provides that AAA is allocated to a qualified distribution based on the ratio of AAA to AE&P. Thus, if an ETSC has no AAA, section 1371(f) has no application. In addition, as evidenced by the fact that Congress enacted section 1371(f) to ease the transition from S corporation status to C corporation status, the ETSC period is intended to be transitory in nature. Consequently, the Treasury Department and the IRS have determined that such a transition would naturally conclude once the C corporation’s AAA balance reaches zero. In other words, an ETSC has an ETSC period only if the ETSC has a AAA balance greater than zero at the end of its PTTP, and the ETSC period ends immediately after the qualified distribution that causes the C corporation’s AAA balance to reach zero.

C. Conclusion of PTTP; Multiple PTTPs

Section 1377(b)(1) provides that a PTTP occurs in the following three circumstances. First, a PTTP may occur during the period starting on the day after the last day of the corporation’s last taxable year as an S corporation and ending on the later of (i) the day that is one year later or (ii) the due date for filing the return for such last year as an S corporation (including extensions). Second, a PTTP may occur during the 120-day period beginning on the date of any determination pursuant to an audit of a taxpayer that follows the termination of the corporation’s election and adjusts a subchapter S item that arose during the S period (intervening audit PTTP). Third, a PTTP may occur during the 120-day period beginning on the date of a determination that the corporation’s election under section 1362(a) had terminated for a previous taxable year.

Section 1371(f) applies to certain distributions “after the post-termination transition period. ” The Treasury Department and the IRS received a comment regarding intervening audit PTTPs and, accord

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ingly, considered whether the ETSC period continues following an intervening audit PTTP that occurs during the ETSC period. Based on the overall purpose of these proposed regulations to ease the transition from S corporation status to C corporation status, the Treasury Department and the IRS have determined that the ETSC period should resume immediately following the conclusion of an intervening audit PTTP, if the ETSC continues to have a AAA balance greater than zero.

II. Mechanics of Section 1371(f)

A. Shareholders Eligible to Receive Qualified Distributions

By its terms, section 1371(f) does not require the recipients of qualified distributions to have been shareholders of the S corporation at the time of revocation, and no part of the House Report indicates a Congressional intent to impose such a limitation (no-newcomer rule) on such distributions. The Treasury Department and the IRS received a comment requesting guidance to clarify which shareholders are eligible to receive distributions from a corporation’s AAA during the ETSC period. A no-newcomer rule would be inconsistent with Congressional intent to ease the transition of former S corporations to full C corporation status because such a no-newcomer rule would impede an ETSC’s ability to exhaust its AAA. A no-newcomer rule also would impose an administrative burden on ETSCs and create complexity by requiring ETSCs to report distributions disparately depending on the recipient. See House Report at 245. Additionally, a rule allowing newcomers would be more consistent with treating the AAA as a corporate-level account.

In the absence of a no-newcomer rule, shareholders that were shareholders on the date that the corporation’s S election revocation was made would continue to receive qualified distributions, whether or not there are new shareholders or changes in the historical S corporation shareholders’ proportionate interests on or after such date. Moreover, new shareholders, whether eligible S corporation shareholders or not, that acquire stock of an ETSC on or after the date that the revocation was made may receive qualified distributions,

all or a portion of which may be sourced from AAA. Such outcomes would best implement the plain language of section 1371(f) and the policy objective of easing the transition of affected taxpayers from S corporation status to C corporation status. Accordingly, these proposed regulations do not impose a no-newcomer rule with respect to the ETSC period.

B. Implementation of ETSC Proration

As discussed in Part II of the Background, section 1371(f) provides that (i) the distributing ETSC’s AAA is allocated to a qualified distribution, and (ii) such qualified distribution is chargeable to the ETSC’s AE&P, based on the ETSC proration. These proposed regulations would implement this provision in a manner designed to facilitate the ETSC’s prompt distribution of AAA and full transition to C corporation status, and thereby “ease the transition from S corporation to C corporation for the affected taxpayers. ” House Report at 245. Grounded in that policy, these proposed regulations (i) specify the time at which amounts of AAA and AE&P are determined for purposes of the ETSC proration, (ii) clarify the AAA and AE&P ratios used to implement the ETSC proration, and (iii) describe in detail the method of characterizing qualified distributions.

When to Determine the Amounts of AAA and AE&P for Purposes of ETSC Proration

The Treasury Department and the IRS considered when to measure the AAA and AE&P for purposes of the ETSC proration. The Treasury Department and the IRS considered a “Snapshot Approach,” under which the amounts of AAA and AE&P would be determined on a specified date (historical AAA and historical AE&P, respectively), resulting in the same ETSC proration being applied to all qualified distributions. The Treasury Department and the IRS also considered a “Dynamic Approach,” under which the amounts of AAA and AE&P would be recalculated before each qualified distribution.

These proposed regulations adopt the Snapshot Approach, with a special additional rule to facilitate distributions of AAA when the ETSC’s historical AE&P

has been exhausted and the ETSC still has AAA. See Part II. C. 1 of this Explanation of Provisions. The Snapshot Approach would provide affected taxpayers with an easier transition to full subchapter C status. Under this approach, ETSCs generally would be required to calculate AAA and AE&P for purposes of the ETSC proration only once, as opposed to numerous times under the Dynamic Approach. Also, the Dynamic Approach could significantly delay shareholder access to the ETSC’s AAA. While the amount of an ETSC’s AAA could never increase during the ETSC period (other than by reason of a redetermination of AAA), such ETSC’s AE&P would increase as the amount of any undistributed current earnings and profits is carried forward to the next taxable year.

For the Snapshot Approach, the Treasury Department and the IRS considered two possible determination dates: (1) the beginning of the day for which the revocation of an election under section 1362(a) is effective pursuant to section 1362(d)(1), and (2) immediately after the end of the PTTP. Under these proposed regulations, the determination date would be the beginning of the day on which the revocation of an election under section 1362(a) is effective. Determining the amount of AAA on this date, which can be readily achieved by referencing the ETSC’s final Form 1120S, would avoid the complexity of determining the proper amount of historical AAA in the event of an intervening audit PTTP for distributions made after the initial PTTP and before the intervening audit PTTP. In addition, the ETSC and its shareholders would have greater certainty during the PTTP as to the tax characterization of distributions to be made during the ETSC period under this approach. Reference to this determination date also would facilitate the receipt of AAA by the ETSC’s shareholders as quickly as possible by maximizing the amount of AAA factored into the ETSC proration. Since S corporations with no subchapter C history will have no AE&P as of the beginning of the effective date of the revocation, using this determination date also would minimize the AE&P that is factored into the ETSC proration, as compared to determining AE&P immediately after the end of the PTTP. As a result, the use of this

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determination date would facilitate the corporation’s transition to full subchapter C status.

The Treasury Department and the IRS request comments regarding the proposed regulations’ adoption of the Snapshot Approach, in particular with respect to the timing of determining an ETSC’s historical AAA and historical AE&P amounts, and whether such amounts should be adjusted by certain transactions, as well as any potential alternative approaches for computing the ETSC proration. For example, the Treasury Department and the IRS acknowledge that not all ETSCs may favor the approach with respect to timing that these proposed regulations adopt. In particular, an ETSC that makes no distributions of AAA and operates at a loss during its PTTP may prefer to determine its AAA and AE&P ratios immediately after the end of the PTTP. Determining the ratios on this later date would result in a lower historical AE&P amount, and therefore the percentage of the qualified distribution that could be characterized as a distribution of AAA would be greater when compared to the approach adopted by these proposed regulations.

ETSC Proration Based on Ratios Composed of Historical AAA and Historical AE&P

Section 1371(f) provides that AAA is allocated to a qualified distribution, and such distribution is chargeable to AE&P, in the same ratio as the amount of such AAA bears to the amount of such AE&P. Therefore, section 1371(f) requires an allocation of two distinct pools of an ETSC’s historical earnings with respect to a qualified distribution (that is, AAA and AE&P). In order to clarify the calculation of AAA and AE&P allocated to qualified distributions, these proposed regulations provide two ratios for purposes of characterizing the portion of a qualified distribution that is sourced from AAA (AAA ratio) and from AE&P (AE&P ratio).

The numerator and denominator of the AAA ratio and the AE&P ratio are comprised of two factors: the ETSC’s historical AAA and its historical AE&P. An ETSC’s AAA ratio would be the fraction of which the numerator is its historical AAA, and the denominator is the sum of its his

torical AAA and its historical AE&P. An ETSC’s AE&P ratio would be the fraction of which the numerator is its historical AE&P, and the denominator is the sum of its historical AAA and its historical AE&P. Generally, the amount of a qualified distribution sourced from AAA would be determined by multiplying the amount of the qualified distribution by the ETSC’s AAA ratio. A parallel computation would be undertaken to determine the amount that is sourced from AE&P. Part II. C of this Explanation of Provisions describes the rules relating to the application of the ETSC proration to qualified distributions in greater detail.

Coordinating ETSC Proration with Sections 301 and 316

In constructing the mechanics of the ETSC proration, the Treasury Department and the IRS sought to harmonize the rules set forth in section 1371(f) with the general section 301(c) characterization and section 316 allocation rules that govern distributions by a C corporation with respect to its stock. Generally, a distribution by a C corporation with respect to its stock is characterized as a dividend (as defined in section 316), then as a return of stock basis, and finally any remaining amount as gain from the sale or exchange of property. See sections 301(a) and (c). In defining a dividend, section 316 provides that “every distribution is made out of earnings and profits to the extent thereof, and from the most recently accumulated earnings and profits.” Section 316(a)(2) (flush language). Section

316-2(a) provides that “[i]n determining the source of a distribution, consideration should be given first[] to the earnings and profits of the taxable year….” Section
316-2(b) further provides that, if distributions during the taxable year consist only of money and exceed the amount of the C corporation’s current earnings and profits (CE&P) for the taxable year, CE&P is allocated proportionately to such distributions, while AE&P is allocated on a “first-comefirst-served” basis.

Section 1371(f), however, provides special rules with respect to qualified distributions that depart from the general section 301(c) characterization and section 316 allocation rules. From the perspective of sections 301 and 316, 1371(f) is thus an excep

tion to those provisions. See section 301(a) (providing an exception for provisions contained in chapter 1 of subtitle A of title 26 of the Code); section 316(a) (providing an exception for provisions contained in subtitle A of title 26 of the Code). Specifically, section 1371(f) provides that, instead of characterizing a qualified distribution as a dividend as defined in section 316, first AAA “shall be allocated to such [qualified] distribution, and the [qualified] distribution shall be chargeable to [AE&P], in the same ratio as the amount of such [AAA] bears to the amount of such [AE&P]. ” The allocation of AAA ahead of CE&P, and the allocation of AE&P to a distribution ahead of CE&P, depart from the general characterization rules of section 301 and the general section 316 allocation rules

The Treasury Department and the IRS are aware that this special AE&P allocation rule could impact the normal allocation of AE&P, as well as CE&P, to non-qualified distributions by an ETSC, if an ETSC makes non-qualified and qualified distributions during the same taxable year. For example, the following could result when an ETSC makes a non-qualified distribution followed by a qualified distribution during its taxable year. First, the non-qualified distribution could be allocated an amount of AE&P less than the amount that otherwise would be required under the general section 316 allocation rules, because section 1371(f) would require that a portion of the ETSC’s AE&P be allocated instead to the “later-in-time” qualified distribution. Second, because section 1371(f) would cause the “earlier-in-time” non-qualified distribution to be allocated a reduced amount of AE&P, the non-qualified distribution could be characterized differently than it otherwise would have been characterized absent section 1371(f) (that is, a characterization described in section 301(c)(2) or section 301(c)(3), rather than section 301(c)(1)). With regard to the predictable impacts on the treatment and characterization of non-qualified distributions that result from Congress’ specific inclusion of AE&P in section 1371(f)’s AAA allocation methodology, the Treasury Department and the IRS have determined that the exceptions set forth in sections 301(a) and 316(a) naturally extend to such consequences as well. Based on the language of these Code

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sections, as well as Congress’ objective to ease affected taxpayers’ transition from S corporation status to C corporation status, the proposed regulations provide a special sourcing rule (Section 1371(f) Priority Rule) for qualified distributions, as described in detail in Part II. C of this Explanation of Provisions.

C. Character and Effect of Distributions during the ETSC Period

The Section 1371(f) Priority Rule essentially provides that, during the ETSC period, the rules of the ETSC proration under section 1371(f) apply before the rules of section 301 and 316. Thus, under the Section 1371(f) Priority rule, the ETSC proration first applies to qualified distributions during the taxable year. Then, the rules of section 301 and 316, as incorporated into the Section 1371(f) Priority Rule, apply to any non-qualified distributions as well as to any qualified distributions or portions thereof that are not fully accounted for by the ETSC proration (i. e., because the corporation’s AAA or AE&P are exhausted during the year).

The Treasury Department and the IRS acknowledge that the application of the Section 1371(f) Priority Rule, as set forth in these proposed regulations, departs from the allocation and characterization rules under sections 301 and 316 with which taxpayers and practitioners are familiar. The departure is greatest when an ETSC has both historical AAA and historical AE&P and makes both qualified and non-qualified distributions during the same taxable year. For ETSCs with historical AAA but no historical AE&P, which the Treasury Department and the IRS believe will be the most common situation, the departure is less significant and is the same as the departure that section 1371(e) requires for distributions of AAA during the PTTP. Immediately following the end of the taxable year in which the ETSC period ends, which occurs when the ETSC’s AAA balance is reduced to zero, the normal rules of section 301 and section 316 apply as usual to all distributions. These proposed regulations are expected to generally reduce the length of the ETSC period and thus reduce the time during which the departure from the normal rules of sections 301 and 316 occurs.

The following summary provides a reference to taxpayers and practitioners for applying the Section 1371(f) Priority Rule to qualified and non-qualified distributions made during the taxable years of the ETSC period, including the taxable year in which the ETSC period ends.

Determination of the AAA Ratio and the AE&P Ratio

The Section 1371(f) Priority Rule applies the ETSC proration to each qualified distribution. To determine the ETSC proration, the AAA ratio and the AE&P ratio must first be calculated. An ETSC’s AAA ratio is the fraction of which the numerator is its historical AAA and the denominator is the sum of its historical AAA and historical AE&P. Likewise, an ETSC’s AE&P ratio is the fraction of which the numerator is its historical AE&P, and the denominator is the sum of its historical AAA and historical AE&P.

In general, the AAA ratio and the AE&P ratio do not change over the course of the ETSC period. However, if the application of the AE&P ratio to a qualified distribution reduces the ETSC’s AE&P to zero, and the ETSC’s historical AAA has not been exhausted, then the AAA ratio is one and the AE&P ratio is zero for the remainder of the year and all subsequent taxable years of the ETSC period. Additionally, if the ETSC’s AE&P (which includes its historical AE&P) is less than or equal to zero as of the beginning of a taxable year (for example, due to non-qualified distributions or losses incurred during the prior taxable year) and the ETSC’s historical AAA has not been exhausted, then the AAA ratio is one and the AE&P ratio is zero for the year and all subsequent taxable years of the ETSC period. These mechanics are responsive to the exhaustion of the ETSC’s historical AE&P, and therefore accelerate the distribution of AAA by permitting the entirety of all subsequent qualified distributions to be sourced from the ETSC’s AAA.

2. Identification of Qualified and Non- Qualified Distributions during Taxable Year

Application of the Section 1371(f) Priority Rule depends, in part, upon whether

a distribution by an ETSC is a qualified or non-qualified distribution. As a result, for each taxable year of an ETSC, each distribution must be characterized as a qualified distribution or a non-qualified distribution before determining the characterization of such distribution under the Section 1371(f) Priority Rule.

Characterization and Consequences of Qualified Distributions

For each taxable year of the ETSC period, including the taxable year in which the ETSC period ends, the characterization of each qualified distribution must be determined prior to the characterization of each non-qualified distribution. The portion of a qualified distribution that is sourced from AAA is equal to the lesser of (i) the product of the qualified distribution and the AAA ratio, and (ii) the ETSC’s AAA immediately before the qualified distribution. Such AAA-sourced portion of the qualified distribution reduces both the ETSC’s AAA and the shareholder’s adjusted stock basis, applying the principles of section 301(c)(2). If the amount of that AAA-sourced portion exceeds the shareholder’s stock basis, the excess is treated as gain from the sale or exchange of property, regardless of whether the corporation has CE&P or AE&P available. If the amount sourced from AAA equals the balance of the ETSC’s AAA before the qualified distribution, all subsequent distributions by the ETSC are treated in the manner provided in section 301(c). If the amount sourced from AAA is less than that balance, then any remaining AAA is available to be allocated to later qualified distributions during the taxable year. If any AAA remains after all qualified distributions for the taxable year have been accounted for, it is carried forward to the next taxable year of the ETSC.

The portion of a qualified distribution that is charged to AE&P is equal to the lesser of (i) the product of the qualified distribution and the AE&P ratio, and (ii) the ETSC’s AE&P immediately before the qualified distribution. The ETSC’s AE&P is reduced by the charged amount in accordance with section 312(a)(1). The ETSC’s AE&P is reduced by the portion of the qualified distribution chargeable to AE&P prior to the application of the rules

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of sections 301 and 316, as incorporated into the Section 1371(f) Priority Rule, to any non-qualified distribution, regardless of whether the non-qualified distribution occurred prior to the qualified distribution. The amount of the qualified distribution that is charged to the ETSC’s AE&P is included in the gross income of the shareholder as a dividend under section 301(c)(1).

Application of ETSC proration to excess qualified distributions

Any portion of a qualified distribution that is not initially accounted for by the ETSC proration is referred to as an “excess qualified distribution.” An excess qualified distribution arises when the ETSC no longer has AAA, AE&P, or both after initially applying the ETSC proration. If the initial application of the ETSC proration to a qualified distribution does not fully account for the amount of the distribution and the ETSC continues to have AAA, the Section 1371(f) Priority Rule requires that the ETSC proration be reapplied to the excess qualified distribution as if the excess qualified distribution were a separate qualified distribution using a AAA ratio of one and an AE&P ratio of zero. See Part II. C. 1 of this Explanation of Provisions.

Characterization and Consequences of Non-Qualified Distributions and Excess Qualified Distributions

The Section 1371(f) Priority Rule requires non-qualified distributions and excess qualified distributions (to the extent not characterized as a distribution of AAA) to be treated in the manner described in section 301(c). The Section 1371(f) Priority Rule requires that such treatment take into account the treatment of each non-qualified distribution and each excess qualified distribution made by the ETSC during the same taxable year.

Requests for Comments

The Treasury Department and the IRS evaluated several other approaches to implementing section 1371(f) and the rules that would be needed to coordinate those approaches with the rules of sections 301

and 316 before settling on the approach adopted in the Section 1371(f) Priority Rule. The Treasury Department and the IRS request comments regarding the advantages and disadvantages of the Section 1371(f) Priority Rule as well as other proposals that would help ease the transition of S corporation status to C corporation status. The Treasury Department and the IRS also request comments regarding the effect of section 381(a) transactions in which an ETSC is either the transferor or the acquiring corporation (including certain triangular acquisitions) as well as the effect of an ETSC electing to file a consolidated return or joining a consolidated group. The Treasury Department and the IRS further request comments on the effect of subchapter C transactions (including section 302(a) redemptions, section 355 transactions, and section 368 reorganizations) and the effect of a deemed distribution (including forgiveness of shareholder debt) on the ETSC’s AAA balance.

III. Amendment of §1.316-2 to Clarify Allocation of CE&P to Non-Cash Distributions

Section 316(a) provides that a dividend is a distribution of property made by a corporation to its shareholders out of its CE&P or AE&P, or both. Pursuant to §1. 316-2(a), in determining the source of a distribution under section 316(a), a corporation must first source the distribution from its CE&P before sourcing such distribution from AE&P. If the corporation’s CE&P is sufficient to cover “all the distributions” made during the taxable year, then the entirety of each distribution is taxable as a dividend pursuant to the first sentence of §1. 316-2(b). If a corporation’s distributions during the taxable year consist “only of money” and exceed CE&P, each distribution is allocated its ratable share of CE&P pursuant to the second sentence of §1. 316-2(b).

The reference to distributions that “consist only of money” has been in the second sentence of §1. 316-2(b) since that regulation was adopted in 1955. Section

316-2 was adopted shortly after the enactment of the Internal Revenue Code of 1954 (1954 Code), which contained several provisions relating to distributions of noncash property. A number of these pro

visions have since changed. In particular, section 311 of the 1954 Code provided that a distributing corporation generally did not recognize any gain or loss on the distribution of noncash property, and section 312 of the 1954 Code provided that the distributing corporation generally reduced its earnings and profits by the adjusted basis of the property distributed. At the same time, section 301(b) of the 1954 Code provided that the amount of a distribution of noncash property to a shareholder depended on the type of shareholder. Individual shareholders were treated as receiving a distribution equal to the fair market value of the property, while corporate shareholders were generally treated as receiving a distribution equal to the lesser of the property’s fair market value or the distributing corporation’s adjusted basis in the asset distributed. In light of these provisions, the 1955 promulgation of §1. 316-2 illustrated the consequences of the allocation of CE&P in the simplest fact pattern — when the distributions consist only of money.

Under current law, however, a distributing corporation recognizes gain on a section 301 distribution of appreciated noncash property. See section 311. The amount of a distribution of noncash property for purposes of shareholder taxation equals the property’s fair market value, irrespective of whether the shareholder is an individual or a corporation. Additionally, section 316(a)(2) makes no distinction between distributions in cash and distributions of other property under section 301. Section 317(a), which section 301 cross-references for purposes of defining property, includes money, securities, and any other property, except a distributing corporation’s own stock. Accordingly, the Treasury Department and the IRS do not believe that the language in the second sentence of §1. 316-2(b) should be interpreted as implying that under current law the application of the pro rata allocation rule for CE&P is limited to distributions made only in money. Cf. GCM 36138 (Jan. 15, 1975) (noting that “[section] 316(a)(2) makes no qualitative distinction between distributions in cash and other distributions of property under [section] 301,” and “[t]hus, there is no basis under [section] 316(a)(2) for limiting the application of the rules under

November 25, 2019 1222 Bulletin No. 2019–48

(Data Book) (https://www. irs. gov/pub/ irs-soi/18databk. pdf) reports that the IRS received approximately 5. 1 million S corporation income tax returns in 2018. According to the Compliance Data Warehouse (CDW), between January 1, 2018, and December 31, 2018, 4,850 S corporations terminated their S elections. Of the 4,850 terminated S corporations: (i) 286 corporations had more than $35

million in gross receipts; (ii) 81 corporations had between $25-$35

million in gross receipts; (iii) 161 corporations had between $15 $25 million in gross receipts; and (iv) 3,011 corporations had less than $15

million, but at least $1 in gross receipts. In addition, of those 4,850 terminated S corporations: (i) 694 corporations reported no gross

receipts; and (ii) The remaining 617 did not file a final

return after terminating their S election. A revocation is one of the three methods by which a corporation may terminate its S election under section 1362(d). Proposed §§1. 481-5, 1371-1, and 1371-2 apply only to those corporations that revoke their S election. The CDW does not identify how many of the 4,850 terminations were revocations. In the unlikely scenario that all 4,850 terminations were revocations, approximately 0. 0951 percent of the 5. 1 million S corporations in existence in 2018 may be affected by these proposed regulations. Extrapolating from the first-year data (January 1, 2018, to December 31, 2018) to the second half of the two-year period (January 1, 2019, to December 21, 2019) during which these proposed regulations are effective, it is possible another 4,850 former S corporations could be affected by these proposed regulations. Thus, these proposed regulations might only affect a total of 9,700 corporations. Assuming that the IRS again receives 5. 1 million S corporation income tax returns for the 2019 tax year, these proposed regulations may affect approximately 0. 1902 percent of all S corporations in existence in 2018 and 2019. The exact number may be lower because not all terminations are revocations, and a revocation only satisfies one of several criteria that cause these

[§]1. 316-2(b) to distributions made solely in money”). Therefore, in order to clarify that the pro rata allocation of CE&P applies to all section 301 distributions made during the taxable year, whether in cash or in kind, the proposed regulations would remove the words “consist only of money and” from the second sentence of paragraph (b).

IV. Amendment of §1.1377-2 to Allow for New Shareholders during the PTTP

The last sentence of §1. 1377-2(b) limits the special treatment provided under section 1371(e)(1) (that is, the PTTP) solely to those shareholders who were shareholders of the S corporation at the time of termination or revocation of its S election. Because the rules pertaining to the PTTP and to the ETSC period serve the similar objective of easing the transition from S corporation status to C corporation status, the Treasury Department and the IRS have determined that these rules regarding newcomers should be consistent. Therefore, based on the rationale for rejecting a no-newcomer rule for the ETSC period, as set forth in Part II. A of this Explanation of Provisions, the Treasury Department and the IRS have determined that a no-newcomer rule should also not apply to the PTTP. The Treasury Department and the IRS request comments regarding this determination.

Proposed Applicability Dates

The regulations are proposed to apply to taxable years beginning after the date of publication of the Treasury decision adopting these regulations as final regulations in the Federal Register . However, the proposed regulations provide corporations with the option to apply the final rules in §§1. 316-2, 1. 481-5, 1. 1371-1,

1371-2, and 1. 1377-2 in their entirety, to the extent applicable, to taxable years that began on or before the date of publication of a Treasury decision adopting these rules as final regulations in the Federal Register and with respect to which the period described in section 6511(a) has not expired. If the corporation makes the choice described in the previous sentence, all shareholders of the corporation must report consistently.

Special Analyses

This regulation is not subject to review under section 6(b) of Executive Order 12866 pursuant to the Memorandum of Agreement (April 11, 2018) between the Treasury Department and the Office of Management and Budget regarding review of tax regulations.

I. Regulatory Flexibility Act

Pursuant to the Regulatory Flexibility Act (5 U. S. C. chapter 6), it is hereby certified that these proposed regulations under sections 481(d), 1371(f), and 1377 of the Code will not have a significant economic impact on a substantial number of small entities within the meaning of section 601(6) of the Regulatory Flexibility Act. Notwithstanding this certification, the Treasury Department and the IRS invite comments on the impact that these proposed regulations would have on small entities.

These proposed regulations generally affect corporations, and their shareholders, that convert from being taxed as an S corporation to being taxed as a C corporation. The Treasury Department and the IRS acknowledge that there is a substantial number of small entities that are S corporations that could convert to being taxed as a C corporation. According to the 2013 Corporate Income Tax Returns Complete Report (https://www. irs. gov/ pub/irs-soi/13coccr. pdf), approximately 83 percent of S corporations had gross receipts under $1,000,000. However, the proposed regulations under section 1371(f) are limited to corporations that: (i) Revoke their S elections; (ii) Make their revocations during a spec ified two-year period beginning on December 22, 2017; (iii) Have positive AAA at the conclusion

of their PTTP; and (iv) Have the same shareholders (and in

identical proportions) on December 22, 2017, and the date the S election revocation is made (shareholder identity requirement). Because these proposed regulations apply only to those S corporations that satisfy the criteria above, only a small subset of S corporations will be affected.

The U. S. Department of Treasury, Internal Revenue Service, Data Book 2018

Bulletin No. 2019–48 1223 November 25, 2019

proposed regulations to be applicable. For these proposed regulations to be applicable, the corporation must also have a positive AAA balance at the conclusion of its PTTP and satisfy the shareholder identity requirement. Therefore, the number of affected corporations is likely to be lower.

The other proposed regulation in this notice of proposed rulemaking, proposed §1. 1377-2(b), generally applies to a corporation that terminates its S election with a positive AAA balance, regardless of when or how the termination occurs (see section 1362(d)). As a result, the change made by proposed regulation §1. 13772(b) to allow newcomer shareholders will affect a greater number of terminating S corporations than proposed regulation §§1. 481-5, 1. 1371-1, and 1. 1371-2. Nevertheless, the number of corporations that terminate their S election remains minimal. According to the CDW, there were 2,798 S corporation terminations in 2015; 2,960 in 2016; 3,125 in 2017; and 4,850 in 2018. When comparing the number of terminating S corporations to the number of S corporation income tax returns filed each year, only a small fraction of S corporations will be affected.

In addition, based on published information from the Conference Report accompanying the Act, H. R. Rep. No. 115-446, at 688 (2017), and Bureau of Economic Analysis aggregate data, which were adjusted to reflect the tax burden of small businesses, the projected net tax proceeds from sections 481(d), 1371(f), and 1377 are estimated to affect only a small fraction of the total number of S corporations.

The Treasury Department and the IRS have determined that no additional burden will be associated with these proposed regulations. In particular, the collection of information necessary to comply with these proposed regulations is already required to be collected by previously existing statutory and regulatory requirements. Additionally, these proposed regulations apply only if an S corporation revokes its S election between December 22, 2017 and December 21, 2019, fulfills the shareholder identity requirement, and has a positive AAA balance at the conclusion of its PTTP. The proposed removal of §1. 1377-2(b)’s last sentence would re

duce a taxpayer’s compliance burden by eliminating the need to track shareholders during the PTTP.

For the reasons explained above, the Treasury Department and the IRS have determined that the final regulations will not have a significant economic impact on a substantial number of small entities. Pursuant to section 7805(f), the notice of proposed rulemaking will be submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on its impact on small business.

II. Paperwork Reduction Act

These proposed regulations do not require collection of any new or additional information pursuant to the Paperwork Reduction Act (PRA) (44 U. S. C. 3501 et seq . ).

The Treasury Department and the IRS intend that the information necessary to apply these proposed regulations will be collected with the following forms that have been previously reviewed and approved by the Office of Management and Budget (OMB) under the PRA: (i) Form 1120-S, U. S. Income Tax Re turn for an S Corporation (OMB Control Number 1545-0123); (ii) Schedule K-1 (Form 1120-S), Share holder’s Share of Income, Deductions, Credits, etc. (OMB Control Number 1545-0123); (iii) Form 1120, U. S. Corporation Income

Tax Return (OMB Control Number 1545-0123); (iv) Form 5452, Corporate Report of Non dividend Distributions (OMB Control Number 1545-0123); and (v) Form 1099-DIV, Dividends and Dis tributions (OMB Control Number 1545-0110). Section 1362(e) requires a corporation that revoked or terminated its S election to file a return for its last taxable year as an S corporation on Form 1120-S. This filing requirement includes an eligible terminated S corporation (ETSC). Section 6037(b) and the regulations thereunder require every S corporation to maintain certain information, such as its shareholders’ names, addresses, and other identifying information throughout the taxable year, in order to furnish its shareholders with the information necessary to complete their return

(in other words, Schedule K-1). Because sections 1366(a) and 1377(a)(1) allocate an S corporation’s items of income and loss to shareholders on a per-share, perday basis, every S corporation effectively tracks its shareholders, and their respective ownership percentages, on a daily basis. The information that every S corporation currently collects to comply with the existing requirements of sections 1366(a), 1377(a)(1), and 6037(b) will be used to determine whether a corporation satisfies the shareholder identity requirement of proposed §1. 481-5(b)(3).

Any corporation that qualifies as an ETSC will refer to Schedule M-2 of its last filed Form 1120-S to calculate each of its AAA and AE&P ratios, within the meaning of proposed §1. 1371-1(a)(2) (vii), to determine its historical AAA and historical AE&P amounts. If an ETSC enters a closing agreement pursuant to a subsequent audit, it will adjust its historical AAA and historical AE&P amounts accordingly.

At the beginning of a corporation’s ETSC period, an ETSC will also refer to Schedule M-2 of its last filed Form 1120S to determine the balance of its accumulated adjustments account (AAA) at the end of its last tax year as an S corporation. If an ETSC makes no cash distributions during its post-termination transition period (PTTP), within the meaning of section 1377(b)(1)(A), then it will start its ETSC period with a AAA balance equal to the amount reported as the AAA balance at the end of the tax year on Schedule M-2 of its last filed Form 1120-S. If an ETSC makes cash distributions during its PTTP, then it will start its ETSC period with a AAA balance equal to the difference between the amount reported as the AAA balance at the end of the tax year on Schedule M-2 of its last filed Form 1120-S and the amount of cash distributions that the ETSC made during its PTTP.

Every domestic C corporation must file an income tax return on Form 1120, and attach Form 5452 if it makes a nondividend distribution to its shareholders. In particular, the instructions for Form 5452 require any corporation that makes a distribution under section 1371(f) to file a Form 5452. In any tax year in which an ETSC makes a qualified distribution, it is required to attach Form 5452 and report

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its AAA balance, the amount of AE&P at the beginning of the tax year, the amount of CE&P for the current tax year, and the amounts paid during the calendar year from earnings and profits and from “other than earnings and profits.” The information collected through Form 5452 is sufficient for an ETSC to apply these proposed regulations. In particular, the information collected through Form 5452 is sufficient for an ETSC to determine its AAA balance both before and after each qualified distribution, as well as determine the impact that each qualified distribution has on its CE&P and AE&P.

With respect to shareholders of ETSC stock, an ETSC is required (like any C corporation that makes a distribution to its shareholders) to provide a statement to its non-corporate recipient shareholders that reports the amounts characterized as a dividend and nondividend distribution on Form 1099-DIV. Form 1099-DIV will inform an ETSC’s shareholders of the amount that constitutes a dividend subject to section 301(c)(1) and the amount that constitutes a nondividend distribution. Distributions allocable to AAA will be reported to recipient shareholders as a nondividend distribution.

The Treasury Department and the IRS do not anticipate modifying the scope of the information gathered on the aforementioned forms.

Modest burden estimate revisions are anticipated for proposed regulations under §1.1377-2. Specifically, the proposed removal of §1. 1377-2(b)’s last sentence would reduce a taxpayer’s collection burden by eliminating the need to track shareholders during the PTTP. Changes to these burden estimates will be made in accordance with the PRA in the annual review procedure for information collections under OMB Control Number 1545-0123.

These proposed regulations are estimated to affect a total of 9,700 corporations, or 0. 1902% of all S corporations in existence in 2018 and 2019. Regarding proposed regulations §§1. 481-5, 1. 481-6,

1371-2, and 1. 1371-3, the exact number might be lower because the 9,700 is extrapolated from data and projections of S corporation terminations, not the subset revocations, and to qualify as an ETSC the corporation must also have a positive AAA balance at the conclusion of its

PTTP and satisfy the shareholder identity requirement.

An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a valid control number assigned by the OMB.

III. Unfunded Mandates Reform Act

Section 202 of the Unfunded Mandates Reform Act of 1995 requires that agencies assess anticipated costs and benefits and take certain other actions before issuing a final rule that includes any Federal mandate that may result in expenditures in any one year by a state, local, or tribal government, in the aggregate, or by the private sector, of $100 million in 1995 dollars, updated annually for inflation. In 2019, that threshold is approximately $164 million. This rule does not include any mandate that may result in expenditures by state, local, or tribal governments, or by the private sector in excess of that threshold.

IV. Executive Order 13132: Federalism

Executive Order 13132 (entitled “Federalism”) prohibits an agency from publishing any rule that has federalism implications if the rule either imposes substantial, direct compliance costs on state and local governments, and is not required by statute, or preempts state law, unless the agency meets the consultation and funding requirements of section 6 of the Executive Order. This rule does not have federalism implications and does not impose substantial, direct compliance costs on state and local governments or preempt state law within the meaning of the Executive Order.

Comments and Public Hearing

Before these proposed regulations are adopted as final regulations, consideration will be given to any comments that are submitted timely to the IRS as prescribed in this preamble under the ADDRESSES section. The Treasury Department and the IRS request comments on all aspects of the proposed rules, and specifically on the issues identified in Part I.A.3; in Parts II.B.1 and II. C. 6; and in Part IV of this Explanations of Provisions section. All comments

will be made available at http://www. regulations. gov or upon request. A public hearing will be scheduled if requested in writing by any person that timely submits written comments. If a public hearing is scheduled, then notice of the date, time, and place for the public hearing will be published in the Federal Register

Drafting Information

The principal authors of these proposed regulations are Margaret Burow and Michael Gould of the Office of Associate Chief Counsel (Passthroughs and Special Industries), and Aglaia Ovtchinnikova and Kevin M. Jacobs of the Office of Associate Chief Counsel (Corporate). However, other personnel from the IRS and the Treasury Department participated in the development of the proposed regulations.

Proposed Amendments to the Regulations

Accordingly, 26 CFR part 1 is proposed to be amended as follows:

PART 1—INCOME TAXES

Paragraph 1. The authority citation for part 1 is amended by adding an entry in numerical order for § 1. 481-6 to read in part as follows:

Authority: 26 U. S. C. 7805 * * * Section 1. 481-6 is also issued under 26 U. S. C. 481.

§1. 316-2 [Amended] Par. 2. Section 1. 316-2 is amended by removing “consist only of money and” from the second sentence of paragraph (b).

§1. 481-5 [Redesignated as §1. 481-6] Par. 3. Section 1. 481-5 is redesignated as §1. 481-6.

Par. 4. Add new §1. 481-5 to read as follows:

§1.481-5 Eligible terminated S corpo- ration

(a) Scope. Section 481(d)(2) and this section provide rules relating to the qual- ification of a corporation as an eligible terminated S corporation (ETSC). Para- graph (b) of this section sets forth the requirements a corporation must meet to qualify as an ETSC. Paragraph (c) of this

Bulletin No. 2019–48 1225 November 25, 2019

section describes certain transfers and other events that are disregarded for pur- poses of determining whether a corpora- tion qualifies as an ETSC. Paragraph (d) of this section contains examples illustrat- ing the rules of this section.

(b) ETSC qualification. For a C corpo- ration to qualify as an ETSC, it must satis- fy the following requirements:

(1) The corporation must have been an S corporation on December 21, 2017;

(2) During the 2-year period beginning on December 22, 2017, the corporation must have made a valid revocation of its S election under section 1362(d)(1) and the regulatory provisions in this part under section 1362 of the Code (Revocation); and

(3) Except as provided in paragraph (c) of this section, the owners of the shares of stock of the corporation must be the same (and in identical proportions) on both: (i) December 22, 2017; and (ii) The day on which the Revocation is

made. (c) Certain disregarded events. The following events are disregarded for pur- poses of determining whether the require- ment in paragraph (b)(3) of this section is satisfied:

(1) Transfers of stock between a shareholder and that shareholder’s trust treated as wholly owned by that shareholder under subpart E of subchapter J of chapter 1 of the Code;

(2) Transfers of stock between a shareholder and an entity owned by that shareholder which is disregarded as separate from its owner under §301. 7701-2(c)(2) (i) of this chapter;

(3) An election by a shareholder trust to be treated as part of a decedent’s estate under section 645 or the termination of an election under that section;

(4) A change in the status of a shareholder trust from one type of eligible S corporation shareholder trust described in section 1361(c)(2)(A) to another type of eligible S corporation shareholder trust; for example, a trust to which the shares of stock were transferred pursuant to the terms of a will (testamentary trust) described in section 1361(c)(2)(A)(iii) which elects to become an electing small business trust described in section 1361(c) (2)(A)(v) and (e); and

(5) A transaction that includes more than one of the events described in this paragraph (c).

(d) Examples. The following examples illustrate the rules of this section. For pur- poses of the examples in this paragraph (d), as of December 1, 2017, X is a calen- dar year S corporation with 100 shares of stock outstanding that is owned equally by unrelated individuals A and B. Pursuant to section 1362(d)(1) and §§1.1362-2 and 1.1362-6, X made a valid revocation of its S election on March 15, 2019, effective on January 1, 2019. At all times, X has a single class of stock outstanding. The ex- amples describe all relevant transactions involving the X stock from December 1, 2017 until March 15, 2019. (1) Example 1 —(i) Facts . On June 5, 2018, A contributed 20 of its shares of X stock to Y, a wholly owned limited liability company that is disregarded as an entity separate from A pursuant to §301. 77012(c)(2)(i) of this chapter. On June 14, 2018, A contributed all of its interest in Y to Trust, which was a revocable trust treated as a wholly owned grantor trust of A pursuant to sections 671 and 676. On December 27, 2018, B sold 10 shares of its X stock to C, an unrelated person.

(ii) Analysis . X is an ETSC if it satisfies the requirements of paragraph (b) of this section.

(A) S corporation . X was an S corporation on December 21, 2017. Therefore, X satisfies the requirement of paragraph (b)(1) of this section.

(B) Date of revocation . X made a valid revocation of its S election pursuant to section 1362(d)(1) on March 15, 2019, which is within the 2-year period specified in paragraph (b)(2) of this section. Therefore, X satisfies the requirement of paragraph (b)(2) of this section.

(C) Ownership . For purposes of the requirement in paragraph (b)(3) of this section, the relevant dates are: December 22, 2017, and March 15, 2019 (the date X made a revocation of its S corporation status).

( 1 ) A’s ownership interest . As of December 22, 2017, A owned 50 shares of the outstanding shares of X stock. On June 5, 2018, A contributed 20 of its shares of X stock to Y (Transfer). On June 14, 2018, A contributed all of its interest in Y to Trust (Contribution). Both the Transfer and the Contribution are disregarded for purposes of determining whether the requirement of paragraph (b)(3) of this section is satisfied. See paragraphs (c)(2) and (1) of this section, respectively. Therefore, A owns 50 shares of the outstanding stock of X on March 15, 2019.

( 2 ) B’s ownership interest . As of December 22, 2017, B owned 50 shares of the outstanding shares of X stock. On December 27, 2018, B sold 10 shares to C. Therefore, B owns 40 shares of the outstanding stock of X on March 15, 2019.

( 3 ) C’s ownership interest . As of December 22, 2017, C owned no shares of X stock. On December 27, 2018, C purchased 10 shares from B. Therefore, C owns 10 shares of the outstanding stock of X on March 15, 2019.

( 4 ) Failure to satisfy the requirement in para- graph (b)(3) of this section . As described in paragraphs (d)(1)(ii)(C)( 2 ) and ( 3 ) of this section, B’s and C’s interest in X were not in the same proportions on December 22, 2017, and March 15, 2019. Therefore, X does not satisfy the requirement of paragraph (b) (3) of this section and does not qualify as an ETSC.

(iii) Restoration of interests prior to end of PTTP . If C transferred its shares of X stock back to B on February 1, 2019, then on December 22, 2017, and March 15, 2019, A and B will have owned 50 shares of the outstanding stock of X. Therefore, X satisfies the requirement of paragraph (b)(3) of this section and qualifies as an ETSC.

(2) Example 2 —(i) Facts . The facts are the same as in paragraph (d)(1)(i) of this section (the facts in Example 1 ), except that B sold 10 shares of its X stock to C on December 18, 2017, in addition to the sale of 10 shares of X stock on December 27, 2018.

(ii) Analysis . The analysis in paragraphs (d)(1) (ii)(A) and (B) of this section remains the same regarding the requirements of paragraphs (b)(1) and (2) of this section. With respect to the requirement of paragraph (b)(3) of this section, on December 22, 2017, A owned 50%, B owned 40%, and C owned 10% of the outstanding stock of X. As in paragraph (d)(1)(ii)(C)( 1 ) of this section, the Transfer and the Contribution are disregarded for purposes of determining whether the requirement of paragraph (b) (3) of this section is satisfied. Therefore, on March 15, 2019, A owned 50% (50 shares), B owned 30% (30 shares), and C owned 20% (20 shares) of the outstanding shares of X. Even though A, B, and C owned shares of X on December 22, 2017, B’s and C’s proportionate ownership interest of X stock was not the same on December 22, 2017 and March 15, 2019. Therefore, X does not satisfy the requirement of paragraph (b)(3) of this section and does not qualify as an ETSC.

(3) Example 3 —(i) Facts . The facts are the same as in paragraph (d)(1)(i) of this section (the facts in Example 1 ), except that X made a valid revocation of its S election on November 1, 2019, effective on January 1, 2020.

(ii) Analysis . The analysis in paragraphs (d) (1)(ii)(A) through (C) of this section remains the same regarding the requirements of paragraphs (b) (1) through (3) of this section, except that the relevant dates are: December 22, 2017, and November 1, 2019 (the date X made a revocation of its S corporation status). Although the effective date of X’s revocation of its S election (January 1, 2020) occurs after the conclusion of the 2-year period specified in paragraph (b)(2) of this section, it is irrelevant for purposes of determining whether the requirements of paragraphs (b)(2) and (3) of this section are satisfied.

Par. 5. Newly redesignated §1. 481-6 is amended by revising the section heading and adding three sentences at the end of the paragraph to read as follows:

§1.481-6 Applicability date

- - The rules of §1. 481-5 generally apply to taxable years beginning after

[DATE OF PUBLICATION OF THE FINAL RULES IN THE FEDERAL REG- ISTER ]. However, corporations may

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choose to apply the rules in §§1. 316-2,

481-5, 1. 1371-1, 1. 1371-2, and 1. 13772 in their entirety, to the extent applicable, to taxable years that began on or before

[DATE OF PUBLICATION OF THE FINAL RULES IN THE FEDERAL REG- ISTER ] and with respect to which the period described in section 6511(a) has not expired. If the corporation makes the choice described in the previous sentence, all shareholders of the corporation must report consistently.

Par. 6. Sections 1. 1371-1 and 1. 1371-2 are added to read as follows:

§1.1371-1 Distributions of money by an eligible terminated S corporation

(a) Scope and definitions—(1) Scope. This section provides rules relating to qualified distributions (as defined in para- graph (a)(2)(xii) of this section) and dis- tributions to which section 301 applies during each taxable year of the ETSC period (as defined in paragraph (a)(2) (vii) of this section), including the taxable year in which the ETSC period ends. If the ETSC (as defined in paragraph (a)(2)(vi) of this section) does not make any qual- ified distributions during a taxable year, then no distribution by the ETSC is gov- erned by section 1371(f) or this section. Paragraph (a)(2) of this section contains definitions that apply for purposes of this section. Paragraph (b) of this section con- tains rules regarding the characterization of a qualified distribution. Paragraph (c) of this section contains rules regarding the characterization of any excess qualified distribution (as defined in paragraph (a) (2)(viii) of this section) and non-qualified distribution (as defined in paragraph (a) (2)(xi) of this section) during each tax- able year of the ETSC period, including the taxable year in which the ETSC period ends. Paragraph (d) of this section con- tains examples illustrating the rules of this section. Paragraph (e) of this section con- tains the applicability date of this section.

(2) Definitions . The following definitions apply for purposes of this section—

(i) AAA . The term AAA means the accumulated adjustments account, within the meaning of section 1368(e)(1)(A) and §1. 1368-2(a)(1). (ii) AAA ratio . Except as provided in this paragraph (a)(2)(ii) or paragraph (b)(3)(iv) of this section, the term AAA ratio means the fraction of which the numerator is historical AAA and the denominator is the sum of historical AAA and historical AE&P. Notwithstanding the preceding sentence, if the AE&P of the ETSC is less than or equal to zero as of

the beginning of a taxable year, then the AAA ratio is one for such year and all subsequent taxable years of the ETSC period.

(iii) AE&P . The term AE&P means earnings and profits described in section 316(a)(1).

(iv) AE&P ratio . Except as provided in this paragraph (a)(2)(iv) or paragraph (b)(3)(iv) of this section, the term AE&P ratio means the fraction of which the numerator is historical AE&P, and the denominator is the sum of historical AAA and historical AE&P. Notwithstanding the preceding sentence, if the AE&P of the ETSC is less than or equal to zero as of the beginning of a taxable year, then the AE&P ratio is zero for such year and all subsequent taxable years of the ETSC period.

(v) CE&P . The term CE&P means earnings and profits that are described in section 316(a)(2).

(vi) ETSC . The term ETSC means an eligible terminated S corporation, within the meaning of section 481(d) and §1. 481-5. (vii) ETSC period . In general, the term ETSC pe- riod means any taxable year, or portion thereof, of an ETSC beginning on the first day after the post-termination period within the meaning of section 1377(b) (1)(A) and ending on the date on which the ETSC’s AAA balance is zero. Additionally, an ETSC does not have an ETSC period if the ETSC’s AAA balance is not greater than zero at the end of its post-termination transition period. See §1. 1371-2 for rules governing the impact of a post-termination period, within the meaning of section 1377(b)(1)(B), on the ETSC period.

(viii) Excess qualified distribution . The term excess qualified distribution means the portion of a qualified distribution that is not characterized pursuant to paragraph (b)(2) or (3) of this section.

(ix) Historical AAA . The term historical AAA means the AAA of the ETSC as of the beginning of the day on which the revocation of an election under section 1362(a) is effective pursuant to section 1362(d)(1). (x) Historical AE&P . The term historical AE&P means the AE&P of the ETSC as of the beginning of the day on which the revocation of an election under section 1362(a) is effective pursuant to section 1362(d)(1). For purposes of the preceding sentence, if the ETSC’s historical AE&P is less than zero, then the historical AE&P is treated as zero.

(xi) Non-qualified distribution . The term non-qualified distribution means a distribution to which section 301 applies, which is not a qualified distribution.

(xii) Qualified distribution . The term qualified distribution means a distribution of money by an ETSC during the ETSC period to which, absent application of section 1371(f) and this section, section 301 would apply. (b) Characterization of qualified distri- bution —(1) In general . Paragraph (b)(2) of this section provides rules regarding the determination of the amount of a qualified distribution that is sourced from AAA and the corollary effects of such a characterization. Paragraph (b)(3) of this section provides rules regarding the determination of the amount of a qualified distribution

that is sourced from AE&P and the corollary effects of such a characterization. Paragraph (b)(4) of this section provides rules regarding the characterization of an excess qualified distribution as a separate qualified distribution. The rules in paragraphs (b)(2) through (4) of this section are applied before the application of paragraph (c) of this section.

(2) Distribution of AAA —(i) Amount . The portion of a qualified distribution that is sourced from the ETSC’s AAA is equal to the lesser of:

(A) The product of the qualified distribution and the AAA ratio; and

(B) The ETSC’s AAA immediately before the qualified distribution.

(ii) Reduction or elimination of ETSC’s AAA . The ETSC’s AAA is reduced by the amount of the distribution described in paragraph (b)(2)(i) of this section. If, with respect to a qualified distribution, the amount described in paragraph (b)(2)(i) (A) of this section equals or exceeds the amount described in paragraph (b)(2)(i) (B) of this section, then the rules in this paragraph (b) do not apply to any subsequent distributions by the ETSC. Instead, the subsequent distributions are treated in the manner provided in paragraph (c) of this section.

(iii) Effect on the shareholder . The amount described in paragraph (b)(2)(i) of this section is applied against and reduces the shareholder’s adjusted basis of the shares of stock with respect to which the distribution is made under the principles of section 301(c)(2). If the application of the amount described in paragraph (b)(2) (i) of this section would result in a reduction of basis that exceeds the shareholder’s adjusted basis of any share of stock with respect to which the distribution is made, such excess is treated as gain from the sale or exchange of property. The reduction of the shareholder’s basis described in this paragraph (b)(2)(iii) with respect to a qualified distribution occurs prior to the application of paragraph (c) of this section to the excess qualified distribution, if any, with respect to such qualified distribution.

(3) Distribution of AE&P —(i) Amount . This paragraph (b)(3) applies if the ETSC’s AE&P ratio is greater than zero. If this paragraph (b)(3) applies, the portion of a qualified distribution that is sourced

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from the ETSC’s AE&P is equal to the lesser of:

(A) The product of the qualified distribution and the AE&P ratio; and

(B) The ETSC’s AE&P immediately before the qualified distribution. For purposes of the preceding sentence, if the ETSC’s AE&P immediately before the qualified distribution is less than zero, then the ETSC’s AE&P is treated as zero.

(ii) Effect on ETSC’s AE&P . The ETSC’s AE&P is reduced, as described in section 312(a)(1), by the amount of the distribution described in paragraph (b)(3) (i) of this section. The AE&P reduction described in this paragraph occurs prior to the application of paragraph (c) of this section, even if a distribution to which paragraph (c) of this section applies (regarding excess qualified distributions and non-qualified distributions) occurs earlier in time than the qualified distribution to which this paragraph (b)(3)(ii) applies.

(iii) Effect on the shareholder . The amount of the qualified distribution that is sourced from the ETSC’s AE&P described in paragraph (b)(3)(i) of this section is included in the gross income of the shareholder as a dividend under section 301(c)(1). (iv) Adjustment to the AAA ratio and the AE&P ratio . After the application of paragraph (b)(3)(ii) of this section, if the ETSC’s AE&P is zero and the ETSC’s AAA is greater than zero, then the ETSC’s AAA ratio is one and the ETSC’s AE&P ratio is zero for all subsequent qualified distributions during:

(A) That taxable year; and (B) All subsequent taxable years of the ETSC period.

(4) Excess qualified distribution treat- ed as a separate qualified distribution (i) In general . After the application of paragraph (b)(2)(ii) of this section with respect to a qualified distribution, if the ETSC has any remaining AAA, then any amount of excess qualified distribution, with respect to such qualified distribution, is treated as a separate qualified distribution and is analyzed pursuant to paragraph (b) of this section.

(ii) No change in characterization of previously characterized portion of qual- ified distribution . Paragraph (b)(4)(i) will not change the characterization of any portion of a qualified distribution that was

previously characterized pursuant to paragraphs (b)(2) and (3) of this section and will reflect the application of paragraphs (b)(2) and (3) of this section to the portion of the qualified distribution previously characterized.

(c) Characterization of excess quali- fied distribution and non-qualified distri- butions . After application of paragraph (b) of this section, the excess qualified distributions, if any, and non-qualified distributions, if any, are treated in the manner provided in sections 301(c) and 316.

(d) Examples. The following exam- ples illustrate the rules of this section. For purposes of the examples in this paragraph (d), X is a calendar year S corporation with a single share of stock outstanding. A, an individual, purchased its share of X stock prior to December 22, 2017 and, except as otherwise indi- cated, never contributed any amounts to X’s capital. A remained the sole share- holder of X when X made a valid revo- cation on March 15, 2018, pursuant to section 1362(d)(1) and §1.1362-2 and 1.1362-6, of its S election and when that election became effective on January 1, 2018. X qualified as an ETSC pursuant to §1.481-5(b) and its ETSC period be- gan on January 1, 2019. Additionally, X did not make any distributions during its post-termination transition period, with- in the meaning of section 1377(b)(1)(A). Furthermore, A remains the sole share- holder of X at the time of the distribu- tion(s) described.

(1) Example 1: Historical AE&P is zero —(i) Facts . At the beginning of January 1, 2018, X had AAA of $100 and AE&P of $0. During 2018, X had $300 of CE&P and made no distributions. At the beginning of January 1, 2019, X has AAA of $100 and AE&P of $300, and A’s adjusted basis in its share of X stock is $460. During 2019, the only distribution that X makes is a $60 distribution of money to A on December 27. X’s CE&P during 2019 is $150, without diminution by reason of any distributions made during the taxable year.

(B) Characterization of distribution . Pursuant to paragraph (a)(2)(xii) of this section, the $60 distribu

tion on December 27, 2019, is a qualified distribution because it is a distribution of money by an ETSC during the ETSC period to which section 301 would apply absent the application of section 1371(f) and this section.

(C) Analysis of qualified distribution —( 1 ) Dis- tribution of AAA . Pursuant to paragraph (b)(2)(i) of this section, the portion of the qualified distribution that is sourced from AAA is equal to the lesser of: the product of the qualified distribution and the AAA ratio ($60 x 1, or $60), and X’s AAA immediately before the qualified distribution ($100). Therefore, $60 is sourced from AAA. Pursuant to paragraph (b) (2)(ii) of this section, after the distribution, X’s AAA is reduced by $60 to $40. Pursuant to paragraph (b) (2)(iii) of this section, A’s basis in its X stock is reduced by $60 to $400.

(2) Example 2: Qualified distributions with both historical AAA and historical AE&P —(i) Facts . At the beginning of January 1, 2018, X had AAA of $200 and AE&P of $100. During 2018, X had $0 of CE&P and made no distributions. At the beginning of January 1, 2019, X has AAA of $200 and AE&P of $100, and A’s adjusted basis in its share of X stock is $500. During 2019, X makes a $90 distribution of money on February 9 and a $150 distribution of money on June 5. X’s CE&P during 2019 is $500, without diminution by reason of any distributions made during the taxable year.

(ii) Analysis —(A) Calculation of AAA ratio and AE&P ratio . Pursuant to paragraphs (a)(2)(ix) and (x) of this section, respectively, X’s historical AAA and X’s historical AE&P are determined as of the beginning of January 1, 2018, the beginning of the day on which the revocation of X’s election under section 1362(a) is effective pursuant to section 1362(d) (1). Accordingly, X’s historical AAA is $200 and X’s historical AE&P is $100. Therefore, X’s AAA ratio is 0. 67 ($200/($200 + $100)), and X’s AE&P ratio is 0. 33 ($100/($200 + $100)). (B) Characterization of distributions . Pursuant to paragraph (a)(2)(xii) of this section, the $90 distribution on February 9, 2019, and the $150 distribution on June 5, 2019, are both qualified distributions because they are distributions of money by an ETSC during the ETSC period to which section 301 would apply absent the application of section 1371(f) and this section.

(C) Analysis of qualified distributions —( 1 ) Feb- ruary 9, 2019 distribution —( i ) Distribution of AAA . Pursuant to paragraph (b)(2)(i) of this section, the portion of the qualified distribution that is sourced from AAA is equal to the lesser of: the product of the qualified distribution and the AAA ratio ($90 x 0.67, or $60), and X’s AAA immediately before the qualified distribution ($200). Therefore, $60 is sourced from AAA. Pursuant to paragraph (b)(2)(ii) of this section, after the distribution, X’s AAA is reduced by $60 to $140. Pursuant to paragraph (b)(2)(iii) of this section, A’s basis in its X stock is reduced by $60 to $440.

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( ii ) Distribution of AE&P . Pursuant to paragraph (b)(3)(i) of this section, the portion of the distribution that is sourced from AE&P is equal to the lesser of: the product of the qualified distribution and the AE&P ratio ($90 x 0. 33, or $30), and X’s AE&P immediately before the qualified distribution ($100). Therefore, $30 is sourced from AE&P. Pursuant to paragraph (b)(3)(ii) of this section, after the distribution, X’s AE&P is reduced by $30 to $70. Pursuant to paragraph (b)(3)(iii) of this section, the $30 distribution is characterized as a dividend.

( 2 ) June 5, 2019 distribution —( i ) Distribution of AAA . Pursuant to paragraph (b)(2)(i) of this section, the portion of the qualified distribution that is sourced from AAA is equal to the lesser of: the product of the qualified distribution and the AAA ratio ($150 x 0. 67, or $100), and X’s AAA immediately before the qualified distribution ($140). Therefore, $100 is sourced from AAA. Pursuant to paragraph (b)(2)(ii) of this section, after the distribution, X’s AAA is reduced by $100 to $40. Pursuant to paragraph (b)(2)(iii) of this section, A’s basis in its X stock is reduced by $100 to $340.

( ii ) Distribution of AE&P . Pursuant to paragraph (b)(3)(i) of this section, the portion of the distribution that is sourced from AE&P is equal to the lesser of: the product of the qualified distribution and the AE&P ratio ($150 x 0. 33, or $50), and X’s AE&P immediately before the qualified distribution ($70). Therefore, $50 is sourced from AE&P. Pursuant to paragraph (b)(3)(ii) of this section, after the distribution, X’s AE&P is reduced by $50 to $20. Pursuant to paragraph (b)(3)(iii) of this section, the $50 distribution is characterized as a dividend.

(3) Example 3: Limitation on amount character- ized as AAA —(i) Facts . At the beginning of January 1, 2018, X had AAA of $100 and AE&P of $300. During 2018, X had $280 of CE&P and made no distributions. At the beginning of January 1, 2019, X has AAA of $100 and AE&P of $580, and A’s adjusted basis in its share of X stock is $450. During 2019, the only distribution that X makes is a $500 distribution of money to A on October 5. X’s CE&P during 2019 is $150, without diminution by reason of any distributions made during the taxable year.

(ii) Analysis —(A) Calculation of AAA ratio and AE&P ratio . Pursuant to paragraphs (a)(2)(ix) and (x) of this section, respectively, X’s historical AAA and X’s historical AE&P are determined as of the beginning of January 1, 2018, the beginning of the day on which the revocation of X’s election under section 1362(a) is effective pursuant to section 1362(d) (1). Accordingly, X’s historical AAA is $100 and X’s historical AE&P is $300. Therefore, X’s AAA ratio is 0. 25 ($100/($100 + $300)), and X’s AE&P ratio is 0. 75 ($300/($100 + $300)). (B) Characterization of distribution . Pursuant to paragraph (a)(2)(xii) of this section, the $500 distribution on October 5, 2019, is a qualified distribution because it is a distribution of money by an ETSC during the ETSC period to which section 301 would apply absent the application of section 1371(f) and this section.

the product of the qualified distribution and the AAA ratio ($500 x 0. 25, or $125), and X’s AAA immediately before the qualified distribution ($100). Therefore, $100 is sourced from AAA. Pursuant to paragraph (b)(2)(ii) of this section, after the distribution, X’s AAA is reduced by $100 to $0. Pursuant to paragraph (b)(2)(iii) of this section, A’s basis in its X stock is reduced by $100 to $350.

( 2 ) Distribution of AE&P . Pursuant to paragraph (b)(3)(i) of this section, the portion of the distribution that is sourced from AE&P is equal to the lesser of: the product of the qualified distribution and the AE&P ratio ($500 x 0. 75, or $375), and X’s AE&P immediately before the qualified distribution ($580). Therefore, $375 is sourced from AE&P. Pursuant to paragraph (b)(3)(ii) of this section, after the distribution, X’s AE&P is reduced by $375 to $205. Pursuant to paragraph (b)(3)(iii) of this section, the $375 distribution is characterized as a dividend.

(D) Effect of qualified distribution on ETSC peri- od . Pursuant to paragraph (a)(2)(vii) of this section, X’s ETSC period ends because X’s AAA balance is zero following the October 5, 2019 distribution.

(E) Analysis of excess qualified distribution —( 1 ) Amount of excess qualified distribution . Pursuant to paragraph (a)(2)(viii) of this section, the amount of the excess qualified distribution is $25, the portion of the qualified distribution ($500) not characterized pursuant to paragraph (b)(2) or (3) of this section ($100 AAA distribution + $375 AE&P distribution).

( 2 ) Characterization of excess qualified distribu- tion . Paragraph (b)(4) of this section does not apply to the excess qualified distribution because X’s AAA balance is zero after the application of paragraph (b) (2)(ii) of this section (see paragraph (d)(3)(ii)(C) ( 1 ) of this section). Pursuant to paragraph (c) of this section, section 301(c) applies to the excess qualified distribution. Pursuant to sections 301(c)(1) and 316, the $25 excess qualified distribution is sourced from CE&P.

(iii) Subsequent contribution . The facts are the same as paragraph (d)(3)(i) of this section, except that at the time of the October 5, 2019 distribution, A’s adjusted basis in its X stock is $90. Further, on December 27, 2019, A contributes $100 to X in a transaction described in section 351(a). The analysis in paragraph (d)(3)(ii) of this section remains the same, except that, unlike the second to last sentence of paragraph (d)(3)(ii)(C)( 1 ) of this section, A’s basis in its X stock is reduced by $90 to $0 and pursuant to paragraph (b)(2)(iii) of this section, $10 is treated as gain from the sale or exchange of property. Additionally, as a result of the December 27, 2019 contribution of $100, A’s basis in its X stock is increased by $100, so that at the end of 2019, A’s basis in its X stock is $100.

(4) Example 4: Limitation on the amount char- acterized as AE&P —(i) Facts . At the beginning of January 1, 2018, X had AAA of $100 and AE&P of $100. During 2018, X had CE&P of $(75) and made no distributions. At the beginning of January 1, 2019, X has AAA of $100 and AE&P of $25, and A’s adjusted basis in its share of X stock is $500. During 2019, the only distributions that X makes are a $100 distribution of money to A on July 9 and a $40 distribution of money to A on September 27. X’s CE&P during 2019 is $20, without diminution by reason of any distributions made during the taxable year.

(B) Analysis of July 9, 2019 distribution —( 1 ) Characterization of distribution . Pursuant to paragraph (a)(2)(xii) of this section, the $100 distribution on July 9, 2019, is a qualified distribution because it is a distribution of money by an ETSC during the ETSC period to which section 301 would apply absent the application of section 1371(f) and this section.

( 2 ) Analysis of qualified distribution —( i ) Distri- bution of AAA . Pursuant to paragraph (b)(2)(i) of this section, the portion of the distribution that is sourced from AAA is equal to the lesser of: the product of the qualified distribution and the AAA ratio ($100 x 0.5, or $50), and X’s AAA immediately before the qualified distribution ($100). Therefore, $50 is sourced from AAA. Pursuant to paragraph (b)(2)(ii) of this section, after the distribution, X’s AAA is reduced by $50 to $50. Pursuant to paragraph (b)(2)(iii) of this section, A’s basis in its X stock is reduced by $50 to $450.

( ii ) Distribution of AE&P . Pursuant to paragraph (b)(3)(i) of this section, the portion of the distribution that is sourced from AE&P is equal to the lesser of: the product of the qualified distribution and the AE&P ratio ($100 x 0. 5, or $50), and X’s AE&P immediately before the qualified distribution ($25). Therefore, $25 is sourced from AE&P. Pursuant to paragraph (b)(3)(ii) of this section, after the distribution, X’s AE&P is reduced by $25 to $0. Pursuant to paragraph (b)(3)(iii) of this section, the $25 distribution is characterized as a dividend.

( 3 ) Recalculation of AAA and AE&P ratios . Pursuant to paragraph (b)(3)(iv) of this section, because the July 9, 2019 distribution caused X’s AE&P to be reduced to zero, the AAA ratio is one and the AE&P ratio is zero for all subsequent qualified distributions during the 2019 taxable year and subsequent taxable years of the ETSC period.

( 4 ) Excess qualified distribution —( i ) Amount of excess qualified distribution . Pursuant to paragraph (a)(2)(viii) of this section, the amount of the excess qualified distribution is $25, the amount of the qualified distribution ($100) not characterized pursuant to paragraph (b)(2) or (3) of this section ($50 AAA distribution + $25 AE&P distribution).

( ii ) Characterization of excess qualified distribu- tion as a separate qualified distribution . Pursuant to paragraph (b)(4) of this section, because X has AAA remaining after characterizing the qualified distribution (see paragraph (d)(4)(ii)(B)( 2 )( i ) of this section), the $25 excess qualified distribution is treated as a separate qualified distribution and is analyzed pursuant to paragraph (b) of this section.

(iii) Analysis of excess qualified distribution that is treated as a separate qualified distribution . Pursuant to paragraph (b)(2)(i) of this section, the portion of the distribution that is sourced from AAA is equal

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to the lesser of: the product of the excess qualified distribution and the AAA ratio ($25 x 1, or $25), and X’s AAA immediately before the excess qualified distribution ($50). Therefore, $25 is sourced from AAA. Pursuant to paragraph (b)(2)(ii) of this section, after the distribution, X’s AAA is reduced by $25 to $25. Pursuant to paragraph (b)(2)(iii) of this section, A’s basis in its X stock is reduced by $25 to $425. Pursuant to paragraph (b)(3)(i) of this section, because X’s AE&P ratio is zero, paragraph (b)(3) of this section does not apply.

(C) Analysis of September 27, 2019 distribu- tion —( 1 ) Characterization of the distribution . Pursuant to paragraph (a)(2)(xii) of this section, the $40 distribution on September 27, 2019, is a qualified distribution because it is a distribution of money by an ETSC during the ETSC period to which section 301 would apply absent the application of section 1371(f) and this section. ( 2 ) Analysis of qualified distribution —( i ) Distri- bution of AAA . Pursuant to paragraph (b)(2)(i) of this section, the portion of the distribution that is sourced from AAA is equal to the lesser of: the product of the qualified distribution and the AAA ratio ($40 x 1, or $40), and X’s AAA immediately before the qualified distribution ($25) (see paragraph (d)(4)(ii)(B)( 4 )( iii ) of this section). Therefore, $25 is sourced from AAA. Pursuant to paragraph (b)(2)(ii) of this section, after the distribution, X’s AAA is reduced by $25 to $0. Pursuant to paragraph (b)(2)(iii) of this section, A’s basis in its X stock is reduced by $25 to $400.

( ii ) Distribution of AE&P . Pursuant to paragraph (b)(3)(i) of this section, because X’s AE&P ratio is zero, paragraph (b)(3) of this section does not apply.

( 3 ) Excess qualified distribution —( i ) Amount of excess qualified distribution . Pursuant to paragraph (a)(2)(viii) of this section, the amount of the excess qualified distribution is $15, the portion of the qualified distribution ($40) not characterized pursuant to paragraph (b)(2) or (3) of this section ($25 AAA distribution + $0 AE&P distribution).

( ii ) Excess qualified distribution not character- ized as a separate qualified distribution . Pursuant to paragraph (b)(4) of this section, because X has AAA of $0 after characterizing the qualified distribution (see paragraph (d)(4)(ii)(C)( 2 )( i ) of this of this section), the $15 excess qualified distribution is not treated as a separate qualified distribution.

(iii) Analysis of excess qualified distribution that is not treated as a separate qualified distribution . Pursuant to paragraph (c) of this section, section 301(c) applies to the excess qualified distribution. Pursuant to sections 301(c)(1) and 316, the $15 excess qualified distribution is sourced from CE&P.

(5) Example 5: Distributions include non-qual- ified distributions —(i) Facts . At the beginning of January 1, 2018, X had AAA of $100 and AE&P of $100. During 2018, X had $0 of CE&P and made no distributions. At the beginning of January 1, 2019, X has AAA of $100 and AE&P of $100, and A’s adjusted basis in its X stock is $200. During 2019, X makes a $100 distribution of money on June 14; a $300 distribution of property on November 9; and a $200 distribution of money on December 18. X’s CE&P during 2019 is $160, without diminution by reason of any distributions made during the taxable year.

(ii) Analysis —(A) Calculation of AAA ratio and AE&P ratio . Pursuant to paragraphs (a)(2)(ix) and (x) of this section, respectively, X’s historical AAA

is $100 and X’s historical AE&P is $100. Therefore, X’s AAA ratio is 0. 5 ($100/($100 + $100)), and X’s AE&P ratio is 0. 5 ($100/($100 + $100)).

(B) Characterization of distributions . Pursuant to paragraph (a)(2)(xii) of this section, the $100 distribution on June 14, 2019, and the $200 distribution on December 18, 2019, are both qualified distributions because they are distributions of money by an ETSC during the ETSC period to which section 301 would apply absent the application of section 1371(f) and this section. Pursuant to paragraph (a)(2) (xi) of this section, the $300 distribution of property on November 9, 2019, is non-qualified distribution. Pursuant to paragraph (b)(1) of this section, the rules of paragraphs (b)(2) through (4) of this section apply to the qualified distributions before the rules of paragraph (c) of this section apply to the non-qualified distribution and any excess qualified distributions.

(C) Analysis of qualified distributions —( 1 ) June 14, 2019 distribution —( i ) Distribution of AAA . Pursuant to paragraph (b)(2)(i) of this section, the portion of the distribution that is sourced from AAA is equal to the lesser of: the product of the qualified distribution and the AAA ratio ($100 x 0. 5, or $50), and X’s AAA immediately before the qualified distribution ($100). Therefore, $50 is sourced from AAA. Pursuant to paragraph (b)(2)(ii) of this section, after the distribution, X’s AAA is reduced by $50 to $50. Pursuant to paragraph (b)(2)(iii) of this section, on June 14, 2019, A’s basis in its X stock is reduced by $50 to $150.

( ii ) Distribution of AE&P . Pursuant to paragraph (b)(3)(i) of this section, the portion of the distribution that is sourced from AE&P is equal to the lesser of: the product of the qualified distribution and the AE&P ratio ($100 x 0. 5, or $50), and X’s AE&P immediately before the qualified distribution ($100). Therefore, $50 is sourced from AE&P. Pursuant to paragraph (b)(3)(ii) of this section, after the distribution, X’s AE&P is reduced by $50 to $50. Pursuant to paragraph (b)(3)(iii) of this section, the $50 distribution is characterized as a dividend.

( iii ) Amount of excess qualified distribution . The amount of the excess qualified distribution is $0, the amount of the qualified distribution ($100) not characterized pursuant to paragraph (b)(2) or (3) of this section ($50 AAA distribution + $50 AE&P distribution).

( 2 ) December 18, 2019 distribution —( i ) Distri- bution of AAA . Pursuant to paragraph (b)(2)(i) of this section, the portion of the distribution that is sourced from AAA is equal to the lesser of: the product of the qualified distribution and the AAA ratio ($200 x 0.5, or $100), and X’s AAA immediately before the qualified distribution ($50). Therefore, $50 is sourced from AAA. Pursuant to paragraph (b)(2)(ii) of this section, after the distribution, X’s AAA is reduced by $50 to $0. Pursuant to paragraph (b)(2)(iii) of this section, A must determine its basis as of December 18, 2019, in order to determine the consequences of receiving the $50 AAA distribution. Because the non-qualified distribution on November 9, 2019, which precedes the December 18, 2019 qualified distribution, could have the effect of reducing A’s basis, any effect on A’s basis from that non-qualified distribution must be analyzed prior to determining the effect of the December 18, 2019 distribution of AAA on A’s basis. See paragraphs (d)(5)(ii)(D)( 3 ) and ( 4 ) of this section. Pursuant to paragraph (a)(2)

(vii) of this section, X’s ETSC period ends because X’s AAA balance is zero following the December 18, 2019 distribution. ( ii ) Distribution of AE&P . Pursuant to paragraph (b)(3)(i) of this section, the portion of the distribution that is sourced from AE&P is equal to the lesser of: the product of the qualified distribution and the AE&P ratio ($200 x 0. 5, or $100), and X’s AE&P immediately before the qualified distribution ($50). Therefore, $50 is sourced from AE&P. Pursuant to paragraph (b)(3)(ii) of this section, after the distribution, X’s AE&P is reduced by $50 to $0. Pursuant to paragraph (b)(3)(iii) of this section, the $50 distribution is characterized as a dividend.

( iii ) Amount of excess qualified distribution . The amount of the excess qualified distribution is $100, the amount of the qualified distribution ($200) not characterized pursuant to paragraph (b)(2) or (3) of this section ($50 AAA distribution + $50 AE&P distribution).

(D) Analysis of non-qualified and excess qualified distributions —( 1 ) In general . The $300 non-qualified distribution on November 9, 2019, and the $100 excess qualified distribution on December 18, 2019, are treated in the manner provided in section 301(c).

( 2 ) Allocation of CE&P . Pursuant to section 316 and §1. 316-2, X’s CE&P is allocated proportionately among the excess qualified and the non-qualified distributions. Therefore, the portion of X’s CE&P that is allocated to the November 9, 2019 distribution and the December 18, 2019 distribution is $120 ($160 X’s CE&P x ($300 distribution / $400 total excess qualified and non-qualified distributions during 2019) and $40 ($160 X’s CE&P x ($100 distribution / $400 total excess qualified and non-qualified distributions during 2019), respectively.

( 3 ) November 9, 2019 distribution . Pursuant to paragraph (d)(5)(ii)(D)( 2 ) of this section, $120 of the $300 distribution is characterized as a distribution of CE&P. Pursuant to paragraph (d)(5)(ii)(C)( 2 ) ( ii ) of this section, the amount of X’s AE&P available to allocate the November 9, 2019 distribution is $0. Therefore the remaining $180 is characterized pursuant to section 301(c)(2) and (3). Pursuant to paragraph (d)(5)(ii)(C)( 1 )( i ) of this section, A’s basis in its X stock prior to the November 9, 2019 distribution is $150. Therefore, $150 is applied against basis pursuant to section 301(c)(2) (reducing A’s basis to $0) and $30 is treated as gain from the sale or exchange of property pursuant to section 301(c)(3).

( 4 ) December 18, 2019 distribution —( i ) Con- sequences of AAA distribution . As of December 18, 2019, A’s basis in its X stock is $0. See paragraph (d)(5)(ii)(D)( 3 ) of this section. Pursuant to paragraph (d)(5)(ii)(C)( 2 )( i ) of this section, $50 of the distribution is characterized as a distribution of AAA. Because the amount of the distribution of AAA ($50) exceeds A’s basis in its X stock ($0), pursuant to paragraph (b)(2)(iii) of this section, on December 18, 2019, $50 is treated as gain from the sale or exchange of property.

( ii ) Characterization of excess qualified distri- bution . Pursuant to paragraph (d)(5)(ii)(C)( 2 )( iii ) of this section, $100 of the December 18, 2019 distribution is an excess qualified distribution. Paragraph (b)(4) of this section does not apply to the excess qualified distribution because X’s AAA balance is zero after the application of paragraph (b)(2)(ii) of this section (see paragraph (d)(5)(ii)(C)( 2 )( i ) of this

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section). Pursuant to paragraph (c) of this section, section 301(c) applies to the excess qualified distribution. Pursuant to paragraph (d)(5)(ii)(D)( 2 ) of this section, $40 of the $100 excess qualified distribution is characterized as a distribution of CE&P. Pursuant to paragraph (d)(5)(ii)(D)( 3 ) of this section, X’s AE&P as the time of the December 18, 2019 distribution is $0. Therefore the remaining $60 is characterized pursuant to section 301(c)(2) and (3). Pursuant to paragraph (d)(5)(ii)(D)( 4 )( i ) of this section, A’s basis in its X stock prior to characterization of the excess qualified distribution is $0. Therefore, $60 is treated as gain from the sale or exchange of property pursuant to section 301(c)(3).

(e) Applicability date. This section generally applies to taxable years begin- ning after [DATE OF PUBLICATION OF THE FINAL RULES IN THE FED- ERAL REGISTER ]. However, corpo- rations may choose to apply the rules in §§1.316-2, 1.481-5, 1.1371-1, 1.1371-2, and 1.1377-2 in their entirety, to the extent applicable, to taxable years that began on or before [DATE OF PUBLICATION OF THE FINAL RULES IN THE FEDERAL REGISTER ] and with respect to which the period described in section 6511(a) has not expired. If the corporation makes the choice described in the previous sen- tence, all shareholders of the corporation must report consistently.

§1.1371-2 Impact of Audit PTTP on ETSC Period

(a) Definitions. For purposes of this sec- tion, the definitions used in §1.1371‑1(a) (2) are applicable. Additionally, the fol- lowing definitions apply for purposes of this section—

(1) Audit PTTP . The term audit PTTP means a post-termination transition period described in section 1377(b)(1)(B).

(2) Initial PTTP . The term initial PTTP means a post-termination transition period described in section 1377(b)(1)(A).

(3) Intervening audit PTTP . The term intervening audit PTTP means an audit PTTP arising during the ETSC period.

(b) In general. If an intervening au- dit PTTP arises, the ETSC period shall immediately stop. Immediately following the end of the intervening audit PTTP, the ETSC period will resume if the ETSC’s AAA balance is greater than zero. Other- wise, any subsequent distributions by the ETSC are treated in the manner provided in section 301(c).

(c) Examples. The following examples illustrate the rules of this section. For pur- poses of the examples in this paragraph

(c), X is a calendar year S corporation. A, an individual, purchased all of the outstanding shares of X in a single trans- action at the same price per share prior to December 22, 2017, and was the sole shareholder of X at all times. Pursuant to section 1362(d)(1) and §§1.1362-2 and 1.1362-6, X made a valid revocation of its S election on March 15, 2019, that became effective on January 1, 2019. No amount distributed by X is an extraordinary divi- dend within the meaning of section 1059.

(1) Example 1: No ETSC period following ini- tial PTTP —(i) Facts . At the beginning of January 1, 2019, X had AAA of $49,000 and AE&P of $2,000, and A’s adjusted basis in its shares of X stock was $50,000. During 2019, the only distribution that X made was a $49,000 distribution of money to A on March 13, 2019. X’s CE&P during 2019 was $0, without regard to any diminution by reason of any distributions made during the taxable year.

(ii) Analysis —(A) Distribution during initial PTTP . Pursuant to sections 1371(e) and 1377(b)(1) (A), the $49,000 distribution of money on March 13, 2019, is characterized as a distribution of AAA because it was made during the initial PTTP.

(B) Effect on corporation . Pursuant to §1. 13682(a)(3)(iii), X’s AAA is reduced by $49,000 to $0. Following the initial PTTP, even if X satisfies the requirements of section 481(d)(2) and §1. 481-5(b) to be an ETSC, X does not have an ETSC period because its AAA balance is zero at the end of its initial PTTP. Therefore, section 1371(f) and §1. 1371-1 will not apply to any subsequent distributions by X.

(2) Example 2: Intervening audit PTTP —(i) Facts . The facts are the same as the facts in paragraph (c)(1) of this section. On May 20, 2020, which is after X’s initial PTTP, the IRS begins an audit of X’s 2018 return. During the audit it is agreed that X overstated its advertising expense deduction by $10,000. On July 6, 2020, A signs a closing agreement whereby X’s overstatement results in an additional tax on A’s 2018 individual return. As a result, at the beginning of January 1, 2019, X had AAA of $59,000 ($49,000 + $10,000) and AE&P of $2,000. Additionally, at the beginning of January 1, 2019, A’s adjusted basis in its shares of X stock was $60,000 ($50,000 + $10,000). During 2020, the only distribution X makes is a $6,000 distribution of money to A on September 1, 2020. X’s CE&P during 2020 was $0, without regard to any diminution by reason of any distributions made during the taxable year.

(ii) Analysis —(A) Analysis of March 15, 2019 distribution . The treatment of the March 15, 2019, distribution is the same as described in paragraph (c) (1)(ii)(A) of this section, because the amount of the distribution ($49,000) does not exceed X’s AAA balance at the beginning of January 1, 2019 ($59,000), and so the entirety of the $49,000 distribution is properly characterized as a distribution of AAA.

( 1 ) Effect on corporation . As described in paragraph (c)(1)(ii)(B) of this section, X’s AAA ($59,000 at the beginning of January 1, 2019) is reduced by $49,000 to

$10,000. At the conclusion of X’s initial PTTP (ending on December 31, 2019), X’s AAA balance is $10,000. Pursuant to §1. 1371-1(a)(2)(vii), X has an ETSC period. Therefore, section 1371(f) and §1. 1371-1 will apply to any subsequent qualified distributions by X.

( 2 ) Effect on shareholder . As described in paragraph (c)(1)(ii)(C) of this section, A reduces its basis in its X stock ($60,000 at the beginning of January 1, 2019) by $49,000 to $11,000. (B) Intervening audit PTTP . Pursuant to section 1377(b)(1)(B), X enters an intervening audit PTTP that begins on July 6, 2020, and ends on November 2, 2020. The application of section 1371(f) and the regulatory provisions in this part under section 1371 of the Code to distributions during the intervening audit PTTP is stopped. Instead, sections 1371(e) and 1377(b)(1)(B), and the regulatory provisions in this part under sections 1371 and 1377 of the Code, apply for the duration of the intervening audit PTTP. During the intervening audit PTTP, the only distribution X made is a $6,000 distribution of money to A on September 1, 2020. Pursuant to sections 1371(e) and 1377(b)(1)(B), the $6,000 distribution is characterized as a distribution of AAA because it was made during the intervening audit PTTP.

( 1 ) Effect on corporation . Pursuant to §1. 13682(a)(3)(iii), X’s AAA is reduced by $6,000 to $4,000. Beginning on November 3, 2020, pursuant to §1. 1371-1(a)(2)(vii), X’s ETSC period resumes (after the intervening audit PTTP’s conclusion) because its AAA balance is greater than zero.

( 2 ) Effect on shareholder . Pursuant to section 1371(e)(1), A reduces its basis in its X stock by $6,000 to $5,000.

(C) ETSC period . Beginning on November 3, 2020, X’s ETSC period resumes, and distributions of money are subject to section 1371(f) and the regulatory provisions in this part under section 1371 of the Code until X’s AAA balance is zero. For purposes of calculating each of X’s AAA and AE&P ratios, X’s historical AAA is $59,000 (at the beginning of January 1, 2019, which includes the $10,000 increase as a result of the July 6, 2020, closing agreement).

(d) Applicability date. This section generally applies to taxable years begin- ning after [DATE OF PUBLICATION OF THE FINAL RULES IN THE FED- ERAL REGISTER ]. However, corpo- rations may choose to apply the rules in §§1.316-2, 1.481-5, 1.1371-1, 1.1371-2, and 1.1377-2 in their entirety, to the extent applicable, to taxable years that began on or before [DATE OF PUBLICATION OF THE FINAL RULES IN THE FEDERAL REGISTER ] and with respect to which the period described in section 6511(a) has not expired. If the corporation makes the choice described in the previous sen- tence, all shareholders of the corporation must report consistently.

§1. 1377-2 [Amended] Par. 7. Section 1. 1377-2 is amended by removing the last sentence of paragraph (b).

Bulletin No. 2019–48 1231 November 25, 2019

Par. 8. Section 1. 1377-3 is amended by: a. Removing “and 1. 1377-2 apply” and

adding “applies” in its place; and b. Adding three sentences at the end of

the paragraph. The addition reads as follows: §1.1377-3 Effective dates

- - Section 1. 1377-2 generally applies to taxable years beginning after

[DATE OF PUBLICATION OF THE FINAL RULES IN THE FEDERAL REG- ISTER ], however, corporations may choose to apply the rules in §§1. 316-2,

481-5, 1. 1371-1, 1. 1371-2, and 1. 13772 in their entirety, to the extent applicable, to taxable years that began on or before [DATE OF PUBLICATION OF THE FINAL RULES IN THE FEDER- AL REGISTER ] and with respect to which the period described in section 6511(a) has not expired. If the corporation makes the choice described in the previous sentence, all shareholders of the corporation must report consistently. For taxable years beginning on or before

[DATE OF PUBLICATION OF THE FINAL RULES IN THE FEDERAL REG- ISTER ], see §1. 1377-2(b) as contained in 26 CFR part 1, revised April 1, 2019.

speak at the public hearing, Regina Johnson, (202) 317‑6901 (not toll-free numbers).

SUPPLEMENTARY INFORMATION

Background

This document includes proposed 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. These proposed regulations also apply with respect to the corresponding requirements for individual retirement accounts and annuities described in section 408(a) and (b), and eligible deferred compensation plans under section 457, as well as section 403(a) and 403(b) annuity contracts, custodial accounts, and retirement income accounts.

Section 401(a)(9) provides rules regarding minimum required distributions from qualified retirement plans. The purpose of section 401(a)(9) is to ensure that the favorable tax treatment afforded a qualified plan is used primarily to provide retirement income to a participant and a designated beneficiary, rather than to increase the estate of a participant. Accordingly, section 401(a)(9) provides that a qualified plan must commence benefits to an employee no later than a specified age (or within a specified number of years after the employee’s death) and, under the regulations, once benefits commence, the pattern of payment must meet certain standards to ensure that distributions are not unduly deferred.

Section 401(a)(9)(A) provides rules for distributions during the life of the employee. Section 401(a)(9)(A)(ii) provides that the entire interest of an employee in a qualified plan must be distributed, beginning not later than the employee’s required beginning date, in accordance with regulations, over the life of the employee or over the lives of the employee and a designated beneficiary (or over a period not extending beyond the life expectancy of the employee and a designated beneficiary).

Section 401(a)(9)(B) provides rules for distributions that are made after the death of the employee. Section 401(a)(9)(B)(i)

Sunita Lough, Deputy Commissioner for Services

and Enforcement.

ACTION: Notice of proposed rulemaking; notice of public hearing.

SUMMARY: This document sets forth proposed regulations providing guidance relating to the life expectancy and distribution period tables that are used to calculate required minimum distributions from qualified retirement plans, individual retirement accounts and annuities, and certain other tax-favored employer-provided retirement arrangements. 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. This document also provides a notice of a public hearing on these proposed regulations.

DATES: Written or electronic comments must be received by January 7, 2020. Outlines of topics to be discussed at the public hearing scheduled for January 23, 2020, must be received by January 7, 2020.

ADDRESSES: Submit electronic submissions via the Federal eRulemaking Portal at www. regulations. gov (indicate IRS and REG–132210–18) by following the online instructions for submitting comments. Once submitted to the Federal eRulemaking Portal, comments cannot be edited or withdrawn. The Department of the Treasury (Treasury Department) and the IRS will publish for public availability any comment received to its public docket, whether submitted electronically or in hard copy. Send hard copy submissions to: CC:PA:LPD:PR (REG-132210-18), Room 5203, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be hand-delivered Monday through Friday between the hours of 8 a. m. and 4 p. m. to CC:PA:LPD:PR (REG-132210-18), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue NW, Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, Arslan Malik or Linda S. F. Marshall, (202) 317-6700; concerning submissions of comments and requests to

(Filed by the Office of the Federal Register on November 4, 2019, 4:15 p. m., and published in the issue of the Federal Register for November 7, 2019, 84 F. R. 60011)

Notice of Proposed Rulemaking

Updated Life Expectancy and Distribution Period Tables Used for Purposes of Determining Minimum Required Distributions.

REG-132210-18

AGENCY: Internal Revenue Service (IRS), Treasury.

November 25, 2019 1232 Bulletin No. 2019–48

provides that, if the employee dies after distributions have begun, the employee’s interest must be distributed at least as rapidly as under the method used by the employee. Section 401(a)(9)(B)(ii) and (iii) provide that, if the employee dies before distributions have begun, the employee’s interest must be either (1) Distributed (in accordance with regulations) over the life or life expectancy of the designated beneficiary with the distributions beginning no later than 1 year after the date of the employee’s death, or (2) distributed within 5 years after the death of the employee. However, under section 401(a)(9)(B)(iv), a surviving spouse may wait until the date the employee would have attained age 70½ to begin receiving required minimum distributions.

Section 401(a)(9)(C) defines the term required beginning date for employees (other than 5-percent owners and IRA owners) as April 1 of the calendar year following the later of the calendar year in which the employee attains age 70½ or the calendar year in which the employee retires. For 5-percent owners and IRA owners, the required beginning date is April 1 of the calendar year following the calendar year in which the employee attains age 70½, even if the employee has not retired. Section 401(a)(9)(D) provides that, except in the case of a life annuity, the life expectancy of an employee and the employee’s spouse that is used to determine the period over which payments must be made may be re-determined, but not more frequently than annually.

Section 401(a)(9)(E) provides that the term designated beneficiary means any individual designated as a beneficiary by the employee.

Section 401(a)(9)(G) provides that any distribution required to satisfy the incidental death benefit requirement of section 401(a) ¹ is a required minimum distribution.

Under sections 403(b)(10), 408(a)(6), ² and 457(d)(2), requirements similar to the requirements of section 401(a)(9) apply to a number of types of retirement arrange

ments other than qualified plans. Pursuant to sections 403(a)(1) and 404(a)(2), qualified annuity plans must also comply with the requirements of section 401(a)(9).

Comprehensive rules regarding the application of section 401(a)(9) are set forth in §§1. 401(a)(9)-1 through 8. In the case of a defined contribution plan, §1.401(a) (9)-5 provides generally that an individual’s required minimum distribution for a distribution calendar year is determined by dividing the individual’s account balance determined under §1. 401(a)(9)-5, Q&A-3, by the applicable distribution period. Under §1. 401(a)(9)‑5, Q&A-1(b), a distribution calendar year is a calendar year for which a minimum distribution is required. For example, if a 5-percent owner participating in a qualified plan attained age 70½ during August of 2018 (so that the required beginning date was April 1, 2019), then the first distribution calendar year was 2018, and the required minimum distribution for that year was based on the applicable distribution period for a 70‑year‑old individual for 2018 (even though it could have been paid at any time from January 1, 2018 through April 1, 2019).

Pursuant to §1. 401(a)(9)-5, Q&A4(a), for required minimum distributions during the employee’s lifetime (including the year in which the employee dies), the applicable distribution period for an employee is the distribution period for the employee’s age under the Uniform Lifetime Table (which is equal to the joint and last survivor life expectancy for the employee and a hypothetical beneficiary 10 years younger). 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).

Pursuant to §1. 401(a)(9)-5, Q&A-5, for distribution calendar years after the calendar year of the employee’s death, the applicable distribution period generally is the remaining life expectancy of the designated beneficiary, subject to certain exceptions. Two of these exceptions, which apply if the employee dies after the required beginning date, substitute the employee’s remaining life expectancy for the beneficiary’s remaining life expectancy. These two exceptions apply to an employee who does not have a designated beneficiary or is younger than the designated beneficiary. ³ Section 1. 401(a)(9)-5, Q&A-5(c) (1) provides that the remaining life expectancy of the designated beneficiary is calculated as the life expectancy under the Single Life Table for the designated beneficiary’s age in the calendar year following the calendar year of the employee’s death, reduced by 1 for each subsequent year. However, if one of the two exceptions applies (so that the relevant life expectancy is the remaining life expectancy of the employee), then, pursuant to §1. 401(a) (9)-5, Q&A-5(c)(3), the remaining life expectancy of the employee is calculated as the life expectancy under the Single Life Table for the employee’s age in the calendar year of the employee’s death, reduced by 1 for each subsequent year.

A special rule applies to determine the designated beneficiary’s remaining life expectancy if the employee’s surviving spouse is the employee’s sole beneficiary. In that case, pursuant to §1. 401(a)(9)-5, Q&A-5(c)(2), the designated beneficiary’s remaining life expectancy is recalculated each calendar year as the life expectancy under the Single Life Table for the designated beneficiary’s age in that year. For calendar years after the year of the spouse’s death, the distribution period that applies for the spouse’s beneficiary is the spouse’s remaining life expectancy from the Single Life Table for the spouse’s age for the calendar year of the spouse’s death, reduced by 1 for each subsequent year.

Consistent with the policy of section 401(a)(9) to limit deferral of retirement

1 The incidental death benefit requirement, which is set forth in §1.401-1(b)(1), provides that although a qualified pension or profit-sharing plan may provide for incidental death (or life insurance) benefits, such a plan must be established and maintained primarily for the purpose of providing retirement benefits or deferred compensation.

2 However, pursuant to section 408A(a) and (c)(5), the minimum required distribution rules of section 401(a)(9) apply to a Roth IRA only after the death of the IRA owner.

3 Another exception applies if the employee dies before the required beginning date and has no designated beneficiary. In that case, the employee’s entire interest must be distributed by the end of the calendar year that includes the fifth anniversary of the date of the employee’s death.

Bulletin No. 2019–48 1233 November 25, 2019

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). ⁴ 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. These exceptions apply only if the total future expected payments under the annuity contract (determined in accordance with §1. 401(a)(9)-6, Q&A-14(e)(3)) exceed the total value being annuitized (determined in accordance with §1. 401(a)(9)6, Q&A-14(e)(1)). Section 1. 401(a)(9)-9 provides life expectancy and distribution period tables that are used to apply the rules of §1. 401(a)(9)-5 and to make the calculations in §1. 401(a)(9)-6, Q&A-14. Section

401(a)(9)-9 was issued in 2002 (67 FR 18988), and the tables in that section were developed using mortality rates for 2003. These 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). ⁵ The rates of mortality improvement used for this purpose were the ones that were used in developing that mortality table. The resulting separate mortality rates for males and females were blended using a fixed 50 percent male/50 percent female blend.

Section 72(t) imposes an additional income tax on early distributions from qualified retirement plans (including plans qualified under section 401(a) or section 403(a), annuity contracts and other arrangements described in section 403(b), and individual retirement arrangements described in section 408(a) or section 408(b)). However, section 72(t)(2)(A) (iv) provides an exception for a series of substantially equal periodic payments made for the life (or life expectancy) of the employee or the joint lives (or joint

life expectancies) of the employee and the designated beneficiary. Revenue Ruling 2002-62, 2002-2 C. B. 710, provides that the life expectancy tables set forth in §1. 401(a)(9)-9 may be used for purposes of determining payments that satisfy the exception under section 72(t)(2)(A)(iv). Rev. Rul. 2002-62 also provides a fixed annuitization method of determining payments that satisfy this exception. Under the fixed annuitization method, the annual payment for each year (which is determined only for the first year and not reset for subsequent years) 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 taxpayer’s age and continuing for the life of the taxpayer (or the joint lives of the taxpayer and his or her beneficiary). The annuity factor is derived using the mortality table used to develop the life expectancy tables set forth in §1. 401(a)(9)-9.

Executive Order 13847, 83 FR 45321, which was signed on August 31, 2018, directs the Secretary of the Treasury to examine the life expectancy and distribution period tables in the regulations on required minimum distributions from retirement plans and determine whether they should be updated to reflect current mortality data and whether such updates should be made annually or on another periodic basis. The purpose of any such updates would be to increase the effectiveness of tax-favored retirement programs by allowing retirees to retain sufficient retirement savings in these programs for their later years.

Explanation of Provisions

I. Overview

In accordance with Executive Order 13847, the Department of the Treasury (Treasury Department) and the IRS have examined the life expectancy and distribution period tables in §1. 401(a)(9)-9, and have reviewed currently available mortality data. As a result of this review, the Treasury Department and the IRS have determined that those tables should be up

dated to reflect current life expectancies. Accordingly, these proposed regulations would update those tables.

The life expectancy tables and applicable distribution period tables in the proposed regulations reflect longer life expectancies than the tables in the existing regulations. For example, a 70-year old IRA owner who uses the Uniform Lifetime Table to calculate required minimum distributions must use a life expectancy of 27. 4 years under the existing regulations. Using the Uniform Lifetime Table set forth in the proposed regulations, this IRA owner would use a life expectancy of 29. 1 years to calculate required minimum distributions. As another example, under the existing regulations, a 75-year old surviving spouse who is the employee’s sole beneficiary and uses the Single Life Table to compute required minimum distributions must use a life expectancy of 13. 4 years. Under the proposed regulations, the spouse would use a life expectancy of 14. 8 years. The effect of these changes is to reduce required minimum distributions, which will allow participants to retain larger amounts in their retirement plans to account for the possibility they may live longer.

II. Updated Life Expectancy and Distribution Period Tables

The life expectancy and distribution period tables in the proposed regulations have been developed based on mortality rates for 2021. These mortality rates were derived by applying mortality improvement through 2021 to the mortality rates from the experience tables used to develop the 2012 Individual Annuity Mortality tables (which are the most recent individual annuity mortality tables). ⁶ The separate mortality rates for males and females in these experience tables, which were based on the Payout Annuity Mortality Experience Study (which covered the period 2000 to 2004), have been projected from the central year of 2002 using the respective mortality improvement rates from the Mortality Improvement Scale

4 Pursuant to §1.401(a)(9)-8, Q&A-2(a)(3), the rules of §1.401(a)(9)-6 also apply to an annuity contract purchased under a defined contribution plan.

5 The Annuity 2000 Basic Table was developed by projecting mortality rates from the 1983 Individual Annuity Mortality Basic Table.

6 The experience tables and the 2012 Individual Annuity Mortality tables can be found at https://www.actuary.org/sites/default/files/files/publications/Payout_Annuity_Report_09-28-11.pdf.

November 25, 2019 1234 Bulletin No. 2019–48

MP-2018 for males and females. ⁷ The mortality table in the proposed regulations was developed by blending the resulting separate mortality rates for males and females using a fixed 50 percent male/50 percent female blend.

The Single Life Table in the proposed regulations sets forth life expectancies for each age, with the life expectancy for an age calculated as the sum of the probabilities of an individual at that age surviving to each future year. The resulting life expectancy is then increased by 11/24 ⁸ to approximate the effect of monthly payments, and is subject to a floor of 1.0.

The Uniform Lifetime Table in the proposed regulations sets forth joint and last survivor life expectancies for each age beginning with age 70, based on a hypothetical beneficiary. Pursuant to §1.401(a) (9)-5, Q&A-4(a), the Uniform Lifetime Table is used for determining the distribution period for lifetime distributions to an employee in situations in which the employee’s surviving spouse either is not the sole designated beneficiary or is the sole designated beneficiary but is not more than 10 years younger than the employee. As under the existing regulations, the joint and last survivor life expectancy of an employee is taken from the Joint and Last Survivor Table using a hypothetical beneficiary who is assumed to be 10 years younger than the employee.

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. The joint and last survivor life expectancy for an employee and a beneficiary at a combination of ages is calculated as the sum of the probabilities of the employee surviving to each future year, plus the sum of the probabilities of the beneficiary surviving to each future year, minus the sum of the probabilities of both the employee and beneficiary surviving to each future year. The resulting joint and last survivor life expectancy is then increased by 11/24 to approximate the effect of monthly payments, and is subject to a floor of 1.0.

The life expectancy tables in the current regulations are used in several 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). These proposed regulations do not include revisions to these examples to reflect the life expectancy tables in the proposed regulations.

III. Effective/Applicability Date

The life expectancy tables and Uniform Lifetime Table under these proposed regulations would apply for distribution calendar years beginning on or after January 1, 2021. Thus, for example, for an individual who attains age 70½ during 2020 (so that the minimum required distribution for the distribution calendar year 2020 is due April 1, 2021), the final regulations would not apply to the minimum required distribution for the individual’s 2020 distribution calendar year (which is due April 1, 2021), but would apply to the minimum required distribution for the individual’s 2021 distribution calendar year (which is due December 31, 2021).

These proposed regulations include a transition rule that applies if an employee died before January 1, 2021, and, under the rules of §1. 401(a)(9)-5, Q&A-5, the distribution period that applies for calendar years following the calendar year of the employee’s death is equal to a single life expectancy calculated as of the calendar year of the employee’s death (or if applicable, the year after the employee’s death), reduced by 1 for each subsequent year. Under this 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 relevant individual in the calendar year for which life expectancy was set under §1. 401(a)(9)-5, Q&A 5(c). For distribution calendar years beginning on or after January 1, 2021, the distribution period is determined by reducing that initial life expectancy by 1 for each year

subsequent to the year for which it was initially set.

This transition rule applies in three situations: (1) The employee died before the required beginning date with a non-spousal designated beneficiary (so that the applicable distribution period is determined based on the remaining life expectancy of the 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 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 is determined based on the remaining life expectancy of the employee for the year of the employee’s death).

The proposed regulations illustrate the application of this transition rule with an example involving an employee who died at age 80 in 2018 with a designated beneficiary (who was not the employee’s spouse) who was age 75 in the year of the employee’s death. For 2019, the distribution period that applies for the beneficiary is 12. 7 years (the period applicable for a 76 year old under the Single Life Table in current §1. 401(a)(9)-9), and for 2020, it is 11. 7 years (the original distribution period, reduced by 1 year). For 2021, taking into account the life expectancy tables under the proposed regulations and applying the transition rule, the applicable distribution period would be 12. 0 years (the 14. 0 year life expectancy for a 76 year old under the Single Life Table in the proposed regulations, reduced by 2 years). A similar transition rule applies if an employee’s sole beneficiary is the employee’s surviving spouse and the spouse died before January 1, 2021. Under the rules of §1. 401(a)(9)-5, Q&A-5(c)(2), the distribution period that applies for the spouse’s beneficiary is equal to the single life expectancy for the spouse calculat

7 The Mortality Improvement Scale MP-2018 can be found at https://www. soa. org/experience-studies/2018/mortality-improvement-scale-mp-2018/.

8 Assuming an equal distribution of deaths throughout the year, if a retiree is scheduled to receive monthly payments on the last day of each month then, in the year of death, on average, the retiree would receive 11/24th of a full year’s worth of payments.

Bulletin No. 2019–48 1235 November 25, 2019

ed for the calendar year of the spouse’s death, reduced by 1 for each subsequent year. 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. For distribution calendar years beginning on or after January 1, 2021, the distribution period is determined by reducing that initial life expectancy by 1 for each year subsequent to the year for which it was initially set.

These transition rules, under which there is a one-time reset for the relevant life expectancy using the Single Life Table under the proposed regulations, are designed to recognize that the general population has longer life expectancies than the life expectancies set forth in the 2002 regulations. However, because the reset life expectancy is based on the age for which life expectancy was originally determined (rather than the relevant individual’s current age), it is consistent with Congressional intent to limit recalculation of life expectancy to the employee and the employee’s spouse.

IV. Applicability to Revenue Ruling 2002-62

After final regulations that provide updated life expectancy and distribution period tables under section 401(a)(9) are issued, if a taxpayer commenced receiving substantially equal periodic payments before January 1, 2021, using the required minimum distribution method described in section 2. 01(a) of Rev. Rul. 2002-62, then the application of the final regulations will not be treated as a modification to a series of substantially equal periodic payments as described in section 72(t)(4)(A)(ii). In addition, if a taxpayer commences receiving substantially equal periodic payments on or after January 1, 2021, and uses either the fixed amortization method described in section 2. 01(b) of Rev. Rul. 2002-62 or the fixed annuitization method described in section 2. 01(c) of Rev. Rul. 2002-62, then the method should be applied by ap

plying the corresponding life expectancy, distribution period, and mortality tables in the final regulations in lieu of the tables in formerly applicable §1. 401(a)(9)-9 that are referenced in Rev. Rul. 2002-62.

Special Analyses

I. Regulatory Impact Analysis

Executive Orders 13771, 13563, and 12866 direct agencies to assess costs and benefits of available regulatory alternatives and, if regulation is necessary, to select regulatory approaches that maximize net benefits, including potential economic, environmental, public health and safety effects, distributive impacts, and equity. Executive Order 13563 emphasizes the importance of quantifying both costs and benefits, reducing costs, harmonizing rules, and promoting flexibility. The Executive Order 13771 designation for any final rule resulting from the proposed regulation will be informed by comments received. The preliminary Executive Order 13771 designation for this proposed rule is deregulatory.

The proposed regulations have been designated by the Office of Management and Budget’s (OMB’s) Office of Information and Regulatory Affairs (OIRA) as subject to review under Executive Order 12866 pursuant to the Memorandum of Agreement (MOA, April 11, 2018) between the Treasury Department and the Office of Management and Budget regarding review of tax regulations. OIRA has determined that the proposed rulemaking is significant and subject to review under Executive Order 12866 and section 1(b) of the Memorandum of Agreement. Accordingly, the proposed regulations have been reviewed by OMB.

Introduction and Need for Regulation

As stated earlier in the preamble to the proposed regulations, in accordance with Executive Order 13847, the Treasury Department and the IRS have examined the life expectancy and distribution period ta

bles in §1. 401(a)(9)-9 and have reviewed currently available mortality data. As a result of this review, the Treasury Department and the IRS determined that those tables should be updated to reflect current life expectancies.

The life expectancy tables and applicable distribution period tables in the proposed regulations reflect longer life expectancies than the tables in the existing regulations. The effect of these changes is to reduce annual required minimum distributions (RMDs) from qualified defined contribution plans, IRAs, and certain other tax-favored retirement plans (referred to as affected retirement plans). The purpose of such updates is to increase the effectiveness of these tax-favored retirement programs by allowing retirees to retain more retirement savings in these programs for their later years.

Pursuant to section 6(a)(3)(B) of Executive Order 12866, the following qualitative analysis provides further details regarding the anticipated impacts of the proposed regulations. After briefly describing the proposed regulations in Part 2, the baseline used for the analysis is described in Part 3. Part 4 describes the entities and individuals affected by the proposed regulations. Part 5 provides a qualitative assessment of the potential economic effects, including benefits and costs, of the proposed regulations compared to the baseline.

2. The Proposed Regulations

The RMD rules require an individual to withdraw assets from an affected retirement plan as generally taxable distributions over the life expectancy of the individual (or the individual and spouse). ⁹ Balances remaining at the death of the individual that are paid to a spouse as designated beneficiary must generally be withdrawn over the life expectancy of the spouse. ¹⁰ The purpose of the RMD rules is to ensure that the favorable tax treatment afforded a qualified plan is used primarily to provide retirement income to a participant and designated beneficiary, while

9 This requirement to take distributions during the individual’s lifetime does not apply to a Roth IRA described in section 408A.

10 Balances payable to other designated beneficiaries must generally be withdrawn according to the beneficiary’s life expectancy (fixed as of the year of death). Different rules apply if the individual dies prior to the required beginning date for RMDs.

November 25, 2019 1236 Bulletin No. 2019–48

mitigating the cost to the government of deferred taxation on savings in qualified retirement plans.

The life expectancy tables and applicable distribution period tables in the proposed regulations reflect longer life expectancies than the tables in the existing regulations that are generally between one and two years longer than under the existing regulations. This will give individuals with affected retirement plans the option to withdraw slightly smaller amounts from their plans each year, giving individuals and beneficiaries the option to leave amounts in tax-favored retirement accounts for a slightly longer period of time, to account for the possibility that they may live longer.

3. Baseline

The Treasury Department and the IRS have assessed the benefits and costs of these proposed regulations relative to a no-action baseline reflecting anticipated Federal income tax-related behavior in the absence of these proposed regulations.

4. Affected Entities and Individuals

The proposed regulations affect individuals who withdraw exactly the RMD amount from their affected retirement plan but who would prefer to withdraw less in the absence of the minimum distribution requirements. Individuals who withdraw more than the current RMD are not bound by the current rules and therefore are not expected to reduce withdrawals as a result of the proposed regulations. Using confidential tax return data, the Treasury Department estimates roughly 4. 6 million individuals, or 20. 5% of all individuals required to take RMDs from an affected retirement plan, will make withdrawals at the minimum required level in 2021, and might reduce withdrawals as a result of the rule.

In addition, Individual Retirement Account (IRA) providers would have to change the administration of their IRAs to reflect the new life expectancy tables. The Treasury Department does not have an estimate of the number of such entities. Additionally, employer plans that do not

require benefits to be paid out as a lump sum would have to change the administration of their plans to reflect the new life expectancy tables. The Treasury Department expects that this would include most large plans, which typically do not require benefits to be paid out in a lump sum and thus would be affected by the proposed regulations. The latest available data, the Private Pension Bulletin produced by the Department of Labor, indicate there were 81,469 large qualified pension plans (defined as plans with more than 100 participants) in 2016. ¹¹

5. Economic Effects

a. Labor Supply Effect

The proposed rule produces a positive wealth effect, as lower levels of RMDs lead to larger amounts of assets earning tax-deferred returns. While this might plausibly lead to a reduction in labor supply, this effect is likely to be small for the following reasons.

First, the proposed regulations would lead to a small decrease in the portion of assets in affected retirement plans that must be withdrawn as an RMD for a 70year old retiree. Under the current regulations, if a 70-year old retiree had $250,000 in his or her affected retirement plan, the individual is required at age 70 to withdraw $9,124, equal to 3. 65% of plan assets. Under the proposed regulations, the individual would be required to withdraw $8,591, equal to 3. 44% of plan assets, a decrease of $533 or 0. 21% of plan assets. Under the current regulations, a 90-year old retiree with $250,000 in his or her affected retirement plan would be required at age 90 to withdraw $21,930, equal to 8. 77% of plan assets. Under the proposed regulations, the individual would be required to withdraw $20,661, equal to 8. 26% of plan assets, a decrease of $1,269 or 0. 51% of plan assets.

Second, the proposed regulations are expected to affect the labor supply decisions only of individuals who are making withdrawals at or very close to the RMD level. Individuals making withdrawals from affected retirement plans exceeding the current RMD are not bound by the cur

rent minimum and are therefore not affected by relaxing the minimum by a small amount. Hence, their labor supply decisions are unlikely to change based on the proposed regulations. Thus, the proposed regulations would likely affect only a very small portion of high income individuals working into their late 60s and early 70s.

The small impact of the proposed regulations is illustrated by an example. Assume the following facts. The individual is unmarried and has $250,000 in his or her IRA and $0 in a taxable account. The individual turns age 70 on January 1 and because the individual turns 70½ in the year must begin taking RMDs. The RMD amount is determined as of January 1, but is withdrawn on December 31 of the year in question. Tax is paid immediately upon the withdrawal of the RMD. Because the individual who is bound by the RMD rules has revealed a preference to continue to save the funds rather than consume them, the amount remaining after the tax has been paid on the distribution is placed into a taxable investment account on January 1 of the following year (the day after the RMD is made). Assets held in the IRA and the taxable account earn a 3% rate of return once the individual turns age 70. The RMDs and the returns in the taxable account are taxed at a marginal rate of 22%.

Under the mortality rates in the proposed regulations, an individual who is 70 is expected to live until approximately age 90. We examine the total assets, i. e., the sum of the assets in the IRA and in the taxable account, that the taxpayer would have at age 90 if the individual only takes RMDs each year. Under the current regulations, the individual’s total assets at age 90 would be $371,004. Under the proposed regulations, the individual’s total assets at age 90 would be $374,461. This $3,457 (less than 1%) increase in total assets at age 90 is unlikely to allow or incentivize the individual to retire earlier than he or she otherwise would.

The proposed regulations could in theory lead to an increase in labor supply. The argument is that because the value of contributing to a retirement fund has increased, the return to working longer has increased. Another example illustrates that the additional return to working is

11 https://www.dol.gov/sites/default/files/ebsa/researchers/statistics/retirement-bulletins/private-pension-plan-bulletin-historical-tables-and-graphs.pdf

Bulletin No. 2019–48 1237 November 25, 2019

small and very unlikely to induce an increase in labor supply.

Assume the following facts. The individual is unmarried and is age 69. The individual chooses whether to work an additional year or to retire. If the individual works an additional year, the individual’s income is sufficiently large so that the individual would choose to contribute the maximum amount to an IRA ($7,000 in 2019). If the individual retires, the individual does not contribute to an IRA. That is, if the individual retires at age 69, the individual will have $250,000 of assets in his or her IRA and $0 in a taxable account on January 1 in the year the individual turns age 70. If the individual retires at age 70, the individual will have $257,000 of assets in his or her IRA and $0 in a taxable account on January 1 in the year the individual turns age 70.

As in the previous example, the individual has RMDs beginning at age 70 ½. The RMD amount is determined on January 1 but is withdrawn on December 31 of the year in question. Tax is paid immediately upon the withdrawal of the RMD amount. The amount remaining after the tax has been paid on the distribution is placed on January 1 of the following year, i. e., the day after the RMD was made, into a taxable investment account. Assets held in the IRA and the taxable account earn a 3% rate of return once the individual turns age 70. The RMDs and the returns in the taxable account are taxed at a marginal tax rate of 22%.

We again examine the total assets, i. e., the sum of the assets in the IRA and in the taxable account that the individual would have at age 90. If the individual waits to retire at age 70, under the current RMD rules, the individual’s total assets at age 90 would be $10,388 more than if the taxpayer retired at age 69. Under the proposed rulemaking, if the individual waits to retire at age 70, the individual’s total assets at age 90 would be $10,485 more than if the individual retired at age 69.

The proposed rulemaking, therefore, increases the difference in total assets at age 90 by $97. Even if the individual con

tributed the $25,000 maximum to a 401(k) plan – $19,000 plus $6,000 in catch-up contributions in 2019 – the proposed rulemaking would increase the difference in total assets at age 90 by only $346. These amounts are likely much too small to affect the individual’s decision about whether to retire at age 69 or wait to retire at age 70.

Under the standard assumption that leisure is a normal good, i. e., time spent not working increases as income and wealth increase, the increase in potential retirement income generated by the proposed rulemaking could lead some individuals to work less. However, given the magnitude of the change as suggested in the preceding example, this behavior is unlikely.

b. Increased Fees

Under the proposed regulations, more assets will be left in affected retirement plans. Using confidential tax data, the Treasury Department estimates that in 2021, the proposed regulations would lead to an $8. 1 billion reduction in distributions from affected retirement plans. A joint study by Brightscope and the Investment Company Institute indicates that “all-in” fees for large plans, which are the ones most likely not to require distributions to be taken as a lump sum, are typically below 1%. ¹² Thus, reduced withdrawals could lead to an increase in fees of about $81 million earned by providers of services to affected retirement plans in 2021. However, in the absence of the proposed regulations, individuals who prefer to make smaller withdrawals would likely transfer these funds into taxable investment accounts, which carry their own fees. As a result, the net additional fees earned by the investment industry as a result of the proposed regulations are expected to be much less than $81 million.

c. Administrative Costs

Under the proposed regulations, all IRA providers and administrators of employer-sponsored retirement plans that al

low non-lump sum distributions will need to update their life expectancy and distribution period tables and communicate the changes in their RMDs to their plan participants. However, most employers use purchased software of third-party service providers that provide plan administrative services for many employers. This creates economies of scale and reduces the total cost of the required update. The total cost will then be spread over many employers, such that the cost to each employer is expected to be very low. The Treasury Department and the IRS do not have sufficient data to determine the increased administrative costs of the proposed regulations for an individual IRA provider, plan administrator who uses in-house software, plan service provider or software developer, and invite comments on the cost of implementing the life expectancy and distribution period table in the proposed regulations for these entities. The Treasury Department and the IRS also invite comments on the number of such entities who would have to implement changes to software in order to implement the life expectancy and distribution period table in the proposed regulations.

II. Regulatory Flexibility Act

It is hereby certified pursuant to the Regulatory Flexibility Act *5 U. S. C., chapter 6) that these proposed regulations will not have a significant economic impact on a substantial number of small entities. These proposed regulations will apply to all employers that sponsor defined contribution plans regardless of size. Although data are not available to estimate the number of small entitles affected, the proposed rule may affect a substantial number. As stated above, this rule updates life expectancies that are required to be used by statute.

Although the proposed rule may affect a substantial number of small entities, the economic impact of the proposed regulations is not likely to be significant. Small businesses generally comply with the minimum required distribution rules

12 See “The Brightscope/ICI Defined Contribution Plan Profile: A Close Look at 401(k) Plans” (December 2014) at https://www.ici.org/pdf/ppr_14_dcplan_profile_401k.pdf. This study points to page 7 of “Inside the Structure of Defined Contribution/401(k) Plan Fees, 2013: A study assessing the mechanics of the ‘all-in’ fee” (August 2014) at https://www.ici.org/pdf/ rpt_14_dc_401k_fee_study.pdf, for a definition of the ‘all-in fee.’ This definition of ‘all-in fee’ “…includes all administrative or recordkeeping fees as well as investment fees (i.e., the investment option’s total expense ratio) whether they are assessed at the plan, employer or participant level. The ‘all-in’ fee excludes those recordkeeping and administrative activity fees that only apply to particular participants who engage in the activity (e. g., self-directed brokerage, managed accounts, loans, QDROs and distributions). ”

November 25, 2019 1238 Bulletin No. 2019–48

using either third-party administrators or software, creating economies of scale that mitigate the cost of updating life expectancy tables. Such software is updated periodically irrespective of a change in life expectancies used to determine minimum required distributions. The portion of the cost of a periodic update that is attributable to the implementation of the life expectancy and distribution period tables in the proposed regulations will be spread over the client base of a service provider that uses software developed inhouse, and over the group of purchasers of generally-available plan administration software. Because, in either case, the cost of changing software to implement the updated life expectancies is spread over a large group of businesses that maintain retirement plans, it is estimated that the incremental cost for each affected small businesses as a result of the use of updated life expectancies is not significant.

Notwithstanding this certification, Treasury and the IRS invite comments about the impact that the proposed rule would have on small entities. Pursuant to section 7805(f) of the Code, this notice of proposed rulemaking will be submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on its impact on small entities.

Comments and Public Hearing

Before these proposed regulations are adopted as final regulations, consideration will be given to any comments that are submitted timely to the Treasury Department and the IRS as prescribed in this preamble in the “ ADDRESSES ” section. The Treasury Department and the IRS request comments on all aspects of these proposed regulations, including:

How often the life expectancy and distribution period tables in these regulations should be updated.
The extent of the administrative burden involved in implementing any such updates.
Whether guidance is needed so that a participant whose plan administrator or trustee fails to implement the final regulations in a timely fashion may take required minimum distributions (or roll over distributions in excess of the required minimum distribution) in

a manner that takes into account the final regulations. All comments will be available for public inspection and copying at www. regulations. gov or upon request.

A public hearing on these proposed regulations has been scheduled for January 23, 2020, beginning at 10 a. m. in the IRS Auditorium, Internal Revenue Service, 1111 Constitution Avenue, NW, Washington, DC 20224. Due to building security procedures, visitors must enter at the Constitution Avenue entrance. In addition, all visitors must present photo identification to enter the building. Because of access restrictions, visitors will not be admitted beyond the immediate entrance area more than 30 minutes before the hearing starts. For information about having your name placed on the building access list to attend the hearing, see the “FOR FURTHER INFORMATION CONTACT” section of this preamble.

The rules of 26 CFR 601. 601(a)(3) apply to the hearing. Persons who wish to present oral comments at the hearing must submit written or electronic comments by January 7, 2020, and an outline of topics to be discussed and the amount of time to be devoted to each topic by January 7, 2020. A period of 10 minutes will be allotted to each person for making comments. An agenda showing the scheduling of the speakers will be prepared after the deadline for receiving outlines has passed. Copies of the agenda will be available free of charge at the hearing.

Drafting Information

The principal authors of these proposed regulations are Arslan Malik and Linda S. F. Marshall, of the Office of the Associate Chief Counsel (Employee Benefits, Exempt Organizations, and Employment Taxes). However, other personnel from the Treasury Department and the IRS participated in the development of the proposed regulations.

Proposed Amendments to the Regulations

Accordingly, 26 CFR part 1 is proposed to be amended as follows:

PART 1 – INCOME TAX

Paragraph 1. The authority citation for part 1 continues to read in part as follows:

Authority: 26 U. S. C. 7805 * * * § 1.401(a)(9)-5 [Amended] Par. 2. Section 1. 401(a)(9)-5 is amended by:

Removing the language “A-1 of §
401(a)(9)-9” wherever it appears and adding “§1. 401(a)(9)-9(b)” in its place.
Removing the language “A-2 of §
401(a)(9)-9” wherever it appears and adding “§1. 401(a)(9)-9(c)” in its place.
Removing the language “A-3 of §
401(a)(9)-9” wherever it appears and adding “§1. 401(a)(9)-9(d)” in its place.

§ 1.401(a)(9)-6 [Amended]

Par. 3. Section 1. 401(a)(9)-6 is amended by:

Removing the language “A-1 of §
401(a)(9)-9” wherever it appears and adding “§1. 401(a)(9)-9(b)” in its place.
Removing the language “A-2 of §
401(a)(9)-9” wherever it appears and adding “§1. 401(a)(9)-9(d)” in its place.
Removing the language “A-3 of §
401(a)(9)-9” wherever it appears and adding “§1. 401(a)(9)-9(e)” in its place.

§ 1.401(a)(9)-8 [Amended]

Par. 4. Section 1. 401(a)(9)-8 is amended by removing the language “A-2 of §1. 401(a)(9)-9” wherever it appears and adding “§1. 401(a)(9)-9(d)” in its place.

Par. 5. Section 1. 401(a)(9)-9 is amended to read as follows:

Section 1.401(a)(9)-9 Life Expectancy and Distribution Period Tables

(a) In general . This section specifies the life expectancy and applicable distribution period tables that apply for purposes of determining required minimum distributions under section 401(a)(9). Paragraphs (b), (c), and (d) of this section set forth these tables. Paragraph (e) of this section provides the mortality rates that are used to

Bulletin No. 2019–48 1239 November 25, 2019

develop these tables. Paragraph (f) of this section provides applicability date rules.

Table 1 to Paragraph (b)

Age Life expectancy 0 84 5 1 83 7 2 82 7 3 81 7 4 80 8 5 79 8 6 78 8 7 77 8 8 76 8 9 75 8 10 74 8 11 73 8 12 72 8 13 71 9 14 70 9 15 69 9 16 68 9 17 67 9 18 66 9 19 66 0 20 65 0 21 64 0 22 63 0 23 62 0 24 61 1 25 60 1 26 59 1 27 58 2 28 57 2 29 56 2 30 55 3 31 54 3 32 53 4 33 52 4 34 51 4 35 50 5 36 49 5 37 48 6 38 47 6

(b) Single Life Table . The following table, referred to as the Single Life Table,

Age Life expectancy 39 46 6 40 45 7 41 44 7 42 43 8 43 42 8 44 41 8 45 40 9 46 39 9 47 39 0 48 38 0 49 37 1 50 36 1 51 35 2 52 34 3 53 33 3 54 32 4 55 31 5 56 30 6 57 29 7 58 28 8 59 27 9 60 27 1 61 26 2 62 25 3 63 24 5 64 23 6 65 22 8 66 22 0 67 21 2 68 20 4 69 19 5 70 18 7 71 17 9

72 17 1 73 16 3 74 15 6 75 14 8 76 14 0 77 13 3 78 12 6 79 11 9

sets forth the life expectancy of an individual at each age.

Age Life expectancy 80 11 2 81 10 5 82 9 9 83 9 2 84 8 6 85 8 1 86 7 5 87 7 0 88 6 6 89 6 1 90 5 7 91 5 3 92 4 9 93 4 6 94 4 2 95 3 9 96 3 7 97 3 4 98 3 2 99 3 0 100 2 8 101 2 6 102 2 5 103 2 3 104 2 2 105 2 1 106 2 1 107 2 1 108 2 0 109 2 0 110 2 0 111 2 0

112 2 0 113 1 9 114 1 9 115 1 8 116 1 8 117 1 6 118 1 4 119 1 1 120 + 1 0

November 25, 2019 1240 Bulletin No. 2019–48

(c) Uniform Lifetime Table . The fol- tions to an employee in situations in which spouse is the sole designated beneficiary lowing table, referred to as the Uniform the employee’s surviving spouse is not the but is not more than 10 years younger than Lifetime Table, sets forth the distribution sole designated beneficiary. This table the employee . period that applies for lifetime distribu- is also used if the employee’s surviving

Table 2 to Paragraph (c)

Distribution Age of employee

period 70 29 1 71 28 2 72 27 3 73 26 4 74 25 5 75 24 6 76 23 7 77 22 8 78 21 9 79 21 0 80 20 2 81 19 3 82 18 4 83 17 6 84 16 8 85 16 0

Distribution Age of employee

period 86 15 2 87 14 4 88 13 6 89 12 9 90 12 1 91 11 4 92 10 8 93 10 1 94 9 5 95 8 9 96 8 3 97 7 8 98 7 3 99 6 8 100 6 4 101 5 9 102 5 6 103 5 2

Distribution Age of employee

period 104 4 9 105 4 6 106 4 3 107 4 1 108 3 9 109 3 7 110 3 5 111 3 4 112 3 2 113 3 1 114 3 0 115 2 9 116 2 8 117 2 7 118 2 5 119 2 3 120 + 2 0

(d) Joint and Last Survivor Table . The and Last Survivor Table, is used for de- termining the joint and last survivor life following table, referred to as the Joint expectancy of two individuals .

Table 3 to Paragraph (d)

Ages 0 1 2 3 4 5 6 7 8 0 91 8 91 4 90 9 90 5 90 1 89 7 89 3 89 0 88 7 1 91 4 90 9 90 4 89 9 89 5 89 1 88 7 88 3 88 0 2 90 9 90 4 89 9 89 4 88 9 88 5 88 1 87 7 87 3 3 90 5 89 9 89 4 88 9 88 4 87 9 87 5 87 1 86 7 4 90 1 89 5 88 9 88 4 87 9 87 4 86 9 86 5 86 1 5 89 7 89 1 88 5 87 9 87 4 86 9 86 4 85 9 85 5 6 89 3 88 7 88 1 87 5 86 9 86 4 85 9 85 4 84 9 7 89 0 88 3 87 7 87 1 86 5 85 9 85 4 84 9 84 4 8 88 7 88 0 87 3 86 7 86 1 85 5 84 9 84 4 83 9 9 88 4 87 7 87 0 86 3 85 7 85 1 84 5 83 9 83 4 10 88 1 87 4 86 7 86 0 85 3 84 7 84 1 83 5 82 9 11 87 9 87 1 86 4 85 7 85 0 84 4 83 7 83 1 82 5 12 87 6 86 9 86 1 85 4 84 7 84 0 83 4 82 7 82 1 13 87 4 86 7 85 9 85 1 84 4 83 7 83 0 82 4 81 7

Bulletin No. 2019–48 1241 November 25, 2019

Ages	0	1	2	3	4	5	6	7	8
14	87 2	86 4	85 7	84 9	84 2	83 4	82 7	82 0	81 4
15	87 0	86 2	85 5	84 7	83 9	83 2	82 4	81 7	81 0
16	86 9	86 1	85 3	84 5	83 7	82 9	82 2	81 4	80 7
17	86 7	85 9	85 1	84 3	83 5	82 7	81 9	81 2	80 4
18	86 6	85 7	84 9	84 1	83 3	82 5	81 7	80 9	80 2
19	86 4	85 6	84 7	83 9	83 1	82 3	81 5	80 7	79 9
20	86 3	85 5	84 6	83 8	82 9	82 1	81 3	80 5	79 7
21	86 2	85 3	84 5	83 6	82 8	81 9	81 1	80 3	79 5
22	86 1	85 2	84 3	83 5	82 6	81 8	80 9	80 1	79 3
23	86 0	85 1	84 2	83 4	82 5	81 6	80 8	79 9	79 1
24	85 9	85 0	84 1	83 2	82 4	81 5	80 6	79 8	78 9
25	85 8	84 9	84 0	83 1	82 2	81 4	80 5	79 6	78 8
26	85 7	84 8	83 9	83 0	82 1	81 2	80 4	79 5	78 6
27	85 6	84 8	83 9	82 9	82 0	81 1	80 3	79 4	78 5
28	85 6	84 7	83 8	82 9	82 0	81 0	80 1	79 3	78 4
29	85 5	84 6	83 7	82 8	81 9	81 0	80 1	79 2	78 3
30	85 4	84 6	83 6	82 7	81 8	80 9	80 0	79 1	78 2
31	85 4	84 5	83 6	82 6	81 7	80 8	79 9	79 0	78 1
32	85 3	84 4	83 5	82 6	81 6	80 7	79 8	78 9	78 0
33	85 3	84 4	83 5	82 5	81 6	80 7	79 7	78 8	77 9
34	85 2	84 3	83 4	82 5	81 5	80 6	79 7	78 7	77 8
35	85 2	84 3	83 4	82 4	81 5	80 5	79 6	78 7	77 7
36	85 2	84 3	83 3	82 4	81 4	80 5	79 5	78 6	77 7
37	85 1	84 2	83 3	82 3	81 4	80 4	79 5	78 5	77 6
38	85 1	84 2	83 2	82 3	81 3	80 4	79 4	78 5	77 6
39	85 1	84 2	83 2	82 3	81 3	80 3	79 4	78 4	77 5
40	85 0	84 1	83 2	82 2	81 3	80 3	79 3	78 4	77 4
41	85 0	84 1	83 1	82 2	81 2	80 3	79 3	78 4	77 4
42	85 0	84 1	83 1	82 2	81 2	80 2	79 3	78 3	77 4
43	84 9	84 0	83 1	82 1	81 2	80 2	79 2	78 3	77 3
44	84 9	84 0	83 1	82 1	81 1	80 2	79 2	78 2	77 3
45	84 9	84 0	83 0	82 1	81 1	80 1	79 2	78 2	77 3
46	84 9	84 0	83 0	82 1	81 1	80 1	79 2	78 2	77 2
47	84 9	84 0	83 0	82 0	81 1	80 1	79 1	78 2	77 2
48	84 8	83 9	83 0	82 0	81 0	80 1	79 1	78 1	77 2
49	84 8	83 9	83 0	82 0	81 0	80 1	79 1	78 1	77 1
50	84 8	83 9	82 9	82 0	81 0	80 0	79 1	78 1	77 1
51	84 8	83 9	82 9	82 0	81 0	80 0	79 0	78 1	77 1
52	84 8	83 9	82 9	81 9	81 0	80 0	79 0	78 0	77 1
53	84 8	83 9	82 9	81 9	81 0	80 0	79 0	78 0	77 1
54	84 7	83 9	82 9	81 9	80 9	80 0	79 0	78 0	77 0
55	84 7	83 8	82 9	81 9	80 9	79 9	79 0	78 0	77 0
56	84 7	83 8	82 9	81 9	80 9	79 9	79 0	78 0	77 0
57	84 7	83 8	82 9	81 9	80 9	79 9	78 9	78 0	77 0

November 25, 2019 1242 Bulletin No. 2019–48

Ages	0	1	2	3	4	5	6	7	8
58	84 7	83 8	82 8	81 9	80 9	79 9	78 9	78 0	77 0
59	84 7	83 8	82 8	81 9	80 9	79 9	78 9	77 9	77 0
60	84 7	83 8	82 8	81 8	80 9	79 9	78 9	77 9	76 9
61	84 7	83 8	82 8	81 8	80 9	79 9	78 9	77 9	76 9
62	84 7	83 8	82 8	81 8	80 9	79 9	78 9	77 9	76 9
63	84 6	83 8	82 8	81 8	80 8	79 9	78 9	77 9	76 9
64	84 6	83 8	82 8	81 8	80 8	79 9	78 9	77 9	76 9
65	84 6	83 8	82 8	81 8	80 8	79 8	78 9	77 9	76 9
66	84 6	83 7	82 8	81 8	80 8	79 8	78 9	77 9	76 9
67	84 6	83 7	82 8	81 8	80 8	79 8	78 8	77 9	76 9
68	84 6	83 7	82 8	81 8	80 8	79 8	78 8	77 9	76 9
69	84 6	83 7	82 8	81 8	80 8	79 8	78 8	77 9	76 9
70	84 6	83 7	82 8	81 8	80 8	79 8	78 8	77 8	76 9
71	84 6	83 7	82 8	81 8	80 8	79 8	78 8	77 8	76 9
72	84 6	83 7	82 8	81 8	80 8	79 8	78 8	77 8	76 9
73	84 6	83 7	82 7	81 8	80 8	79 8	78 8	77 8	76 8
74	84 6	83 7	82 7	81 8	80 8	79 8	78 8	77 8	76 8
75	84 6	83 7	82 7	81 8	80 8	79 8	78 8	77 8	76 8
76	84 6	83 7	82 7	81 8	80 8	79 8	78 8	77 8	76 8
77	84 6	83 7	82 7	81 8	80 8	79 8	78 8	77 8	76 8
78	84 6	83 7	82 7	81 8	80 8	79 8	78 8	77 8	76 8
79	84 6	83 7	82 7	81 8	80 8	79 8	78 8	77 8	76 8
80	84 6	83 7	82 7	81 8	80 8	79 8	78 8	77 8	76 8
81	84 6	83 7	82 7	81 8	80 8	79 8	78 8	77 8	76 8
82	84 6	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
83	84 6	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
84	84 6	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
85	84 6	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
86	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
87	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
88	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
89	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
90	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
91	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
92	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
93	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
94	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
95	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
96	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
97	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
98	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
99	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
100	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
101	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8

Bulletin No. 2019–48 1243 November 25, 2019

Ages	0	1	2	3	4	5	6	7	8
102	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
103	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
104	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
105	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
106	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
107	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
108	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
109	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
110	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
111	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
112	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
113	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
114	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
115	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
116	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
117	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
118	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
119	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8
120+	84 5	83 7	82 7	81 7	80 8	79 8	78 8	77 8	76 8

November 25, 2019 1244 Bulletin No. 2019–48

Ages	9	10	11	12	13	14	15	16	17
0	88 4	88 1	87 9	87 6	87 4	87 2	87 0	86 9	86 7
1	87 7	87 4	87 1	86 9	86 7	86 4	86 2	86 1	85 9
2	87 0	86 7	86 4	86 1	85 9	85 7	85 5	85 3	85 1
3	86 3	86 0	85 7	85 4	85 1	84 9	84 7	84 5	84 3
4	85 7	85 3	85 0	84 7	84 4	84 2	83 9	83 7	83 5
5	85 1	84 7	84 4	84 0	83 7	83 4	83 2	82 9	82 7
6	84 5	84 1	83 7	83 4	83 0	82 7	82 4	82 2	81 9
7	83 9	83 5	83 1	82 7	82 4	82 0	81 7	81 4	81 2
8	83 4	82 9	82 5	82 1	81 7	81 4	81 0	80 7	80 4
9	82 9	82 4	81 9	81 5	81 1	80 7	80 4	80 0	79 7
10	82 4	81 9	81 4	80 9	80 5	80 1	79 7	79 4	79 0
11	81 9	81 4	80 9	80 4	79 9	79 5	79 1	78 7	78 4
12	81 5	80 9	80 4	79 9	79 4	78 9	78 5	78 1	77 7
13	81 1	80 5	79 9	79 4	78 9	78 4	77 9	77 5	77 1
14	80 7	80 1	79 5	78 9	78 4	77 9	77 4	76 9	76 5
15	80 4	79 7	79 1	78 5	77 9	77 4	76 9	76 4	75 9
16	80 0	79 4	78 7	78 1	77 5	76 9	76 4	75 9	75 4
17	79 7	79 0	78 4	77 7	77 1	76 5	75 9	75 4	74 9
18	79 4	78 7	78 0	77 4	76 7	76 1	75 5	75 0	74 4
19	79 2	78 4	77 7	77 0	76 4	75 7	75 1	74 5	74 0
20	78 9	78 2	77 4	76 7	76 0	75 4	74 7	74 1	73 5
21	78 7	77 9	77 2	76 4	75 7	75 0	74 4	73 7	73 1
22	78 5	77 7	76 9	76 2	75 4	74 7	74 0	73 4	72 7
23	78 3	77 5	76 7	75 9	75 2	74 4	73 7	73 1	72 4
24	78 1	77 3	76 5	75 7	74 9	74 2	73 5	72 7	72 1
25	77 9	77 1	76 3	75 5	74 7	73 9	73 2	72 5	71 7
26	77 8	76 9	76 1	75 3	74 5	73 7	72 9	72 2	71 5
27	77 6	76 8	75 9	75 1	74 3	73 5	72 7	71 9	71 2
28	77 5	76 6	75 8	74 9	74 1	73 3	72 5	71 7	71 0
29	77 4	76 5	75 6	74 8	73 9	73 1	72 3	71 5	70 7
30	77 3	76 4	75 5	74 6	73 8	73 0	72 1	71 3	70 5
31	77 2	76 3	75 4	74 5	73 7	72 8	72 0	71 1	70 3
32	77 1	76 2	75 3	74 4	73 5	72 7	71 8	71 0	70 1
33	77 0	76 1	75 2	74 3	73 4	72 5	71 7	70 8	70 0
34	76 9	76 0	75 1	74 2	73 3	72 4	71 5	70 7	69 8
35	76 8	75 9	75 0	74 1	73 2	72 3	71 4	70 5	69 7
36	76 7	75 8	74 9	74 0	73 1	72 2	71 3	70 4	69 5
37	76 7	75 7	74 8	73 9	73 0	72 1	71 2	70 3	69 4
38	76 6	75 7	74 7	73 8	72 9	72 0	71 1	70 2	69 3
39	76 6	75 6	74 7	73 8	72 8	71 9	71 0	70 1	69 2
40	76 5	75 6	74 6	73 7	72 8	71 8	70 9	70 0	69 1
41	76 5	75 5	74 6	73 6	72 7	71 8	70 8	69 9	69 0
42	76 4	75 5	74 5	73 6	72 6	71 7	70 8	69 8	68 9
43	76 4	75 4	74 5	73 5	72 6	71 6	70 7	69 8	68 9

Bulletin No. 2019–48 1245 November 25, 2019

Ages	9	10	11	12	13	14	15	16	17
44	76 3	75 4	74 4	73 5	72 5	71 6	70 6	69 7	68 8
45	76 3	75 3	74 4	73 4	72 5	71 5	70 6	69 6	68 7
46	76 3	75 3	74 3	73 4	72 4	71 5	70 5	69 6	68 7
47	76 2	75 3	74 3	73 3	72 4	71 4	70 5	69 5	68 6
48	76 2	75 2	74 3	73 3	72 3	71 4	70 4	69 5	68 5
49	76 2	75 2	74 2	73 3	72 3	71 4	70 4	69 4	68 5
50	76 1	75 2	74 2	73 2	72 3	71 3	70 4	69 4	68 5
51	76 1	75 2	74 2	73 2	72 2	71 3	70 3	69 4	68 4
52	76 1	75 1	74 2	73 2	72 2	71 3	70 3	69 3	68 4
53	76 1	75 1	74 1	73 2	72 2	71 2	70 3	69 3	68 3
54	76 1	75 1	74 1	73 1	72 2	71 2	70 2	69 3	68 3
55	76 0	75 1	74 1	73 1	72 1	71 2	70 2	69 2	68 3
56	76 0	75 0	74 1	73 1	72 1	71 2	70 2	69 2	68 3
57	76 0	75 0	74 1	73 1	72 1	71 1	70 2	69 2	68 2
58	76 0	75 0	74 0	73 1	72 1	71 1	70 1	69 2	68 2
59	76 0	75 0	74 0	73 0	72 1	71 1	70 1	69 2	68 2
60	76 0	75 0	74 0	73 0	72 1	71 1	70 1	69 1	68 2
61	76 0	75 0	74 0	73 0	72 0	71 1	70 1	69 1	68 1
62	75 9	75 0	74 0	73 0	72 0	71 0	70 1	69 1	68 1
63	75 9	75 0	74 0	73 0	72 0	71 0	70 1	69 1	68 1
64	75 9	74 9	74 0	73 0	72 0	71 0	70 0	69 1	68 1
65	75 9	74 9	73 9	73 0	72 0	71 0	70 0	69 1	68 1
66	75 9	74 9	73 9	73 0	72 0	71 0	70 0	69 0	68 1
67	75 9	74 9	73 9	72 9	72 0	71 0	70 0	69 0	68 1
68	75 9	74 9	73 9	72 9	72 0	71 0	70 0	69 0	68 0
69	75 9	74 9	73 9	72 9	71 9	71 0	70 0	69 0	68 0
70	75 9	74 9	73 9	72 9	71 9	71 0	70 0	69 0	68 0
71	75 9	74 9	73 9	72 9	71 9	70 9	70 0	69 0	68 0
72	75 9	74 9	73 9	72 9	71 9	70 9	70 0	69 0	68 0
73	75 9	74 9	73 9	72 9	71 9	70 9	70 0	69 0	68 0
74	75 9	74 9	73 9	72 9	71 9	70 9	69 9	69 0	68 0
75	75 9	74 9	73 9	72 9	71 9	70 9	69 9	69 0	68 0
76	75 8	74 9	73 9	72 9	71 9	70 9	69 9	68 9	68 0
77	75 8	74 9	73 9	72 9	71 9	70 9	69 9	68 9	68 0
78	75 8	74 9	73 9	72 9	71 9	70 9	69 9	68 9	68 0
79	75 8	74 8	73 9	72 9	71 9	70 9	69 9	68 9	68 0
80	75 8	74 8	73 9	72 9	71 9	70 9	69 9	68 9	67 9
81	75 8	74 8	73 9	72 9	71 9	70 9	69 9	68 9	67 9
82	75 8	74 8	73 9	72 9	71 9	70 9	69 9	68 9	67 9
83	75 8	74 8	73 9	72 9	71 9	70 9	69 9	68 9	67 9
84	75 8	74 8	73 8	72 9	71 9	70 9	69 9	68 9	67 9
85	75 8	74 8	73 8	72 9	71 9	70 9	69 9	68 9	67 9
86	75 8	74 8	73 8	72 9	71 9	70 9	69 9	68 9	67 9
87	75 8	74 8	73 8	72 9	71 9	70 9	69 9	68 9	67 9

November 25, 2019 1246 Bulletin No. 2019–48

Ages	9	10	11	12	13	14	15	16	17
88	75 8	74 8	73 8	72 9	71 9	70 9	69 9	68 9	67 9
89	75 8	74 8	73 8	72 9	71 9	70 9	69 9	68 9	67 9
90	75 8	74 8	73 8	72 9	71 9	70 9	69 9	68 9	67 9
91	75 8	74 8	73 8	72 9	71 9	70 9	69 9	68 9	67 9
92	75 8	74 8	73 8	72 9	71 9	70 9	69 9	68 9	67 9
93	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
94	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
95	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
96	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
97	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
98	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
99	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
100	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
101	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
102	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
103	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
104	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
105	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
106	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
107	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
108	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
109	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
110	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
111	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
112	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
113	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
114	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
115	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
116	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
117	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
118	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
119	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9
120+	75 8	74 8	73 8	72 8	71 9	70 9	69 9	68 9	67 9

Bulletin No. 2019–48 1247 November 25, 2019

Ages	18	19	20	21	22	23	24	25	26
0	86 6	86 4	86 3	86 2	86 1	86 0	85 9	85 8	85 7
1	85 7	85 6	85 5	85 3	85 2	85 1	85 0	84 9	84 8
2	84 9	84 7	84 6	84 5	84 3	84 2	84 1	84 0	83 9
3	84 1	83 9	83 8	83 6	83 5	83 4	83 2	83 1	83 0
4	83 3	83 1	82 9	82 8	82 6	82 5	82 4	82 2	82 1
5	82 5	82 3	82 1	81 9	81 8	81 6	81 5	81 4	81 2
6	81 7	81 5	81 3	81 1	80 9	80 8	80 6	80 5	80 4
7	80 9	80 7	80 5	80 3	80 1	79 9	79 8	79 6	79 5
8	80 2	79 9	79 7	79 5	79 3	79 1	78 9	78 8	78 6
9	79 4	79 2	78 9	78 7	78 5	78 3	78 1	77 9	77 8
10	78 7	78 4	78 2	77 9	77 7	77 5	77 3	77 1	76 9
11	78 0	77 7	77 4	77 2	76 9	76 7	76 5	76 3	76 1
12	77 4	77 0	76 7	76 4	76 2	75 9	75 7	75 5	75 3
13	76 7	76 4	76 0	75 7	75 4	75 2	74 9	74 7	74 5
14	76 1	75 7	75 4	75 0	74 7	74 4	74 2	73 9	73 7
15	75 5	75 1	74 7	74 4	74 0	73 7	73 5	73 2	72 9
16	75 0	74 5	74 1	73 7	73 4	73 1	72 7	72 5	72 2
17	74 4	74 0	73 5	73 1	72 7	72 4	72 1	71 7	71 5
18	73 9	73 4	73 0	72 5	72 1	71 7	71 4	71 1	70 8
19	73 4	72 9	72 4	72 0	71 5	71 1	70 8	70 4	70 1
20	73 0	72 4	71 9	71 4	71 0	70 5	70 1	69 8	69 4
21	72 5	72 0	71 4	70 9	70 4	70 0	69 5	69 1	68 8
22	72 1	71 5	71 0	70 4	69 9	69 4	69 0	68 5	68 1
23	71 7	71 1	70 5	70 0	69 4	68 9	68 4	68 0	67 6
24	71 4	70 8	70 1	69 5	69 0	68 4	67 9	67 4	67 0
25	71 1	70 4	69 8	69 1	68 5	68 0	67 4	66 9	66 5
26	70 8	70 1	69 4	68 8	68 1	67 6	67 0	66 5	65 9
27	70 5	69 8	69 1	68 4	67 8	67 2	66 6	66 0	65 5
28	70 2	69 5	68 8	68 1	67 4	66 8	66 2	65 6	65 0
29	70 0	69 2	68 5	67 8	67 1	66 4	65 8	65 2	64 6
30	69 7	69 0	68 2	67 5	66 8	66 1	65 4	64 8	64 2
31	69 5	68 7	68 0	67 2	66 5	65 8	65 1	64 4	63 8
32	69 3	68 5	67 7	67 0	66 2	65 5	64 8	64 1	63 4
33	69 1	68 3	67 5	66 7	66 0	65 2	64 5	63 8	63 1
34	69 0	68 1	67 3	66 5	65 8	65 0	64 2	63 5	62 8
35	68 8	68 0	67 2	66 3	65 5	64 8	64 0	63 3	62 5
36	68 7	67 8	67 0	66 2	65 4	64 6	63 8	63 0	62 3
37	68 5	67 7	66 8	66 0	65 2	64 4	63 6	62 8	62 0
38	68 4	67 6	66 7	65 8	65 0	64 2	63 4	62 6	61 8
39	68 3	67 4	66 6	65 7	64 9	64 0	63 2	62 4	61 6
40	68 2	67 3	66 4	65 6	64 7	63 9	63 0	62 2	61 4
41	68 1	67 2	66 3	65 4	64 6	63 7	62 9	62 0	61 2
42	68 0	67 1	66 2	65 3	64 5	63 6	62 7	61 9	61 0
43	67 9	67 0	66 1	65 2	64 3	63 5	62 6	61 7	60 9

November 25, 2019 1248 Bulletin No. 2019–48

Ages	18	19	20	21	22	23	24	25	26
44	67 9	66 9	66 0	65 1	64 2	63 4	62 5	61 6	60 7
45	67 8	66 9	66 0	65 0	64 1	63 3	62 4	61 5	60 6
46	67 7	66 8	65 9	65 0	64 1	63 2	62 3	61 4	60 5
47	67 7	66 7	65 8	64 9	64 0	63 1	62 2	61 3	60 4
48	67 6	66 7	65 7	64 8	63 9	63 0	62 1	61 2	60 3
49	67 6	66 6	65 7	64 8	63 8	62 9	62 0	61 1	60 2
50	67 5	66 6	65 6	64 7	63 8	62 8	61 9	61 0	60 1
51	67 5	66 5	65 6	64 6	63 7	62 8	61 9	60 9	60 0
52	67 4	66 5	65 5	64 6	63 7	62 7	61 8	60 9	60 0
53	67 4	66 4	65 5	64 5	63 6	62 7	61 7	60 8	59 9
54	67 4	66 4	65 4	64 5	63 6	62 6	61 7	60 7	59 8
55	67 3	66 4	65 4	64 5	63 5	62 6	61 6	60 7	59 8
56	67 3	66 3	65 4	64 4	63 5	62 5	61 6	60 6	59 7
57	67 3	66 3	65 3	64 4	63 4	62 5	61 5	60 6	59 7
58	67 2	66 3	65 3	64 4	63 4	62 5	61 5	60 6	59 6
59	67 2	66 3	65 3	64 3	63 4	62 4	61 5	60 5	59 6
60	67 2	66 2	65 3	64 3	63 3	62 4	61 4	60 5	59 5
61	67 2	66 2	65 2	64 3	63 3	62 4	61 4	60 5	59 5
62	67 2	66 2	65 2	64 3	63 3	62 3	61 4	60 4	59 5
63	67 1	66 2	65 2	64 2	63 3	62 3	61 4	60 4	59 4
64	67 1	66 2	65 2	64 2	63 3	62 3	61 3	60 4	59 4
65	67 1	66 1	65 2	64 2	63 2	62 3	61 3	60 3	59 4
66	67 1	66 1	65 2	64 2	63 2	62 2	61 3	60 3	59 4
67	67 1	66 1	65 1	64 2	63 2	62 2	61 3	60 3	59 3
68	67 1	66 1	65 1	64 2	63 2	62 2	61 3	60 3	59 3
69	67 1	66 1	65 1	64 1	63 2	62 2	61 2	60 3	59 3
70	67 0	66 1	65 1	64 1	63 2	62 2	61 2	60 3	59 3
71	67 0	66 1	65 1	64 1	63 1	62 2	61 2	60 2	59 3
72	67 0	66 1	65 1	64 1	63 1	62 2	61 2	60 2	59 3
73	67 0	66 0	65 1	64 1	63 1	62 1	61 2	60 2	59 3
74	67 0	66 0	65 1	64 1	63 1	62 1	61 2	60 2	59 2
75	67 0	66 0	65 0	64 1	63 1	62 1	61 2	60 2	59 2
76	67 0	66 0	65 0	64 1	63 1	62 1	61 2	60 2	59 2
77	67 0	66 0	65 0	64 1	63 1	62 1	61 1	60 2	59 2
78	67 0	66 0	65 0	64 1	63 1	62 1	61 1	60 2	59 2
79	67 0	66 0	65 0	64 0	63 1	62 1	61 1	60 2	59 2
80	67 0	66 0	65 0	64 0	63 1	62 1	61 1	60 2	59 2
81	67 0	66 0	65 0	64 0	63 1	62 1	61 1	60 1	59 2
82	67 0	66 0	65 0	64 0	63 1	62 1	61 1	60 1	59 2
83	67 0	66 0	65 0	64 0	63 0	62 1	61 1	60 1	59 2
84	67 0	66 0	65 0	64 0	63 0	62 1	61 1	60 1	59 2
85	67 0	66 0	65 0	64 0	63 0	62 1	61 1	60 1	59 2
86	67 0	66 0	65 0	64 0	63 0	62 1	61 1	60 1	59 2
87	66 9	66 0	65 0	64 0	63 0	62 1	61 1	60 1	59 1

Bulletin No. 2019–48 1249 November 25, 2019

Ages	18	19	20	21	22	23	24	25	26
88	66 9	66 0	65 0	64 0	63 0	62 1	61 1	60 1	59 1
89	66 9	66 0	65 0	64 0	63 0	62 1	61 1	60 1	59 1
90	66 9	66 0	65 0	64 0	63 0	62 1	61 1	60 1	59 1
91	66 9	66 0	65 0	64 0	63 0	62 1	61 1	60 1	59 1
92	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
93	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
94	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
95	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
96	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
97	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
98	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
99	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
100	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
101	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
102	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
103	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
104	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
105	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
106	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
107	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
108	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
109	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
110	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
111	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
112	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
113	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
114	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
115	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
116	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
117	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
118	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
119	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1
120+	66 9	66 0	65 0	64 0	63 0	62 0	61 1	60 1	59 1

November 25, 2019 1250 Bulletin No. 2019–48

Ages	27	28	29	30	31	32	33	34	35
0	85 6	85 6	85 5	85 4	85 4	85 3	85 3	85 2	85 2
1	84 8	84 7	84 6	84 6	84 5	84 4	84 4	84 3	84 3
2	83 9	83 8	83 7	83 6	83 6	83 5	83 5	83 4	83 4
3	82 9	82 9	82 8	82 7	82 6	82 6	82 5	82 5	82 4
4	82 0	82 0	81 9	81 8	81 7	81 6	81 6	81 5	81 5
5	81 1	81 0	81 0	80 9	80 8	80 7	80 7	80 6	80 5
6	80 3	80 1	80 1	80 0	79 9	79 8	79 7	79 7	79 6
7	79 4	79 3	79 2	79 1	79 0	78 9	78 8	78 7	78 7
8	78 5	78 4	78 3	78 2	78 1	78 0	77 9	77 8	77 7
9	77 6	77 5	77 4	77 3	77 2	77 1	77 0	76 9	76 8
10	76 8	76 6	76 5	76 4	76 3	76 2	76 1	76 0	75 9
11	75 9	75 8	75 6	75 5	75 4	75 3	75 2	75 1	75 0
12	75 1	74 9	74 8	74 6	74 5	74 4	74 3	74 2	74 1
13	74 3	74 1	73 9	73 8	73 7	73 5	73 4	73 3	73 2
14	73 5	73 3	73 1	73 0	72 8	72 7	72 5	72 4	72 3
15	72 7	72 5	72 3	72 1	72 0	71 8	71 7	71 5	71 4
16	71 9	71 7	71 5	71 3	71 1	71 0	70 8	70 7	70 5
17	71 2	71 0	70 7	70 5	70 3	70 1	70 0	69 8	69 7
18	70 5	70 2	70 0	69 7	69 5	69 3	69 1	69 0	68 8
19	69 8	69 5	69 2	69 0	68 7	68 5	68 3	68 1	68 0
20	69 1	68 8	68 5	68 2	68 0	67 7	67 5	67 3	67 2
21	68 4	68 1	67 8	67 5	67 2	67 0	66 7	66 5	66 3
22	67 8	67 4	67 1	66 8	66 5	66 2	66 0	65 8	65 5
23	67 2	66 8	66 4	66 1	65 8	65 5	65 2	65 0	64 8
24	66 6	66 2	65 8	65 4	65 1	64 8	64 5	64 2	64 0
25	66 0	65 6	65 2	64 8	64 4	64 1	63 8	63 5	63 3
26	65 5	65 0	64 6	64 2	63 8	63 4	63 1	62 8	62 5
27	65 0	64 5	64 0	63 6	63 2	62 8	62 5	62 1	61 8
28	64 5	64 0	63 5	63 0	62 6	62 2	61 8	61 5	61 1
29	64 0	63 5	63 0	62 5	62 0	61 6	61 2	60 8	60 5
30	63 6	63 0	62 5	62 0	61 5	61 0	60 6	60 2	59 8
31	63 2	62 6	62 0	61 5	61 0	60 5	60 1	59 6	59 2
32	62 8	62 2	61 6	61 0	60 5	60 0	59 5	59 1	58 6
33	62 5	61 8	61 2	60 6	60 1	59 5	59 0	58 5	58 1
34	62 1	61 5	60 8	60 2	59 6	59 1	58 5	58 0	57 5
35	61 8	61 1	60 5	59 8	59 2	58 6	58 1	57 5	57 0
36	61 5	60 8	60 1	59 5	58 8	58 2	57 6	57 1	56 6
37	61 3	60 5	59 8	59 2	58 5	57 9	57 2	56 7	56 1
38	61 0	60 3	59 6	58 9	58 2	57 5	56 9	56 3	55 7
39	60 8	60 0	59 3	58 6	57 9	57 2	56 5	55 9	55 3
40	60 6	59 8	59 0	58 3	57 6	56 9	56 2	55 5	54 9
41	60 4	59 6	58 8	58 1	57 3	56 6	55 9	55 2	54 5
42	60 2	59 4	58 6	57 8	57 1	56 3	55 6	54 9	54 2
43	60 1	59 2	58 4	57 6	56 8	56 1	55 3	54 6	53 9

Bulletin No. 2019–48 1251 November 25, 2019

Ages	27	28	29	30	31	32	33	34	35
44	59 9	59 1	58 2	57 4	56 6	55 9	55 1	54 4	53 6
45	59 8	58 9	58 1	57 3	56 4	55 7	54 9	54 1	53 4
46	59 6	58 8	57 9	57 1	56 3	55 5	54 7	53 9	53 1
47	59 5	58 6	57 8	56 9	56 1	55 3	54 5	53 7	52 9
48	59 4	58 5	57 7	56 8	56 0	55 1	54 3	53 5	52 7
49	59 3	58 4	57 5	56 7	55 8	55 0	54 1	53 3	52 5
50	59 2	58 3	57 4	56 6	55 7	54 8	54 0	53 2	52 3
51	59 1	58 2	57 3	56 5	55 6	54 7	53 9	53 0	52 2
52	59 0	58 1	57 2	56 4	55 5	54 6	53 7	52 9	52 0
53	59 0	58 1	57 2	56 3	55 4	54 5	53 6	52 7	51 9
54	58 9	58 0	57 1	56 2	55 3	54 4	53 5	52 6	51 8
55	58 8	57 9	57 0	56 1	55 2	54 3	53 4	52 5	51 7
56	58 8	57 9	56 9	56 0	55 1	54 2	53 3	52 4	51 6
57	58 7	57 8	56 9	56 0	55 0	54 1	53 2	52 3	51 5
58	58 7	57 7	56 8	55 9	55 0	54 1	53 2	52 3	51 4
59	58 6	57 7	56 8	55 8	54 9	54 0	53 1	52 2	51 3
60	58 6	57 7	56 7	55 8	54 9	53 9	53 0	52 1	51 2
61	58 6	57 6	56 7	55 7	54 8	53 9	53 0	52 1	51 1
62	58 5	57 6	56 6	55 7	54 8	53 8	52 9	52 0	51 1
63	58 5	57 5	56 6	55 7	54 7	53 8	52 9	51 9	51 0
64	58 5	57 5	56 6	55 6	54 7	53 8	52 8	51 9	51 0
65	58 4	57 5	56 5	55 6	54 7	53 7	52 8	51 9	50 9
66	58 4	57 5	56 5	55 6	54 6	53 7	52 7	51 8	50 9
67	58 4	57 4	56 5	55 5	54 6	53 7	52 7	51 8	50 8
68	58 4	57 4	56 5	55 5	54 6	53 6	52 7	51 7	50 8
69	58 4	57 4	56 4	55 5	54 5	53 6	52 7	51 7	50 8
70	58 3	57 4	56 4	55 5	54 5	53 6	52 6	51 7	50 7
71	58 3	57 4	56 4	55 5	54 5	53 6	52 6	51 7	50 7
72	58 3	57 3	56 4	55 4	54 5	53 5	52 6	51 6	50 7
73	58 3	57 3	56 4	55 4	54 5	53 5	52 6	51 6	50 7
74	58 3	57 3	56 4	55 4	54 5	53 5	52 5	51 6	50 6
75	58 3	57 3	56 3	55 4	54 4	53 5	52 5	51 6	50 6
76	58 3	57 3	56 3	55 4	54 4	53 5	52 5	51 6	50 6
77	58 2	57 3	56 3	55 4	54 4	53 5	52 5	51 6	50 6
78	58 2	57 3	56 3	55 4	54 4	53 4	52 5	51 5	50 6
79	58 2	57 3	56 3	55 4	54 4	53 4	52 5	51 5	50 6
80	58 2	57 3	56 3	55 3	54 4	53 4	52 5	51 5	50 6
81	58 2	57 3	56 3	55 3	54 4	53 4	52 5	51 5	50 6
82	58 2	57 2	56 3	55 3	54 4	53 4	52 5	51 5	50 5
83	58 2	57 2	56 3	55 3	54 4	53 4	52 5	51 5	50 5
84	58 2	57 2	56 3	55 3	54 4	53 4	52 4	51 5	50 5
85	58 2	57 2	56 3	55 3	54 4	53 4	52 4	51 5	50 5
86	58 2	57 2	56 3	55 3	54 3	53 4	52 4	51 5	50 5
87	58 2	57 2	56 3	55 3	54 3	53 4	52 4	51 5	50 5

November 25, 2019 1252 Bulletin No. 2019–48

Ages	27	28	29	30	31	32	33	34	35
88	58 2	57 2	56 3	55 3	54 3	53 4	52 4	51 5	50 5
89	58 2	57 2	56 3	55 3	54 3	53 4	52 4	51 5	50 5
90	58 2	57 2	56 3	55 3	54 3	53 4	52 4	51 5	50 5
91	58 2	57 2	56 3	55 3	54 3	53 4	52 4	51 5	50 5
92	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 5	50 5
93	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 5	50 5
94	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 5	50 5
95	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 5	50 5
96	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 5	50 5
97	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 5	50 5
98	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 5	50 5
99	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 5	50 5
100	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 5	50 5
101	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
102	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
103	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
104	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
105	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
106	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
107	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
108	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
109	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
110	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
111	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
112	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
113	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
114	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
115	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
116	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
117	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
118	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
119	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5
120+	58 2	57 2	56 2	55 3	54 3	53 4	52 4	51 4	50 5

Bulletin No. 2019–48 1253 November 25, 2019

Ages	36	37	38	39	40	41	42	43	44
0	85 2	85 1	85 1	85 1	85 0	85 0	85 0	84 9	84 9
1	84 3	84 2	84 2	84 2	84 1	84 1	84 1	84 0	84 0
2	83 3	83 3	83 2	83 2	83 2	83 1	83 1	83 1	83 1
3	82 4	82 3	82 3	82 3	82 2	82 2	82 2	82 1	82 1
4	81 4	81 4	81 3	81 3	81 3	81 2	81 2	81 2	81 1
5	80 5	80 4	80 4	80 3	80 3	80 3	80 2	80 2	80 2
6	79 5	79 5	79 4	79 4	79 3	79 3	79 3	79 2	79 2
7	78 6	78 5	78 5	78 4	78 4	78 4	78 3	78 3	78 2
8	77 7	77 6	77 6	77 5	77 4	77 4	77 4	77 3	77 3
9	76 7	76 7	76 6	76 6	76 5	76 5	76 4	76 4	76 3
10	75 8	75 7	75 7	75 6	75 6	75 5	75 5	75 4	75 4
11	74 9	74 8	74 7	74 7	74 6	74 6	74 5	74 5	74 4
12	74 0	73 9	73 8	73 8	73 7	73 6	73 6	73 5	73 5
13	73 1	73 0	72 9	72 8	72 8	72 7	72 6	72 6	72 5
14	72 2	72 1	72 0	71 9	71 8	71 8	71 7	71 6	71 6
15	71 3	71 2	71 1	71 0	70 9	70 8	70 8	70 7	70 6
16	70 4	70 3	70 2	70 1	70 0	69 9	69 8	69 8	69 7
17	69 5	69 4	69 3	69 2	69 1	69 0	68 9	68 9	68 8
18	68 7	68 5	68 4	68 3	68 2	68 1	68 0	67 9	67 9
19	67 8	67 7	67 6	67 4	67 3	67 2	67 1	67 0	66 9
20	67 0	66 8	66 7	66 6	66 4	66 3	66 2	66 1	66 0
21	66 2	66 0	65 8	65 7	65 6	65 4	65 3	65 2	65 1
22	65 4	65 2	65 0	64 9	64 7	64 6	64 5	64 3	64 2
23	64 6	64 4	64 2	64 0	63 9	63 7	63 6	63 5	63 4
24	63 8	63 6	63 4	63 2	63 0	62 9	62 7	62 6	62 5
25	63 0	62 8	62 6	62 4	62 2	62 0	61 9	61 7	61 6
26	62 3	62 0	61 8	61 6	61 4	61 2	61 0	60 9	60 7
27	61 5	61 3	61 0	60 8	60 6	60 4	60 2	60 1	59 9
28	60 8	60 5	60 3	60 0	59 8	59 6	59 4	59 2	59 1
29	60 1	59 8	59 6	59 3	59 0	58 8	58 6	58 4	58 2
30	59 5	59 2	58 9	58 6	58 3	58 1	57 8	57 6	57 4
31	58 8	58 5	58 2	57 9	57 6	57 3	57 1	56 8	56 6
32	58 2	57 9	57 5	57 2	56 9	56 6	56 3	56 1	55 9
33	57 6	57 2	56 9	56 5	56 2	55 9	55 6	55 3	55 1
34	57 1	56 7	56 3	55 9	55 5	55 2	54 9	54 6	54 4
35	56 6	56 1	55 7	55 3	54 9	54 5	54 2	53 9	53 6
36	56 0	55 6	55 1	54 7	54 3	53 9	53 6	53 2	52 9
37	55 6	55 1	54 6	54 1	53 7	53 3	52 9	52 6	52 2
38	55 1	54 6	54 1	53 6	53 1	52 7	52 3	51 9	51 6
39	54 7	54 1	53 6	53 1	52 6	52 1	51 7	51 3	50 9
40	54 3	53 7	53 1	52 6	52 1	51 6	51 2	50 7	50 3
41	53 9	53 3	52 7	52 1	51 6	51 1	50 6	50 2	49 7
42	53 6	52 9	52 3	51 7	51 2	50 6	50 1	49 6	49 2
43	53 2	52 6	51 9	51 3	50 7	50 2	49 6	49 1	48 6

November 25, 2019 1254 Bulletin No. 2019–48

Ages	36	37	38	39	40	41	42	43	44
44	52 9	52 2	51 6	50 9	50 3	49 7	49 2	48 6	48 1
45	52 6	51 9	51 3	50 6	50 0	49 3	48 7	48 2	47 7
46	52 4	51 7	50 9	50 3	49 6	49 0	48 3	47 8	47 2
47	52 1	51 4	50 7	50 0	49 3	48 6	48 0	47 4	46 8
48	51 9	51 2	50 4	49 7	49 0	48 3	47 6	47 0	46 4
49	51 7	50 9	50 2	49 4	48 7	48 0	47 3	46 6	46 0
50	51 5	50 7	49 9	49 2	48 4	47 7	47 0	46 3	45 7
51	51 4	50 5	49 7	49 0	48 2	47 5	46 7	46 0	45 3
52	51 2	50 4	49 6	48 8	48 0	47 2	46 5	45 7	45 0
53	51 0	50 2	49 4	48 6	47 8	47 0	46 2	45 5	44 8
54	50 9	50 1	49 2	48 4	47 6	46 8	46 0	45 3	44 5
55	50 8	49 9	49 1	48 2	47 4	46 6	45 8	45 0	44 3
56	50 7	49 8	48 9	48 1	47 3	46 4	45 6	44 8	44 1
57	50 6	49 7	48 8	48 0	47 1	46 3	45 5	44 7	43 9
58	50 5	49 6	48 7	47 8	47 0	46 1	45 3	44 5	43 7
59	50 4	49 5	48 6	47 7	46 9	46 0	45 2	44 3	43 5
60	50 3	49 4	48 5	47 6	46 8	45 9	45 0	44 2	43 4
61	50 2	49 3	48 4	47 5	46 7	45 8	44 9	44 1	43 2
62	50 2	49 3	48 4	47 5	46 6	45 7	44 8	43 9	43 1
63	50 1	49 2	48 3	47 4	46 5	45 6	44 7	43 8	43 0
64	50 0	49 1	48 2	47 3	46 4	45 5	44 6	43 7	42 9
65	50 0	49 1	48 2	47 2	46 3	45 4	44 5	43 6	42 8
66	50 0	49 0	48 1	47 2	46 3	45 4	44 5	43 6	42 7
67	49 9	49 0	48 0	47 1	46 2	45 3	44 4	43 5	42 6
68	49 9	48 9	48 0	47 1	46 2	45 2	44 3	43 4	42 5
69	49 8	48 9	48 0	47 0	46 1	45 2	44 3	43 3	42 4
70	49 8	48 9	47 9	47 0	46 1	45 1	44 2	43 3	42 4
71	49 8	48 8	47 9	47 0	46 0	45 1	44 2	43 2	42 3
72	49 7	48 8	47 9	46 9	46 0	45 0	44 1	43 2	42 3
73	49 7	48 8	47 8	46 9	45 9	45 0	44 1	43 1	42 2
74	49 7	48 8	47 8	46 9	45 9	45 0	44 0	43 1	42 2
75	49 7	48 7	47 8	46 8	45 9	44 9	44 0	43 1	42 1
76	49 7	48 7	47 8	46 8	45 9	44 9	44 0	43 0	42 1
77	49 6	48 7	47 7	46 8	45 8	44 9	43 9	43 0	42 1
78	49 6	48 7	47 7	46 8	45 8	44 9	43 9	43 0	42 0
79	49 6	48 7	47 7	46 8	45 8	44 9	43 9	43 0	42 0
80	49 6	48 7	47 7	46 7	45 8	44 8	43 9	42 9	42 0
81	49 6	48 6	47 7	46 7	45 8	44 8	43 9	42 9	42 0
82	49 6	48 6	47 7	46 7	45 8	44 8	43 9	42 9	42 0
83	49 6	48 6	47 7	46 7	45 8	44 8	43 8	42 9	41 9
84	49 6	48 6	47 7	46 7	45 7	44 8	43 8	42 9	41 9
85	49 6	48 6	47 7	46 7	45 7	44 8	43 8	42 9	41 9
86	49 6	48 6	47 6	46 7	45 7	44 8	43 8	42 9	41 9
87	49 6	48 6	47 6	46 7	45 7	44 8	43 8	42 9	41 9

Bulletin No. 2019–48 1255 November 25, 2019

Ages	36	37	38	39	40	41	42	43	44
88	49 6	48 6	47 6	46 7	45 7	44 8	43 8	42 8	41 9
89	49 6	48 6	47 6	46 7	45 7	44 8	43 8	42 8	41 9
90	49 5	48 6	47 6	46 7	45 7	44 8	43 8	42 8	41 9
91	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
92	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
93	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
94	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
95	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
96	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
97	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
98	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
99	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
100	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
101	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
102	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
103	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
104	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
105	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
106	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
107	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
108	49 5	48 6	47 6	46 7	45 7	44 7	43 8	42 8	41 9
109	49 5	48 6	47 6	46 6	45 7	44 7	43 8	42 8	41 9
110	49 5	48 6	47 6	46 6	45 7	44 7	43 8	42 8	41 9
111	49 5	48 6	47 6	46 6	45 7	44 7	43 8	42 8	41 9
112	49 5	48 6	47 6	46 6	45 7	44 7	43 8	42 8	41 9
113	49 5	48 6	47 6	46 6	45 7	44 7	43 8	42 8	41 9
114	49 5	48 6	47 6	46 6	45 7	44 7	43 8	42 8	41 9
115	49 5	48 6	47 6	46 6	45 7	44 7	43 8	42 8	41 9
116	49 5	48 6	47 6	46 6	45 7	44 7	43 8	42 8	41 8
117	49 5	48 6	47 6	46 6	45 7	44 7	43 8	42 8	41 8
118	49 5	48 6	47 6	46 6	45 7	44 7	43 8	42 8	41 8
119	49 5	48 6	47 6	46 6	45 7	44 7	43 8	42 8	41 8
120+	49 5	48 6	47 6	46 6	45 7	44 7	43 8	42 8	41 8

November 25, 2019 1256 Bulletin No. 2019–48

Ages	45	46	47	48	49	50	51	52	53
0	84 9	84 9	84 9	84 8	84 8	84 8	84 8	84 8	84 8
1	84 0	84 0	84 0	83 9	83 9	83 9	83 9	83 9	83 9
2	83 0	83 0	83 0	83 0	83 0	82 9	82 9	82 9	82 9
3	82 1	82 1	82 0	82 0	82 0	82 0	82 0	81 9	81 9
4	81 1	81 1	81 1	81 0	81 0	81 0	81 0	81 0	81 0
5	80 1	80 1	80 1	80 1	80 1	80 0	80 0	80 0	80 0
6	79 2	79 2	79 1	79 1	79 1	79 1	79 0	79 0	79 0
7	78 2	78 2	78 2	78 1	78 1	78 1	78 1	78 0	78 0
8	77 3	77 2	77 2	77 2	77 1	77 1	77 1	77 1	77 1
9	76 3	76 3	76 2	76 2	76 2	76 1	76 1	76 1	76 1
10	75 3	75 3	75 3	75 2	75 2	75 2	75 2	75 1	75 1
11	74 4	74 3	74 3	74 3	74 2	74 2	74 2	74 2	74 1
12	73 4	73 4	73 3	73 3	73 3	73 2	73 2	73 2	73 2
13	72 5	72 4	72 4	72 3	72 3	72 3	72 2	72 2	72 2
14	71 5	71 5	71 4	71 4	71 4	71 3	71 3	71 3	71 2
15	70 6	70 5	70 5	70 4	70 4	70 4	70 3	70 3	70 3
16	69 6	69 6	69 5	69 5	69 4	69 4	69 4	69 3	69 3
17	68 7	68 7	68 6	68 5	68 5	68 5	68 4	68 4	68 3
18	67 8	67 7	67 7	67 6	67 6	67 5	67 5	67 4	67 4
19	66 9	66 8	66 7	66 7	66 6	66 6	66 5	66 5	66 4
20	66 0	65 9	65 8	65 7	65 7	65 6	65 6	65 5	65 5
21	65 0	65 0	64 9	64 8	64 8	64 7	64 6	64 6	64 5
22	64 1	64 1	64 0	63 9	63 8	63 8	63 7	63 7	63 6
23	63 3	63 2	63 1	63 0	62 9	62 8	62 8	62 7	62 7
24	62 4	62 3	62 2	62 1	62 0	61 9	61 9	61 8	61 7
25	61 5	61 4	61 3	61 2	61 1	61 0	60 9	60 9	60 8
26	60 6	60 5	60 4	60 3	60 2	60 1	60 0	60 0	59 9
27	59 8	59 6	59 5	59 4	59 3	59 2	59 1	59 0	59 0
28	58 9	58 8	58 6	58 5	58 4	58 3	58 2	58 1	58 1
29	58 1	57 9	57 8	57 7	57 5	57 4	57 3	57 2	57 2
30	57 3	57 1	56 9	56 8	56 7	56 6	56 5	56 4	56 3
31	56 4	56 3	56 1	56 0	55 8	55 7	55 6	55 5	55 4
32	55 7	55 5	55 3	55 1	55 0	54 8	54 7	54 6	54 5
33	54 9	54 7	54 5	54 3	54 1	54 0	53 9	53 7	53 6
34	54 1	53 9	53 7	53 5	53 3	53 2	53 0	52 9	52 7
35	53 4	53 1	52 9	52 7	52 5	52 3	52 2	52 0	51 9
36	52 6	52 4	52 1	51 9	51 7	51 5	51 4	51 2	51 0
37	51 9	51 7	51 4	51 2	50 9	50 7	50 5	50 4	50 2
38	51 3	50 9	50 7	50 4	50 2	49 9	49 7	49 6	49 4
39	50 6	50 3	50 0	49 7	49 4	49 2	49 0	48 8	48 6
40	50 0	49 6	49 3	49 0	48 7	48 4	48 2	48 0	47 8
41	49 3	49 0	48 6	48 3	48 0	47 7	47 5	47 2	47 0
42	48 7	48 3	48 0	47 6	47 3	47 0	46 7	46 5	46 2
43	48 2	47 8	47 4	47 0	46 6	46 3	46 0	45 7	45 5

Bulletin No. 2019–48 1257 November 25, 2019

Ages	45	46	47	48	49	50	51	52	53
44	47 7	47 2	46 8	46 4	46 0	45 7	45 3	45 0	44 8
45	47 1	46 7	46 2	45 8	45 4	45 0	44 7	44 4	44 1
46	46 7	46 2	45 7	45 2	44 8	44 4	44 0	43 7	43 4
47	46 2	45 7	45 2	44 7	44 2	43 8	43 4	43 1	42 7
48	45 8	45 2	44 7	44 2	43 7	43 3	42 8	42 4	42 1
49	45 4	44 8	44 2	43 7	43 2	42 7	42 3	41 9	41 5
50	45 0	44 4	43 8	43 3	42 7	42 2	41 7	41 3	40 9
51	44 7	44 0	43 4	42 8	42 3	41 7	41 2	40 8	40 3
52	44 4	43 7	43 1	42 4	41 9	41 3	40 8	40 3	39 8
53	44 1	43 4	42 7	42 1	41 5	40 9	40 3	39 8	39 3
54	43 8	43 1	42 4	41 7	41 1	40 5	39 9	39 3	38 8
55	43 5	42 8	42 1	41 4	40 8	40 1	39 5	38 9	38 4
56	43 3	42 5	41 8	41 1	40 4	39 8	39 1	38 5	38 0
57	43 1	42 3	41 6	40 8	40 1	39 5	38 8	38 2	37 6
58	42 9	42 1	41 3	40 6	39 9	39 2	38 5	37 8	37 2
59	42 7	41 9	41 1	40 4	39 6	38 9	38 2	37 5	36 9
60	42 5	41 7	40 9	40 1	39 4	38 6	37 9	37 2	36 6
61	42 4	41 6	40 7	40 0	39 2	38 4	37 7	37 0	36 3
62	42 2	41 4	40 6	39 8	39 0	38 2	37 5	36 7	36 0
63	42 1	41 3	40 4	39 6	38 8	38 0	37 2	36 5	35 8
64	42 0	41 1	40 3	39 5	38 6	37 8	37 0	36 3	35 5
65	41 9	41 0	40 2	39 3	38 5	37 7	36 9	36 1	35 3
66	41 8	40 9	40 0	39 2	38 4	37 5	36 7	35 9	35 1
67	41 7	40 8	39 9	39 1	38 2	37 4	36 6	35 7	35 0
68	41 6	40 7	39 8	39 0	38 1	37 3	36 4	35 6	34 8
69	41 5	40 6	39 8	38 9	38 0	37 1	36 3	35 5	34 6
70	41 5	40 6	39 7	38 8	37 9	37 0	36 2	35 3	34 5
71	41 4	40 5	39 6	38 7	37 8	36 9	36 1	35 2	34 4
72	41 3	40 4	39 5	38 6	37 7	36 9	36 0	35 1	34 3
73	41 3	40 4	39 5	38 6	37 7	36 8	35 9	35 0	34 2
74	41 2	40 3	39 4	38 5	37 6	36 7	35 8	34 9	34 1
75	41 2	40 3	39 4	38 4	37 5	36 6	35 7	34 9	34 0
76	41 2	40 2	39 3	38 4	37 5	36 6	35 7	34 8	33 9
77	41 1	40 2	39 3	38 4	37 4	36 5	35 6	34 7	33 9
78	41 1	40 2	39 2	38 3	37 4	36 5	35 6	34 7	33 8
79	41 1	40 1	39 2	38 3	37 4	36 4	35 5	34 6	33 7
80	41 1	40 1	39 2	38 2	37 3	36 4	35 5	34 6	33 7
81	41 0	40 1	39 1	38 2	37 3	36 4	35 4	34 5	33 6
82	41 0	40 1	39 1	38 2	37 3	36 3	35 4	34 5	33 6
83	41 0	40 0	39 1	38 2	37 2	36 3	35 4	34 5	33 6
84	41 0	40 0	39 1	38 1	37 2	36 3	35 4	34 4	33 5
85	41 0	40 0	39 1	38 1	37 2	36 3	35 3	34 4	33 5
86	41 0	40 0	39 1	38 1	37 2	36 2	35 3	34 4	33 5
87	40 9	40 0	39 0	38 1	37 2	36 2	35 3	34 4	33 5

November 25, 2019 1258 Bulletin No. 2019–48

Ages	45	46	47	48	49	50	51	52	53
88	40 9	40 0	39 0	38 1	37 1	36 2	35 3	34 4	33 4
89	40 9	40 0	39 0	38 1	37 1	36 2	35 3	34 3	33 4
90	40 9	40 0	39 0	38 1	37 1	36 2	35 3	34 3	33 4
91	40 9	40 0	39 0	38 1	37 1	36 2	35 2	34 3	33 4
92	40 9	40 0	39 0	38 1	37 1	36 2	35 2	34 3	33 4
93	40 9	40 0	39 0	38 1	37 1	36 2	35 2	34 3	33 4
94	40 9	40 0	39 0	38 1	37 1	36 2	35 2	34 3	33 4
95	40 9	40 0	39 0	38 0	37 1	36 2	35 2	34 3	33 4
96	40 9	39 9	39 0	38 0	37 1	36 2	35 2	34 3	33 4
97	40 9	39 9	39 0	38 0	37 1	36 2	35 2	34 3	33 4
98	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 4
99	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
100	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
101	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
102	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
103	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
104	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
105	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
106	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
107	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
108	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
109	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
110	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
111	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
112	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
113	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
114	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
115	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
116	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
117	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
118	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
119	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3
120+	40 9	39 9	39 0	38 0	37 1	36 1	35 2	34 3	33 3

Bulletin No. 2019–48 1259 November 25, 2019

Ages	54	55	56	57	58	59	60	61	62
0	84 7	84 7	84 7	84 7	84 7	84 7	84 7	84 7	84 7
1	83 9	83 8	83 8	83 8	83 8	83 8	83 8	83 8	83 8
2	82 9	82 9	82 9	82 9	82 8	82 8	82 8	82 8	82 8
3	81 9	81 9	81 9	81 9	81 9	81 9	81 8	81 8	81 8
4	80 9	80 9	80 9	80 9	80 9	80 9	80 9	80 9	80 9
5	80 0	79 9	79 9	79 9	79 9	79 9	79 9	79 9	79 9
6	79 0	79 0	79 0	78 9	78 9	78 9	78 9	78 9	78 9
7	78 0	78 0	78 0	78 0	78 0	77 9	77 9	77 9	77 9
8	77 0	77 0	77 0	77 0	77 0	77 0	76 9	76 9	76 9
9	76 1	76 0	76 0	76 0	76 0	76 0	76 0	76 0	75 9
10	75 1	75 1	75 0	75 0	75 0	75 0	75 0	75 0	75 0
11	74 1	74 1	74 1	74 1	74 0	74 0	74 0	74 0	74 0
12	73 1	73 1	73 1	73 1	73 1	73 0	73 0	73 0	73 0
13	72 2	72 1	72 1	72 1	72 1	72 1	72 1	72 0	72 0
14	71 2	71 2	71 2	71 1	71 1	71 1	71 1	71 1	71 0
15	70 2	70 2	70 2	70 2	70 1	70 1	70 1	70 1	70 1
16	69 3	69 2	69 2	69 2	69 2	69 2	69 1	69 1	69 1
17	68 3	68 3	68 3	68 2	68 2	68 2	68 2	68 1	68 1
18	67 4	67 3	67 3	67 3	67 2	67 2	67 2	67 2	67 2
19	66 4	66 4	66 3	66 3	66 3	66 3	66 2	66 2	66 2
20	65 4	65 4	65 4	65 3	65 3	65 3	65 3	65 2	65 2
21	64 5	64 5	64 4	64 4	64 4	64 3	64 3	64 3	64 3
22	63 6	63 5	63 5	63 4	63 4	63 4	63 3	63 3	63 3
23	62 6	62 6	62 5	62 5	62 5	62 4	62 4	62 4	62 3
24	61 7	61 6	61 6	61 5	61 5	61 5	61 4	61 4	61 4
25	60 7	60 7	60 6	60 6	60 6	60 5	60 5	60 5	60 4
26	59 8	59 8	59 7	59 7	59 6	59 6	59 5	59 5	59 5
27	58 9	58 8	58 8	58 7	58 7	58 6	58 6	58 6	58 5
28	58 0	57 9	57 9	57 8	57 7	57 7	57 7	57 6	57 6
29	57 1	57 0	56 9	56 9	56 8	56 8	56 7	56 7	56 6
30	56 2	56 1	56 0	56 0	55 9	55 8	55 8	55 7	55 7
31	55 3	55 2	55 1	55 0	55 0	54 9	54 9	54 8	54 8
32	54 4	54 3	54 2	54 1	54 1	54 0	53 9	53 9	53 8
33	53 5	53 4	53 3	53 2	53 2	53 1	53 0	53 0	52 9
34	52 6	52 5	52 4	52 3	52 3	52 2	52 1	52 1	52 0
35	51 8	51 7	51 6	51 5	51 4	51 3	51 2	51 1	51 1
36	50 9	50 8	50 7	50 6	50 5	50 4	50 3	50 2	50 2
37	50 1	49 9	49 8	49 7	49 6	49 5	49 4	49 3	49 3
38	49 2	49 1	48 9	48 8	48 7	48 6	48 5	48 4	48 4
39	48 4	48 2	48 1	48 0	47 8	47 7	47 6	47 5	47 5
40	47 6	47 4	47 3	47 1	47 0	46 9	46 8	46 7	46 6
41	46 8	46 6	46 4	46 3	46 1	46 0	45 9	45 8	45 7
42	46 0	45 8	45 6	45 5	45 3	45 2	45 0	44 9	44 8
43	45 3	45 0	44 8	44 7	44 5	44 3	44 2	44 1	43 9

November 25, 2019 1260 Bulletin No. 2019–48

Ages	54	55	56	57	58	59	60	61	62
44	44 5	44 3	44 1	43 9	43 7	43 5	43 4	43 2	43 1
45	43 8	43 5	43 3	43 1	42 9	42 7	42 5	42 4	42 2
46	43 1	42 8	42 5	42 3	42 1	41 9	41 7	41 6	41 4
47	42 4	42 1	41 8	41 6	41 3	41 1	40 9	40 7	40 6
48	41 7	41 4	41 1	40 8	40 6	40 4	40 1	40 0	39 8
49	41 1	40 8	40 4	40 1	39 9	39 6	39 4	39 2	39 0
50	40 5	40 1	39 8	39 5	39 2	38 9	38 6	38 4	38 2
51	39 9	39 5	39 1	38 8	38 5	38 2	37 9	37 7	37 5
52	39 3	38 9	38 5	38 2	37 8	37 5	37 2	37 0	36 7
53	38 8	38 4	38 0	37 6	37 2	36 9	36 6	36 3	36 0
54	38 3	37 9	37 4	37 0	36 6	36 2	35 9	35 6	35 3
55	37 9	37 4	36 9	36 4	36 0	35 6	35 3	34 9	34 6
56	37 4	36 9	36 4	35 9	35 5	35 1	34 7	34 3	34 0
57	37 0	36 4	35 9	35 4	35 0	34 5	34 1	33 7	33 4
58	36 6	36 0	35 5	35 0	34 5	34 0	33 6	33 2	32 8
59	36 2	35 6	35 1	34 5	34 0	33 5	33 1	32 6	32 2
60	35 9	35 3	34 7	34 1	33 6	33 1	32 6	32 1	31 7
61	35 6	34 9	34 3	33 7	33 2	32 6	32 1	31 6	31 2
62	35 3	34 6	34 0	33 4	32 8	32 2	31 7	31 2	30 7
63	35 0	34 4	33 7	33 0	32 4	31 8	31 3	30 7	30 2
64	34 8	34 1	33 4	32 7	32 1	31 5	30 9	30 3	29 8
65	34 6	33 8	33 1	32 5	31 8	31 2	30 5	30 0	29 4
66	34 4	33 6	32 9	32 2	31 5	30 9	30 2	29 6	29 0
67	34 2	33 4	32 7	32 0	31 3	30 6	29 9	29 3	28 7
68	34 0	33 2	32 5	31 7	31 0	30 3	29 6	29 0	28 4
69	33 8	33 1	32 3	31 5	30 8	30 1	29 4	28 7	28 1
70	33 7	32 9	32 1	31 3	30 6	29 9	29 1	28 5	27 8
71	33 6	32 7	32 0	31 2	30 4	29 7	28 9	28 2	27 5
72	33 4	32 6	31 8	31 0	30 2	29 5	28 7	28 0	27 3
73	33 3	32 5	31 7	30 9	30 1	29 3	28 6	27 8	27 1
74	33 2	32 4	31 6	30 7	29 9	29 2	28 4	27 6	26 9
75	33 1	32 3	31 5	30 6	29 8	29 0	28 2	27 5	26 7
76	33 1	32 2	31 4	30 5	29 7	28 9	28 1	27 3	26 6
77	33 0	32 1	31 3	30 4	29 6	28 8	28 0	27 2	26 4
78	32 9	32 0	31 2	30 3	29 5	28 7	27 9	27 1	26 3
79	32 9	32 0	31 1	30 3	29 4	28 6	27 8	27 0	26 2
80	32 8	31 9	31 1	30 2	29 3	28 5	27 7	26 9	26 1
81	32 7	31 9	31 0	30 1	29 3	28 4	27 6	26 8	26 0
82	32 7	31 8	30 9	30 1	29 2	28 4	27 5	26 7	25 9
83	32 7	31 8	30 9	30 0	29 2	28 3	27 5	26 7	25 8
84	32 6	31 7	30 9	30 0	29 1	28 3	27 4	26 6	25 8
85	32 6	31 7	30 8	29 9	29 1	28 2	27 4	26 5	25 7
86	32 6	31 7	30 8	29 9	29 0	28 2	27 3	26 5	25 7
87	32 6	31 7	30 8	29 9	29 0	28 2	27 3	26 5	25 6

Bulletin No. 2019–48 1261 November 25, 2019

Ages	54	55	56	57	58	59	60	61	62
88	32 5	31 6	30 7	29 9	29 0	28 1	27 3	26 4	25 6
89	32 5	31 6	30 7	29 8	29 0	28 1	27 2	26 4	25 5
90	32 5	31 6	30 7	29 8	28 9	28 1	27 2	26 4	25 5
91	32 5	31 6	30 7	29 8	28 9	28 1	27 2	26 3	25 5
92	32 5	31 6	30 7	29 8	28 9	28 0	27 2	26 3	25 5
93	32 5	31 6	30 7	29 8	28 9	28 0	27 2	26 3	25 5
94	32 5	31 6	30 7	29 8	28 9	28 0	27 1	26 3	25 4
95	32 5	31 5	30 6	29 8	28 9	28 0	27 1	26 3	25 4
96	32 4	31 5	30 6	29 7	28 9	28 0	27 1	26 3	25 4
97	32 4	31 5	30 6	29 7	28 9	28 0	27 1	26 3	25 4
98	32 4	31 5	30 6	29 7	28 8	28 0	27 1	26 2	25 4
99	32 4	31 5	30 6	29 7	28 8	28 0	27 1	26 2	25 4
100	32 4	31 5	30 6	29 7	28 8	28 0	27 1	26 2	25 4
101	32 4	31 5	30 6	29 7	28 8	28 0	27 1	26 2	25 4
102	32 4	31 5	30 6	29 7	28 8	28 0	27 1	26 2	25 4
103	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 4
104	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 4
105	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 4
106	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 4
107	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 4
108	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 4
109	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 4
110	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 4
111	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 4
112	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 4
113	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 4
114	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 4
115	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 4
116	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 3
117	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 3
118	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 3
119	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 3
120+	32 4	31 5	30 6	29 7	28 8	27 9	27 1	26 2	25 3

November 25, 2019 1262 Bulletin No. 2019–48

Ages	63	64	65	66	67	68	69	70	71
0	84 6	84 6	84 6	84 6	84 6	84 6	84 6	84 6	84 6
1	83 8	83 8	83 8	83 7	83 7	83 7	83 7	83 7	83 7
2	82 8	82 8	82 8	82 8	82 8	82 8	82 8	82 8	82 8
3	81 8	81 8	81 8	81 8	81 8	81 8	81 8	81 8	81 8
4	80 8	80 8	80 8	80 8	80 8	80 8	80 8	80 8	80 8
5	79 9	79 9	79 8	79 8	79 8	79 8	79 8	79 8	79 8
6	78 9	78 9	78 9	78 9	78 8	78 8	78 8	78 8	78 8
7	77 9	77 9	77 9	77 9	77 9	77 9	77 9	77 8	77 8
8	76 9	76 9	76 9	76 9	76 9	76 9	76 9	76 9	76 9
9	75 9	75 9	75 9	75 9	75 9	75 9	75 9	75 9	75 9
10	75 0	74 9	74 9	74 9	74 9	74 9	74 9	74 9	74 9
11	74 0	74 0	73 9	73 9	73 9	73 9	73 9	73 9	73 9
12	73 0	73 0	73 0	73 0	72 9	72 9	72 9	72 9	72 9
13	72 0	72 0	72 0	72 0	72 0	72 0	71 9	71 9	71 9
14	71 0	71 0	71 0	71 0	71 0	71 0	71 0	71 0	70 9
15	70 1	70 0	70 0	70 0	70 0	70 0	70 0	70 0	70 0
16	69 1	69 1	69 1	69 0	69 0	69 0	69 0	69 0	69 0
17	68 1	68 1	68 1	68 1	68 1	68 0	68 0	68 0	68 0
18	67 1	67 1	67 1	67 1	67 1	67 1	67 1	67 0	67 0
19	66 2	66 2	66 1	66 1	66 1	66 1	66 1	66 1	66 1
20	65 2	65 2	65 2	65 2	65 1	65 1	65 1	65 1	65 1
21	64 2	64 2	64 2	64 2	64 2	64 2	64 1	64 1	64 1
22	63 3	63 3	63 2	63 2	63 2	63 2	63 2	63 2	63 1
23	62 3	62 3	62 3	62 2	62 2	62 2	62 2	62 2	62 2
24	61 4	61 3	61 3	61 3	61 3	61 3	61 2	61 2	61 2
25	60 4	60 4	60 3	60 3	60 3	60 3	60 3	60 3	60 2
26	59 4	59 4	59 4	59 4	59 3	59 3	59 3	59 3	59 3
27	58 5	58 5	58 4	58 4	58 4	58 4	58 4	58 3	58 3
28	57 5	57 5	57 5	57 5	57 4	57 4	57 4	57 4	57 4
29	56 6	56 6	56 5	56 5	56 5	56 5	56 4	56 4	56 4
30	55 7	55 6	55 6	55 6	55 5	55 5	55 5	55 5	55 5
31	54 7	54 7	54 7	54 6	54 6	54 6	54 5	54 5	54 5
32	53 8	53 8	53 7	53 7	53 7	53 6	53 6	53 6	53 6
33	52 9	52 8	52 8	52 7	52 7	52 7	52 7	52 6	52 6
34	51 9	51 9	51 9	51 8	51 8	51 7	51 7	51 7	51 7
35	51 0	51 0	50 9	50 9	50 8	50 8	50 8	50 7	50 7
36	50 1	50 0	50 0	50 0	49 9	49 9	49 8	49 8	49 8
37	49 2	49 1	49 1	49 0	49 0	48 9	48 9	48 9	48 8
38	48 3	48 2	48 2	48 1	48 0	48 0	48 0	47 9	47 9
39	47 4	47 3	47 2	47 2	47 1	47 1	47 0	47 0	47 0
40	46 5	46 4	46 3	46 3	46 2	46 2	46 1	46 1	46 0
41	45 6	45 5	45 4	45 4	45 3	45 2	45 2	45 1	45 1
42	44 7	44 6	44 5	44 5	44 4	44 3	44 3	44 2	44 2
43	43 8	43 7	43 6	43 6	43 5	43 4	43 3	43 3	43 2

Bulletin No. 2019–48 1263 November 25, 2019

Ages	63	64	65	66	67	68	69	70	71
44	43 0	42 9	42 8	42 7	42 6	42 5	42 4	42 4	42 3
45	42 1	42 0	41 9	41 8	41 7	41 6	41 5	41 5	41 4
46	41 3	41 1	41 0	40 9	40 8	40 7	40 6	40 6	40 5
47	40 4	40 3	40 2	40 0	39 9	39 8	39 8	39 7	39 6
48	39 6	39 5	39 3	39 2	39 1	39 0	38 9	38 8	38 7
49	38 8	38 6	38 5	38 4	38 2	38 1	38 0	37 9	37 8
50	38 0	37 8	37 7	37 5	37 4	37 3	37 1	37 0	36 9
51	37 2	37 0	36 9	36 7	36 6	36 4	36 3	36 2	36 1
52	36 5	36 3	36 1	35 9	35 7	35 6	35 5	35 3	35 2
53	35 8	35 5	35 3	35 1	35 0	34 8	34 6	34 5	34 4
54	35 0	34 8	34 6	34 4	34 2	34 0	33 8	33 7	33 6
55	34 4	34 1	33 8	33 6	33 4	33 2	33 1	32 9	32 7
56	33 7	33 4	33 1	32 9	32 7	32 5	32 3	32 1	32 0
57	33 0	32 7	32 5	32 2	32 0	31 7	31 5	31 3	31 2
58	32 4	32 1	31 8	31 5	31 3	31 0	30 8	30 6	30 4
59	31 8	31 5	31 2	30 9	30 6	30 3	30 1	29 9	29 7
60	31 3	30 9	30 5	30 2	29 9	29 6	29 4	29 1	28 9
61	30 7	30 3	30 0	29 6	29 3	29 0	28 7	28 5	28 2
62	30 2	29 8	29 4	29 0	28 7	28 4	28 1	27 8	27 5
63	29 8	29 3	28 9	28 5	28 1	27 8	27 4	27 1	26 9
64	29 3	28 8	28 4	28 0	27 6	27 2	26 8	26 5	26 2
65	28 9	28 4	27 9	27 4	27 0	26 6	26 3	25 9	25 6
66	28 5	28 0	27 4	27 0	26 5	26 1	25 7	25 4	25 0
67	28 1	27 6	27 0	26 5	26 1	25 6	25 2	24 8	24 4
68	27 8	27 2	26 6	26 1	25 6	25 1	24 7	24 3	23 9
69	27 4	26 8	26 3	25 7	25 2	24 7	24 2	23 8	23 4
70	27 1	26 5	25 9	25 4	24 8	24 3	23 8	23 3	22 9
71	26 9	26 2	25 6	25 0	24 4	23 9	23 4	22 9	22 4
72	26 6	26 0	25 3	24 7	24 1	23 5	23 0	22 5	22 0
73	26 4	25 7	25 0	24 4	23 8	23 2	22 6	22 1	21 6
74	26 2	25 5	24 8	24 1	23 5	22 9	22 3	21 7	21 2
75	26 0	25 3	24 6	23 9	23 2	22 6	22 0	21 4	20 8
76	25 8	25 1	24 4	23 7	23 0	22 4	21 7	21 1	20 5
77	25 7	24 9	24 2	23 5	22 8	22 1	21 5	20 8	20 2
78	25 5	24 8	24 0	23 3	22 6	21 9	21 2	20 6	20 0
79	25 4	24 6	23 9	23 2	22 4	21 7	21 0	20 4	19 7
80	25 3	24 5	23 8	23 0	22 3	21 6	20 9	20 2	19 5
81	25 2	24 4	23 6	22 9	22 1	21 4	20 7	20 0	19 3
82	25 1	24 3	23 5	22 8	22 0	21 3	20 5	19 8	19 1
83	25 0	24 2	23 4	22 7	21 9	21 2	20 4	19 7	19 0
84	25 0	24 2	23 4	22 6	21 8	21 0	20 3	19 6	18 8
85	24 9	24 1	23 3	22 5	21 7	21 0	20 2	19 4	18 7
86	24 8	24 0	23 2	22 4	21 7	20 9	20 1	19 3	18 6
87	24 8	24 0	23 2	22 4	21 6	20 8	20 0	19 3	18 5

November 25, 2019 1264 Bulletin No. 2019–48

Ages	63	64	65	66	67	68	69	70	71
88	24 8	23 9	23 1	22 3	21 5	20 7	20 0	19 2	18 4
89	24 7	23 9	23 1	22 3	21 5	20 7	19 9	19 1	18 4
90	24 7	23 9	23 0	22 2	21 4	20 6	19 9	19 1	18 3
91	24 7	23 8	23 0	22 2	21 4	20 6	19 8	19 0	18 3
92	24 6	23 8	23 0	22 2	21 4	20 6	19 8	19 0	18 2
93	24 6	23 8	23 0	22 2	21 3	20 5	19 7	18 9	18 2
94	24 6	23 8	22 9	22 1	21 3	20 5	19 7	18 9	18 1
95	24 6	23 8	22 9	22 1	21 3	20 5	19 7	18 9	18 1
96	24 6	23 7	22 9	22 1	21 3	20 5	19 7	18 9	18 1
97	24 6	23 7	22 9	22 1	21 3	20 5	19 7	18 9	18 1
98	24 6	23 7	22 9	22 1	21 3	20 4	19 6	18 8	18 0
99	24 5	23 7	22 9	22 1	21 2	20 4	19 6	18 8	18 0
100	24 5	23 7	22 9	22 1	21 2	20 4	19 6	18 8	18 0
101	24 5	23 7	22 9	22 0	21 2	20 4	19 6	18 8	18 0
102	24 5	23 7	22 9	22 0	21 2	20 4	19 6	18 8	18 0
103	24 5	23 7	22 9	22 0	21 2	20 4	19 6	18 8	18 0
104	24 5	23 7	22 9	22 0	21 2	20 4	19 6	18 8	18 0
105	24 5	23 7	22 9	22 0	21 2	20 4	19 6	18 8	18 0
106	24 5	23 7	22 9	22 0	21 2	20 4	19 6	18 8	18 0
107	24 5	23 7	22 8	22 0	21 2	20 4	19 6	18 8	18 0
108	24 5	23 7	22 8	22 0	21 2	20 4	19 6	18 8	18 0
109	24 5	23 7	22 8	22 0	21 2	20 4	19 6	18 8	18 0
110	24 5	23 7	22 8	22 0	21 2	20 4	19 6	18 8	18 0
111	24 5	23 7	22 8	22 0	21 2	20 4	19 6	18 8	18 0
112	24 5	23 7	22 8	22 0	21 2	20 4	19 6	18 8	18 0
113	24 5	23 7	22 8	22 0	21 2	20 4	19 6	18 8	18 0
114	24 5	23 7	22 8	22 0	21 2	20 4	19 6	18 8	18 0
115	24 5	23 7	22 8	22 0	21 2	20 4	19 6	18 8	18 0
116	24 5	23 7	22 8	22 0	21 2	20 4	19 6	18 8	18 0
117	24 5	23 7	22 8	22 0	21 2	20 4	19 6	18 7	17 9
118	24 5	23 7	22 8	22 0	21 2	20 4	19 6	18 7	17 9
119	24 5	23 6	22 8	22 0	21 2	20 4	19 5	18 7	17 9
120+	24 5	23 6	22 8	22 0	21 2	20 4	19 5	18 7	17 9

Bulletin No. 2019–48 1265 November 25, 2019

Ages	72	73	74	75	76	77	78	79	80
0	84 6	84 6	84 6	84 6	84 6	84 6	84 6	84 6	84 6
1	83 7	83 7	83 7	83 7	83 7	83 7	83 7	83 7	83 7
2	82 8	82 7	82 7	82 7	82 7	82 7	82 7	82 7	82 7
3	81 8	81 8	81 8	81 8	81 8	81 8	81 8	81 8	81 8
4	80 8	80 8	80 8	80 8	80 8	80 8	80 8	80 8	80 8
5	79 8	79 8	79 8	79 8	79 8	79 8	79 8	79 8	79 8
6	78 8	78 8	78 8	78 8	78 8	78 8	78 8	78 8	78 8
7	77 8	77 8	77 8	77 8	77 8	77 8	77 8	77 8	77 8
8	76 9	76 8	76 8	76 8	76 8	76 8	76 8	76 8	76 8
9	75 9	75 9	75 9	75 9	75 8	75 8	75 8	75 8	75 8
10	74 9	74 9	74 9	74 9	74 9	74 9	74 9	74 8	74 8
11	73 9	73 9	73 9	73 9	73 9	73 9	73 9	73 9	73 9
12	72 9	72 9	72 9	72 9	72 9	72 9	72 9	72 9	72 9
13	71 9	71 9	71 9	71 9	71 9	71 9	71 9	71 9	71 9
14	70 9	70 9	70 9	70 9	70 9	70 9	70 9	70 9	70 9
15	70 0	70 0	69 9	69 9	69 9	69 9	69 9	69 9	69 9
16	69 0	69 0	69 0	69 0	68 9	68 9	68 9	68 9	68 9
17	68 0	68 0	68 0	68 0	68 0	68 0	68 0	68 0	67 9
18	67 0	67 0	67 0	67 0	67 0	67 0	67 0	67 0	67 0
19	66 1	66 0	66 0	66 0	66 0	66 0	66 0	66 0	66 0
20	65 1	65 1	65 1	65 0	65 0	65 0	65 0	65 0	65 0
21	64 1	64 1	64 1	64 1	64 1	64 1	64 1	64 0	64 0
22	63 1	63 1	63 1	63 1	63 1	63 1	63 1	63 1	63 1
23	62 2	62 1	62 1	62 1	62 1	62 1	62 1	62 1	62 1
24	61 2	61 2	61 2	61 2	61 2	61 1	61 1	61 1	61 1
25	60 2	60 2	60 2	60 2	60 2	60 2	60 2	60 2	60 2
26	59 3	59 3	59 2	59 2	59 2	59 2	59 2	59 2	59 2
27	58 3	58 3	58 3	58 3	58 3	58 2	58 2	58 2	58 2
28	57 3	57 3	57 3	57 3	57 3	57 3	57 3	57 3	57 3
29	56 4	56 4	56 4	56 3	56 3	56 3	56 3	56 3	56 3
30	55 4	55 4	55 4	55 4	55 4	55 4	55 4	55 4	55 3
31	54 5	54 5	54 5	54 4	54 4	54 4	54 4	54 4	54 4
32	53 5	53 5	53 5	53 5	53 5	53 5	53 4	53 4	53 4
33	52 6	52 6	52 5	52 5	52 5	52 5	52 5	52 5	52 5
34	51 6	51 6	51 6	51 6	51 6	51 6	51 5	51 5	51 5
35	50 7	50 7	50 6	50 6	50 6	50 6	50 6	50 6	50 6
36	49 7	49 7	49 7	49 7	49 7	49 6	49 6	49 6	49 6
37	48 8	48 8	48 8	48 7	48 7	48 7	48 7	48 7	48 7
38	47 9	47 8	47 8	47 8	47 8	47 7	47 7	47 7	47 7
39	46 9	46 9	46 9	46 8	46 8	46 8	46 8	46 8	46 7
40	46 0	45 9	45 9	45 9	45 9	45 8	45 8	45 8	45 8
41	45 0	45 0	45 0	44 9	44 9	44 9	44 9	44 9	44 8
42	44 1	44 1	44 0	44 0	44 0	43 9	43 9	43 9	43 9
43	43 2	43 1	43 1	43 1	43 0	43 0	43 0	43 0	42 9

November 25, 2019 1266 Bulletin No. 2019–48

Ages	72	73	74	75	76	77	78	79	80
44	42 3	42 2	42 2	42 1	42 1	42 1	42 0	42 0	42 0
45	41 3	41 3	41 2	41 2	41 2	41 1	41 1	41 1	41 1
46	40 4	40 4	40 3	40 3	40 2	40 2	40 2	40 1	40 1
47	39 5	39 5	39 4	39 4	39 3	39 3	39 2	39 2	39 2
48	38 6	38 6	38 5	38 4	38 4	38 4	38 3	38 3	38 2
49	37 7	37 7	37 6	37 5	37 5	37 4	37 4	37 4	37 3
50	36 9	36 8	36 7	36 6	36 6	36 5	36 5	36 4	36 4
51	36 0	35 9	35 8	35 7	35 7	35 6	35 6	35 5	35 5
52	35 1	35 0	34 9	34 9	34 8	34 7	34 7	34 6	34 6
53	34 3	34 2	34 1	34 0	33 9	33 9	33 8	33 7	33 7
54	33 4	33 3	33 2	33 1	33 1	33 0	32 9	32 9	32 8
55	32 6	32 5	32 4	32 3	32 2	32 1	32 0	32 0	31 9
56	31 8	31 7	31 6	31 5	31 4	31 3	31 2	31 1	31 1
57	31 0	30 9	30 7	30 6	30 5	30 4	30 3	30 3	30 2
58	30 2	30 1	29 9	29 8	29 7	29 6	29 5	29 4	29 3
59	29 5	29 3	29 2	29 0	28 9	28 8	28 7	28 6	28 5
60	28 7	28 6	28 4	28 2	28 1	28 0	27 9	27 8	27 7
61	28 0	27 8	27 6	27 5	27 3	27 2	27 1	27 0	26 9
62	27 3	27 1	26 9	26 7	26 6	26 4	26 3	26 2	26 1
63	26 6	26 4	26 2	26 0	25 8	25 7	25 5	25 4	25 3
64	26 0	25 7	25 5	25 3	25 1	24 9	24 8	24 6	24 5
65	25 3	25 0	24 8	24 6	24 4	24 2	24 0	23 9	23 8
66	24 7	24 4	24 1	23 9	23 7	23 5	23 3	23 2	23 0
67	24 1	23 8	23 5	23 2	23 0	22 8	22 6	22 4	22 3
68	23 5	23 2	22 9	22 6	22 4	22 1	21 9	21 7	21 6
69	23 0	22 6	22 3	22 0	21 7	21 5	21 2	21 0	20 9
70	22 5	22 1	21 7	21 4	21 1	20 8	20 6	20 4	20 2
71	22 0	21 6	21 2	20 8	20 5	20 2	20 0	19 7	19 5
72	21 5	21 1	20 7	20 3	20 0	19 6	19 4	19 1	18 9
73	21 1	20 6	20 2	19 8	19 4	19 1	18 8	18 5	18 2
74	20 7	20 2	19 7	19 3	18 9	18 6	18 2	17 9	17 6
75	20 3	19 8	19 3	18 9	18 5	18 1	17 7	17 4	17 1
76	20 0	19 4	18 9	18 5	18 0	17 6	17 2	16 9	16 5
77	19 6	19 1	18 6	18 1	17 6	17 2	16 8	16 4	16 0
78	19 4	18 8	18 2	17 7	17 2	16 8	16 3	15 9	15 6
79	19 1	18 5	17 9	17 4	16 9	16 4	15 9	15 5	15 1
80	18 9	18 2	17 6	17 1	16 5	16 0	15 6	15 1	14 7
81	18 6	18 0	17 4	16 8	16 2	15 7	15 2	14 7	14 3
82	18 4	17 8	17 2	16 6	16 0	15 4	14 9	14 4	14 0
83	18 3	17 6	17 0	16 3	15 7	15 2	14 6	14 1	13 6
84	18 1	17 4	16 8	16 1	15 5	14 9	14 4	13 8	13 3
85	18 0	17 3	16 6	16 0	15 3	14 7	14 1	13 6	13 1
86	17 9	17 2	16 5	15 8	15 2	14 5	13 9	13 4	12 8
87	17 8	17 1	16 4	15 7	15 0	14 4	13 8	13 2	12 6

Bulletin No. 2019–48 1267 November 25, 2019

Ages	72	73	74	75	76	77	78	79	80
88	17 7	17 0	16 2	15 6	14 9	14 2	13 6	13 0	12 4
89	17 6	16 9	16 2	15 4	14 8	14 1	13 5	12 9	12 3
90	17 5	16 8	16 1	15 4	14 7	14 0	13 4	12 7	12 1
91	17 5	16 7	16 0	15 3	14 6	13 9	13 2	12 6	12 0
92	17 4	16 7	15 9	15 2	14 5	13 8	13 2	12 5	11 9
93	17 4	16 6	15 9	15 2	14 4	13 7	13 1	12 4	11 8
94	17 4	16 6	15 8	15 1	14 4	13 7	13 0	12 4	11 7
95	17 3	16 6	15 8	15 1	14 3	13 6	12 9	12 3	11 6
96	17 3	16 5	15 8	15 0	14 3	13 6	12 9	12 2	11 6
97	17 3	16 5	15 7	15 0	14 3	13 5	12 9	12 2	11 5
98	17 3	16 5	15 7	15 0	14 2	13 5	12 8	12 1	11 5
99	17 2	16 5	15 7	14 9	14 2	13 5	12 8	12 1	11 4
100	17 2	16 4	15 7	14 9	14 2	13 5	12 8	12 1	11 4
101	17 2	16 4	15 7	14 9	14 2	13 4	12 7	12 0	11 4
102	17 2	16 4	15 7	14 9	14 2	13 4	12 7	12 0	11 4
103	17 2	16 4	15 6	14 9	14 1	13 4	12 7	12 0	11 3
104	17 2	16 4	15 6	14 9	14 1	13 4	12 7	12 0	11 3
105	17 2	16 4	15 6	14 9	14 1	13 4	12 7	12 0	11 3
106	17 2	16 4	15 6	14 9	14 1	13 4	12 7	12 0	11 3
107	17 2	16 4	15 6	14 9	14 1	13 4	12 7	12 0	11 3
108	17 2	16 4	15 6	14 9	14 1	13 4	12 7	12 0	11 3
109	17 2	16 4	15 6	14 9	14 1	13 4	12 7	12 0	11 3
110	17 2	16 4	15 6	14 9	14 1	13 4	12 7	12 0	11 3
111	17 2	16 4	15 6	14 9	14 1	13 4	12 7	12 0	11 3
112	17 2	16 4	15 6	14 9	14 1	13 4	12 7	12 0	11 3
113	17 2	16 4	15 6	14 9	14 1	13 4	12 7	12 0	11 3
114	17 2	16 4	15 6	14 8	14 1	13 4	12 6	12 0	11 3
115	17 2	16 4	15 6	14 8	14 1	13 4	12 6	11 9	11 3
116	17 2	16 4	15 6	14 8	14 1	13 3	12 6	11 9	11 3
117	17 1	16 4	15 6	14 8	14 1	13 3	12 6	11 9	11 2
118	17 1	16 4	15 6	14 8	14 1	13 3	12 6	11 9	11 2
119	17 1	16 3	15 6	14 8	14 0	13 3	12 6	11 9	11 2
120+	17 1	16 3	15 6	14 8	14 0	13 3	12 6	11 9	11 2

November 25, 2019 1268 Bulletin No. 2019–48

Ages	81	82	83	84	85	86	87	88	89
0	84 6	84 6	84 6	84 6	84 6	84 5	84 5	84 5	84 5
1	83 7	83 7	83 7	83 7	83 7	83 7	83 7	83 7	83 7
2	82 7	82 7	82 7	82 7	82 7	82 7	82 7	82 7	82 7
3	81 8	81 7	81 7	81 7	81 7	81 7	81 7	81 7	81 7
4	80 8	80 8	80 8	80 8	80 8	80 8	80 8	80 8	80 8
5	79 8	79 8	79 8	79 8	79 8	79 8	79 8	79 8	79 8
6	78 8	78 8	78 8	78 8	78 8	78 8	78 8	78 8	78 8
7	77 8	77 8	77 8	77 8	77 8	77 8	77 8	77 8	77 8
8	76 8	76 8	76 8	76 8	76 8	76 8	76 8	76 8	76 8
9	75 8	75 8	75 8	75 8	75 8	75 8	75 8	75 8	75 8
10	74 8	74 8	74 8	74 8	74 8	74 8	74 8	74 8	74 8
11	73 9	73 9	73 9	73 8	73 8	73 8	73 8	73 8	73 8
12	72 9	72 9	72 9	72 9	72 9	72 9	72 9	72 9	72 9
13	71 9	71 9	71 9	71 9	71 9	71 9	71 9	71 9	71 9
14	70 9	70 9	70 9	70 9	70 9	70 9	70 9	70 9	70 9
15	69 9	69 9	69 9	69 9	69 9	69 9	69 9	69 9	69 9
16	68 9	68 9	68 9	68 9	68 9	68 9	68 9	68 9	68 9
17	67 9	67 9	67 9	67 9	67 9	67 9	67 9	67 9	67 9
18	67 0	67 0	67 0	67 0	67 0	67 0	66 9	66 9	66 9
19	66 0	66 0	66 0	66 0	66 0	66 0	66 0	66 0	66 0
20	65 0	65 0	65 0	65 0	65 0	65 0	65 0	65 0	65 0
21	64 0	64 0	64 0	64 0	64 0	64 0	64 0	64 0	64 0
22	63 1	63 1	63 0	63 0	63 0	63 0	63 0	63 0	63 0
23	62 1	62 1	62 1	62 1	62 1	62 1	62 1	62 1	62 1
24	61 1	61 1	61 1	61 1	61 1	61 1	61 1	61 1	61 1
25	60 1	60 1	60 1	60 1	60 1	60 1	60 1	60 1	60 1
26	59 2	59 2	59 2	59 2	59 2	59 2	59 1	59 1	59 1
27	58 2	58 2	58 2	58 2	58 2	58 2	58 2	58 2	58 2
28	57 3	57 2	57 2	57 2	57 2	57 2	57 2	57 2	57 2
29	56 3	56 3	56 3	56 3	56 3	56 3	56 3	56 3	56 3
30	55 3	55 3	55 3	55 3	55 3	55 3	55 3	55 3	55 3
31	54 4	54 4	54 4	54 4	54 4	54 3	54 3	54 3	54 3
32	53 4	53 4	53 4	53 4	53 4	53 4	53 4	53 4	53 4
33	52 5	52 5	52 5	52 4	52 4	52 4	52 4	52 4	52 4
34	51 5	51 5	51 5	51 5	51 5	51 5	51 5	51 5	51 5
35	50 6	50 5	50 5	50 5	50 5	50 5	50 5	50 5	50 5
36	49 6	49 6	49 6	49 6	49 6	49 6	49 6	49 6	49 6
37	48 6	48 6	48 6	48 6	48 6	48 6	48 6	48 6	48 6
38	47 7	47 7	47 7	47 7	47 7	47 6	47 6	47 6	47 6
39	46 7	46 7	46 7	46 7	46 7	46 7	46 7	46 7	46 7
40	45 8	45 8	45 8	45 7	45 7	45 7	45 7	45 7	45 7
41	44 8	44 8	44 8	44 8	44 8	44 8	44 8	44 8	44 8
42	43 9	43 9	43 8	43 8	43 8	43 8	43 8	43 8	43 8
43	42 9	42 9	42 9	42 9	42 9	42 9	42 9	42 8	42 8

Bulletin No. 2019–48 1269 November 25, 2019

Ages	81	82	83	84	85	86	87	88	89
44	42 0	42 0	41 9	41 9	41 9	41 9	41 9	41 9	41 9
45	41 0	41 0	41 0	41 0	41 0	41 0	40 9	40 9	40 9
46	40 1	40 1	40 0	40 0	40 0	40 0	40 0	40 0	40 0
47	39 1	39 1	39 1	39 1	39 1	39 1	39 0	39 0	39 0
48	38 2	38 2	38 2	38 1	38 1	38 1	38 1	38 1	38 1
49	37 3	37 3	37 2	37 2	37 2	37 2	37 2	37 1	37 1
50	36 4	36 3	36 3	36 3	36 3	36 2	36 2	36 2	36 2
51	35 4	35 4	35 4	35 4	35 3	35 3	35 3	35 3	35 3
52	34 5	34 5	34 5	34 4	34 4	34 4	34 4	34 4	34 3
53	33 6	33 6	33 6	33 5	33 5	33 5	33 5	33 4	33 4
54	32 7	32 7	32 7	32 6	32 6	32 6	32 6	32 5	32 5
55	31 9	31 8	31 8	31 7	31 7	31 7	31 7	31 6	31 6
56	31 0	30 9	30 9	30 9	30 8	30 8	30 8	30 7	30 7
57	30 1	30 1	30 0	30 0	29 9	29 9	29 9	29 9	29 8
58	29 3	29 2	29 2	29 1	29 1	29 0	29 0	29 0	29 0
59	28 4	28 4	28 3	28 3	28 2	28 2	28 2	28 1	28 1
60	27 6	27 5	27 5	27 4	27 4	27 3	27 3	27 3	27 2
61	26 8	26 7	26 7	26 6	26 5	26 5	26 5	26 4	26 4
62	26 0	25 9	25 8	25 8	25 7	25 7	25 6	25 6	25 5
63	25 2	25 1	25 0	25 0	24 9	24 8	24 8	24 8	24 7
64	24 4	24 3	24 2	24 2	24 1	24 0	24 0	23 9	23 9
65	23 6	23 5	23 4	23 4	23 3	23 2	23 2	23 1	23 1
66	22 9	22 8	22 7	22 6	22 5	22 4	22 4	22 3	22 3
67	22 1	22 0	21 9	21 8	21 7	21 7	21 6	21 5	21 5
68	21 4	21 3	21 2	21 0	21 0	20 9	20 8	20 7	20 7
69	20 7	20 5	20 4	20 3	20 2	20 1	20 0	20 0	19 9
70	20 0	19 8	19 7	19 6	19 4	19 3	19 3	19 2	19 1
71	19 3	19 1	19 0	18 8	18 7	18 6	18 5	18 4	18 4
72	18 6	18 4	18 3	18 1	18 0	17 9	17 8	17 7	17 6
73	18 0	17 8	17 6	17 4	17 3	17 2	17 1	17 0	16 9
74	17 4	17 2	17 0	16 8	16 6	16 5	16 4	16 2	16 2
75	16 8	16 6	16 3	16 1	16 0	15 8	15 7	15 6	15 4
76	16 2	16 0	15 7	15 5	15 3	15 2	15 0	14 9	14 8
77	15 7	15 4	15 2	14 9	14 7	14 5	14 4	14 2	14 1
78	15 2	14 9	14 6	14 4	14 1	13 9	13 8	13 6	13 5
79	14 7	14 4	14 1	13 8	13 6	13 4	13 2	13 0	12 9
80	14 3	14 0	13 6	13 3	13 1	12 8	12 6	12 4	12 3
81	13 9	13 5	13 2	12 9	12 6	12 3	12 1	11 9	11 7
82	13 5	13 1	12 8	12 4	12 1	11 9	11 6	11 4	11 2
83	13 2	12 8	12 4	12 0	11 7	11 4	11 2	10 9	10 7
84	12 9	12 4	12 0	11 7	11 3	11 0	10 7	10 5	10 3
85	12 6	12 1	11 7	11 3	11 0	10 7	10 4	10 1	9 9
86	12 3	11 9	11 4	11 0	10 7	10 3	10 0	9 7	9 5
87	12 1	11 6	11 2	10 7	10 4	10 0	9 7	9 4	9 1

November 25, 2019 1270 Bulletin No. 2019–48

Ages	81	82	83	84	85	86	87	88	89
88	11 9	11 4	10 9	10 5	10 1	9 7	9 4	9 1	8 8
89	11 7	11 2	10 7	10 3	9 9	9 5	9 1	8 8	8 5
90	11 6	11 0	10 5	10 1	9 6	9 2	8 9	8 5	8 2
91	11 4	10 9	10 4	9 9	9 5	9 0	8 7	8 3	8 0
92	11 3	10 8	10 2	9 7	9 3	8 9	8 5	8 1	7 8
93	11 2	10 6	10 1	9 6	9 1	8 7	8 3	7 9	7 6
94	11 1	10 5	10 0	9 5	9 0	8 6	8 1	7 7	7 4
95	11 0	10 5	9 9	9 4	8 9	8 4	8 0	7 6	7 2
96	11 0	10 4	9 8	9 3	8 8	8 3	7 9	7 5	7 1
97	10 9	10 3	9 7	9 2	8 7	8 2	7 8	7 4	7 0
98	10 9	10 3	9 7	9 1	8 6	8 1	7 7	7 3	6 9
99	10 8	10 2	9 6	9 1	8 6	8 1	7 6	7 2	6 8
100	10 8	10 2	9 6	9 0	8 5	8 0	7 6	7 1	6 7
101	10 7	10 1	9 5	9 0	8 5	8 0	7 5	7 1	6 7
102	10 7	10 1	9 5	8 9	8 4	7 9	7 4	7 0	6 6
103	10 7	10 1	9 5	8 9	8 4	7 9	7 4	7 0	6 6
104	10 7	10 1	9 5	8 9	8 4	7 9	7 4	6 9	6 5
105	10 7	10 0	9 5	8 9	8 3	7 8	7 4	6 9	6 5
106	10 7	10 0	9 4	8 9	8 3	7 8	7 4	6 9	6 5
107	10 7	10 0	9 4	8 9	8 3	7 8	7 3	6 9	6 5
108	10 7	10 0	9 4	8 9	8 3	7 8	7 3	6 9	6 5
109	10 7	10 0	9 4	8 9	8 3	7 8	7 3	6 9	6 5
110	10 7	10 0	9 4	8 9	8 3	7 8	7 3	6 9	6 5
111	10 6	10 0	9 4	8 8	8 3	7 8	7 3	6 9	6 4
112	10 6	10 0	9 4	8 8	8 3	7 8	7 3	6 9	6 4
113	10 6	10 0	9 4	8 8	8 3	7 8	7 3	6 8	6 4
114	10 6	10 0	9 4	8 8	8 3	7 8	7 3	6 8	6 4
115	10 6	10 0	9 4	8 8	8 3	7 7	7 3	6 8	6 4
116	10 6	10 0	9 4	8 8	8 2	7 7	7 2	6 8	6 3
117	10 6	9 9	9 3	8 7	8 2	7 7	7 2	6 7	6 3
118	10 5	9 9	9 3	8 7	8 2	7 6	7 1	6 7	6 2
119	10 5	9 9	9 3	8 7	8 1	7 6	7 1	6 6	6 2
120+	10 5	9 9	9 2	8 6	8 1	7 5	7 0	6 6	6 1

Bulletin No. 2019–48 1271 November 25, 2019

Ages	90	91	92	93	94	95	96	97	98
0	84 5	84 5	84 5	84 5	84 5	84 5	84 5	84 5	84 5
1	83 7	83 7	83 7	83 7	83 7	83 7	83 7	83 7	83 7
2	82 7	82 7	82 7	82 7	82 7	82 7	82 7	82 7	82 7
3	81 7	81 7	81 7	81 7	81 7	81 7	81 7	81 7	81 7
4	80 8	80 8	80 8	80 8	80 8	80 8	80 8	80 8	80 8
5	79 8	79 8	79 8	79 8	79 8	79 8	79 8	79 8	79 8
6	78 8	78 8	78 8	78 8	78 8	78 8	78 8	78 8	78 8
7	77 8	77 8	77 8	77 8	77 8	77 8	77 8	77 8	77 8
8	76 8	76 8	76 8	76 8	76 8	76 8	76 8	76 8	76 8
9	75 8	75 8	75 8	75 8	75 8	75 8	75 8	75 8	75 8
10	74 8	74 8	74 8	74 8	74 8	74 8	74 8	74 8	74 8
11	73 8	73 8	73 8	73 8	73 8	73 8	73 8	73 8	73 8
12	72 9	72 9	72 9	72 8	72 8	72 8	72 8	72 8	72 8
13	71 9	71 9	71 9	71 9	71 9	71 9	71 9	71 9	71 9
14	70 9	70 9	70 9	70 9	70 9	70 9	70 9	70 9	70 9
15	69 9	69 9	69 9	69 9	69 9	69 9	69 9	69 9	69 9
16	68 9	68 9	68 9	68 9	68 9	68 9	68 9	68 9	68 9
17	67 9	67 9	67 9	67 9	67 9	67 9	67 9	67 9	67 9
18	66 9	66 9	66 9	66 9	66 9	66 9	66 9	66 9	66 9
19	66 0	66 0	66 0	66 0	66 0	66 0	66 0	66 0	66 0
20	65 0	65 0	65 0	65 0	65 0	65 0	65 0	65 0	65 0
21	64 0	64 0	64 0	64 0	64 0	64 0	64 0	64 0	64 0
22	63 0	63 0	63 0	63 0	63 0	63 0	63 0	63 0	63 0
23	62 1	62 1	62 0	62 0	62 0	62 0	62 0	62 0	62 0
24	61 1	61 1	61 1	61 1	61 1	61 1	61 1	61 1	61 1
25	60 1	60 1	60 1	60 1	60 1	60 1	60 1	60 1	60 1
26	59 1	59 1	59 1	59 1	59 1	59 1	59 1	59 1	59 1
27	58 2	58 2	58 2	58 2	58 2	58 2	58 2	58 2	58 2
28	57 2	57 2	57 2	57 2	57 2	57 2	57 2	57 2	57 2
29	56 3	56 3	56 2	56 2	56 2	56 2	56 2	56 2	56 2
30	55 3	55 3	55 3	55 3	55 3	55 3	55 3	55 3	55 3
31	54 3	54 3	54 3	54 3	54 3	54 3	54 3	54 3	54 3
32	53 4	53 4	53 4	53 4	53 4	53 4	53 4	53 4	53 4
33	52 4	52 4	52 4	52 4	52 4	52 4	52 4	52 4	52 4
34	51 5	51 5	51 5	51 5	51 5	51 5	51 5	51 5	51 5
35	50 5	50 5	50 5	50 5	50 5	50 5	50 5	50 5	50 5
36	49 5	49 5	49 5	49 5	49 5	49 5	49 5	49 5	49 5
37	48 6	48 6	48 6	48 6	48 6	48 6	48 6	48 6	48 6
38	47 6	47 6	47 6	47 6	47 6	47 6	47 6	47 6	47 6
39	46 7	46 7	46 7	46 7	46 7	46 7	46 7	46 7	46 7
40	45 7	45 7	45 7	45 7	45 7	45 7	45 7	45 7	45 7
41	44 8	44 7	44 7	44 7	44 7	44 7	44 7	44 7	44 7
42	43 8	43 8	43 8	43 8	43 8	43 8	43 8	43 8	43 8
43	42 8	42 8	42 8	42 8	42 8	42 8	42 8	42 8	42 8

November 25, 2019 1272 Bulletin No. 2019–48

Ages	90	91	92	93	94	95	96	97	98
44	41 9	41 9	41 9	41 9	41 9	41 9	41 9	41 9	41 9
45	40 9	40 9	40 9	40 9	40 9	40 9	40 9	40 9	40 9
46	40 0	40 0	40 0	40 0	40 0	40 0	39 9	39 9	39 9
47	39 0	39 0	39 0	39 0	39 0	39 0	39 0	39 0	39 0
48	38 1	38 1	38 1	38 1	38 1	38 0	38 0	38 0	38 0
49	37 1	37 1	37 1	37 1	37 1	37 1	37 1	37 1	37 1
50	36 2	36 2	36 2	36 2	36 2	36 2	36 2	36 2	36 1
51	35 3	35 2	35 2	35 2	35 2	35 2	35 2	35 2	35 2
52	34 3	34 3	34 3	34 3	34 3	34 3	34 3	34 3	34 3
53	33 4	33 4	33 4	33 4	33 4	33 4	33 4	33 4	33 4
54	32 5	32 5	32 5	32 5	32 5	32 5	32 4	32 4	32 4
55	31 6	31 6	31 6	31 6	31 6	31 5	31 5	31 5	31 5
56	30 7	30 7	30 7	30 7	30 7	30 6	30 6	30 6	30 6
57	29 8	29 8	29 8	29 8	29 8	29 8	29 7	29 7	29 7
58	28 9	28 9	28 9	28 9	28 9	28 9	28 9	28 9	28 8
59	28 1	28 1	28 0	28 0	28 0	28 0	28 0	28 0	28 0
60	27 2	27 2	27 2	27 2	27 1	27 1	27 1	27 1	27 1
61	26 4	26 3	26 3	26 3	26 3	26 3	26 3	26 3	26 2
62	25 5	25 5	25 5	25 5	25 4	25 4	25 4	25 4	25 4
63	24 7	24 7	24 6	24 6	24 6	24 6	24 6	24 6	24 6
64	23 9	23 8	23 8	23 8	23 8	23 8	23 7	23 7	23 7
65	23 0	23 0	23 0	23 0	22 9	22 9	22 9	22 9	22 9
66	22 2	22 2	22 2	22 2	22 1	22 1	22 1	22 1	22 1
67	21 4	21 4	21 4	21 3	21 3	21 3	21 3	21 3	21 3
68	20 6	20 6	20 6	20 5	20 5	20 5	20 5	20 5	20 4
69	19 9	19 8	19 8	19 7	19 7	19 7	19 7	19 7	19 6
70	19 1	19 0	19 0	18 9	18 9	18 9	18 9	18 9	18 8
71	18 3	18 3	18 2	18 2	18 1	18 1	18 1	18 1	18 0
72	17 5	17 5	17 4	17 4	17 4	17 3	17 3	17 3	17 3
73	16 8	16 7	16 7	16 6	16 6	16 6	16 5	16 5	16 5
74	16 1	16 0	15 9	15 9	15 8	15 8	15 8	15 7	15 7
75	15 4	15 3	15 2	15 2	15 1	15 1	15 0	15 0	15 0
76	14 7	14 6	14 5	14 4	14 4	14 3	14 3	14 3	14 2
77	14 0	13 9	13 8	13 7	13 7	13 6	13 6	13 5	13 5
78	13 4	13 2	13 2	13 1	13 0	12 9	12 9	12 9	12 8
79	12 7	12 6	12 5	12 4	12 4	12 3	12 2	12 2	12 1
80	12 1	12 0	11 9	11 8	11 7	11 6	11 6	11 5	11 5
81	11 6	11 4	11 3	11 2	11 1	11 0	11 0	10 9	10 9
82	11 0	10 9	10 8	10 6	10 5	10 5	10 4	10 3	10 3
83	10 5	10 4	10 2	10 1	10 0	9 9	9 8	9 7	9 7
84	10 1	9 9	9 7	9 6	9 5	9 4	9 3	9 2	9 1
85	9 6	9 5	9 3	9 1	9 0	8 9	8 8	8 7	8 6
86	9 2	9 0	8 9	8 7	8 6	8 4	8 3	8 2	8 1
87	8 9	8 7	8 5	8 3	8 1	8 0	7 9	7 8	7 7

Bulletin No. 2019–48 1273 November 25, 2019

Ages	90	91	92	93	94	95	96	97	98
88	8 5	8 3	8 1	7 9	7 7	7 6	7 5	7 4	7 3
89	8 2	8 0	7 8	7 6	7 4	7 2	7 1	7 0	6 9
90	7 9	7 7	7 5	7 3	7 1	6 9	6 8	6 6	6 5
91	7 7	7 4	7 2	7 0	6 8	6 6	6 5	6 3	6 2
92	7 5	7 2	6 9	6 7	6 5	6 3	6 2	6 0	5 9
93	7 3	7 0	6 7	6 5	6 3	6 1	5 9	5 8	5 6
94	7 1	6 8	6 5	6 3	6 0	5 8	5 7	5 5	5 4
95	6 9	6 6	6 3	6 1	5 8	5 6	5 5	5 3	5 1
96	6 8	6 5	6 2	5 9	5 7	5 5	5 3	5 1	4 9
97	6 6	6 3	6 0	5 8	5 5	5 3	5 1	4 9	4 8
98	6 5	6 2	5 9	5 6	5 4	5 1	4 9	4 8	4 6
99	6 4	6 1	5 8	5 5	5 3	5 0	4 8	4 6	4 5
100	6 4	6 0	5 7	5 4	5 1	4 9	4 7	4 5	4 3
101	6 3	5 9	5 6	5 3	5 1	4 8	4 6	4 4	4 2
102	6 2	5 9	5 6	5 3	5 0	4 7	4 5	4 3	4 1
103	6 2	5 8	5 5	5 2	4 9	4 7	4 4	4 2	4 0
104	6 1	5 8	5 5	5 1	4 9	4 6	4 4	4 2	4 0
105	6 1	5 8	5 4	5 1	4 8	4 6	4 3	4 1	3 9
106	6 1	5 7	5 4	5 1	4 8	4 6	4 3	4 1	3 9
107	6 1	5 7	5 4	5 1	4 8	4 5	4 3	4 1	3 9
108	6 1	5 7	5 4	5 1	4 8	4 5	4 3	4 1	3 9
109	6 1	5 7	5 4	5 1	4 8	4 5	4 3	4 1	3 9
110	6 1	5 7	5 4	5 1	4 8	4 5	4 3	4 1	3 9
111	6 1	5 7	5 4	5 0	4 8	4 5	4 3	4 0	3 9
112	6 0	5 7	5 3	5 0	4 7	4 5	4 2	4 0	3 8
113	6 0	5 7	5 3	5 0	4 7	4 5	4 2	4 0	3 8
114	6 0	5 6	5 3	5 0	4 7	4 4	4 2	4 0	3 8
115	6 0	5 6	5 3	5 0	4 7	4 4	4 2	3 9	3 7
116	5 9	5 6	5 2	4 9	4 6	4 3	4 1	3 9	3 7
117	5 9	5 5	5 2	4 8	4 5	4 3	4 0	3 8	3 6
118	5 8	5 4	5 1	4 8	4 4	4 2	3 9	3 7	3 5
119	5 7	5 4	5 0	4 7	4 3	4 0	3 8	3 5	3 3
120+	5 7	5 3	4 9	4 6	4 2	3 9	3 7	3 4	3 2

November 25, 2019 1274 Bulletin No. 2019–48

Ages	99	100	101	102	103	104	105	106	107
0	84 5	84 5	84 5	84 5	84 5	84 5	84 5	84 5	84 5
1	83 7	83 7	83 7	83 7	83 7	83 7	83 7	83 7	83 7
2	82 7	82 7	82 7	82 7	82 7	82 7	82 7	82 7	82 7
3	81 7	81 7	81 7	81 7	81 7	81 7	81 7	81 7	81 7
4	80 8	80 8	80 8	80 8	80 8	80 8	80 8	80 8	80 8
5	79 8	79 8	79 8	79 8	79 8	79 8	79 8	79 8	79 8
6	78 8	78 8	78 8	78 8	78 8	78 8	78 8	78 8	78 8
7	77 8	77 8	77 8	77 8	77 8	77 8	77 8	77 8	77 8
8	76 8	76 8	76 8	76 8	76 8	76 8	76 8	76 8	76 8
9	75 8	75 8	75 8	75 8	75 8	75 8	75 8	75 8	75 8
10	74 8	74 8	74 8	74 8	74 8	74 8	74 8	74 8	74 8
11	73 8	73 8	73 8	73 8	73 8	73 8	73 8	73 8	73 8
12	72 8	72 8	72 8	72 8	72 8	72 8	72 8	72 8	72 8
13	71 9	71 9	71 9	71 9	71 9	71 9	71 9	71 9	71 9
14	70 9	70 9	70 9	70 9	70 9	70 9	70 9	70 9	70 9
15	69 9	69 9	69 9	69 9	69 9	69 9	69 9	69 9	69 9
16	68 9	68 9	68 9	68 9	68 9	68 9	68 9	68 9	68 9
17	67 9	67 9	67 9	67 9	67 9	67 9	67 9	67 9	67 9
18	66 9	66 9	66 9	66 9	66 9	66 9	66 9	66 9	66 9
19	66 0	66 0	66 0	66 0	66 0	66 0	66 0	66 0	66 0
20	65 0	65 0	65 0	65 0	65 0	65 0	65 0	65 0	65 0
21	64 0	64 0	64 0	64 0	64 0	64 0	64 0	64 0	64 0
22	63 0	63 0	63 0	63 0	63 0	63 0	63 0	63 0	63 0
23	62 0	62 0	62 0	62 0	62 0	62 0	62 0	62 0	62 0
24	61 1	61 1	61 1	61 1	61 1	61 1	61 1	61 1	61 1
25	60 1	60 1	60 1	60 1	60 1	60 1	60 1	60 1	60 1
26	59 1	59 1	59 1	59 1	59 1	59 1	59 1	59 1	59 1
27	58 2	58 2	58 2	58 2	58 2	58 2	58 2	58 2	58 2
28	57 2	57 2	57 2	57 2	57 2	57 2	57 2	57 2	57 2
29	56 2	56 2	56 2	56 2	56 2	56 2	56 2	56 2	56 2
30	55 3	55 3	55 3	55 3	55 3	55 3	55 3	55 3	55 3
31	54 3	54 3	54 3	54 3	54 3	54 3	54 3	54 3	54 3
32	53 4	53 4	53 4	53 4	53 4	53 4	53 4	53 4	53 4
33	52 4	52 4	52 4	52 4	52 4	52 4	52 4	52 4	52 4
34	51 5	51 5	51 4	51 4	51 4	51 4	51 4	51 4	51 4
35	50 5	50 5	50 5	50 5	50 5	50 5	50 5	50 5	50 5
36	49 5	49 5	49 5	49 5	49 5	49 5	49 5	49 5	49 5
37	48 6	48 6	48 6	48 6	48 6	48 6	48 6	48 6	48 6
38	47 6	47 6	47 6	47 6	47 6	47 6	47 6	47 6	47 6
39	46 7	46 7	46 7	46 7	46 7	46 7	46 7	46 7	46 7
40	45 7	45 7	45 7	45 7	45 7	45 7	45 7	45 7	45 7
41	44 7	44 7	44 7	44 7	44 7	44 7	44 7	44 7	44 7
42	43 8	43 8	43 8	43 8	43 8	43 8	43 8	43 8	43 8
43	42 8	42 8	42 8	42 8	42 8	42 8	42 8	42 8	42 8

Bulletin No. 2019–48 1275 November 25, 2019

Ages	99	100	101	102	103	104	105	106	107
44	41 9	41 9	41 9	41 9	41 9	41 9	41 9	41 9	41 9
45	40 9	40 9	40 9	40 9	40 9	40 9	40 9	40 9	40 9
46	39 9	39 9	39 9	39 9	39 9	39 9	39 9	39 9	39 9
47	39 0	39 0	39 0	39 0	39 0	39 0	39 0	39 0	39 0
48	38 0	38 0	38 0	38 0	38 0	38 0	38 0	38 0	38 0
49	37 1	37 1	37 1	37 1	37 1	37 1	37 1	37 1	37 1
50	36 1	36 1	36 1	36 1	36 1	36 1	36 1	36 1	36 1
51	35 2	35 2	35 2	35 2	35 2	35 2	35 2	35 2	35 2
52	34 3	34 3	34 3	34 3	34 3	34 3	34 3	34 3	34 3
53	33 3	33 3	33 3	33 3	33 3	33 3	33 3	33 3	33 3
54	32 4	32 4	32 4	32 4	32 4	32 4	32 4	32 4	32 4
55	31 5	31 5	31 5	31 5	31 5	31 5	31 5	31 5	31 5
56	30 6	30 6	30 6	30 6	30 6	30 6	30 6	30 6	30 6
57	29 7	29 7	29 7	29 7	29 7	29 7	29 7	29 7	29 7
58	28 8	28 8	28 8	28 8	28 8	28 8	28 8	28 8	28 8
59	28 0	28 0	28 0	28 0	27 9	27 9	27 9	27 9	27 9
60	27 1	27 1	27 1	27 1	27 1	27 1	27 1	27 1	27 1
61	26 2	26 2	26 2	26 2	26 2	26 2	26 2	26 2	26 2
62	25 4	25 4	25 4	25 4	25 4	25 4	25 4	25 4	25 4
63	24 5	24 5	24 5	24 5	24 5	24 5	24 5	24 5	24 5
64	23 7	23 7	23 7	23 7	23 7	23 7	23 7	23 7	23 7
65	22 9	22 9	22 9	22 9	22 9	22 9	22 9	22 9	22 8
66	22 1	22 1	22 0	22 0	22 0	22 0	22 0	22 0	22 0
67	21 2	21 2	21 2	21 2	21 2	21 2	21 2	21 2	21 2
68	20 4	20 4	20 4	20 4	20 4	20 4	20 4	20 4	20 4
69	19 6	19 6	19 6	19 6	19 6	19 6	19 6	19 6	19 6
70	18 8	18 8	18 8	18 8	18 8	18 8	18 8	18 8	18 8
71	18 0	18 0	18 0	18 0	18 0	18 0	18 0	18 0	18 0
72	17 2	17 2	17 2	17 2	17 2	17 2	17 2	17 2	17 2
73	16 5	16 4	16 4	16 4	16 4	16 4	16 4	16 4	16 4
74	15 7	15 7	15 7	15 7	15 6	15 6	15 6	15 6	15 6
75	14 9	14 9	14 9	14 9	14 9	14 9	14 9	14 9	14 9
76	14 2	14 2	14 2	14 2	14 1	14 1	14 1	14 1	14 1
77	13 5	13 5	13 4	13 4	13 4	13 4	13 4	13 4	13 4
78	12 8	12 8	12 7	12 7	12 7	12 7	12 7	12 7	12 7
79	12 1	12 1	12 0	12 0	12 0	12 0	12 0	12 0	12 0
80	11 4	11 4	11 4	11 4	11 3	11 3	11 3	11 3	11 3
81	10 8	10 8	10 7	10 7	10 7	10 7	10 7	10 7	10 7
82	10 2	10 2	10 1	10 1	10 1	10 1	10 0	10 0	10 0
83	9 6	9 6	9 5	9 5	9 5	9 5	9 5	9 4	9 4
84	9 1	9 0	9 0	8 9	8 9	8 9	8 9	8 9	8 9
85	8 6	8 5	8 5	8 4	8 4	8 4	8 3	8 3	8 3
86	8 1	8 0	8 0	7 9	7 9	7 9	7 8	7 8	7 8
87	7 6	7 6	7 5	7 4	7 4	7 4	7 4	7 4	7 3

November 25, 2019 1276 Bulletin No. 2019–48

Ages	99	100	101	102	103	104	105	106	107
88	7 2	7 1	7 1	7 0	7 0	6 9	6 9	6 9	6 9
89	6 8	6 7	6 7	6 6	6 6	6 5	6 5	6 5	6 5
90	6 4	6 4	6 3	6 2	6 2	6 1	6 1	6 1	6 1
91	6 1	6 0	5 9	5 9	5 8	5 8	5 8	5 7	5 7
92	5 8	5 7	5 6	5 6	5 5	5 5	5 4	5 4	5 4
93	5 5	5 4	5 3	5 3	5 2	5 1	5 1	5 1	5 1
94	5 3	5 1	5 1	5 0	4 9	4 9	4 8	4 8	4 8
95	5 0	4 9	4 8	4 7	4 7	4 6	4 6	4 6	4 5
96	4 8	4 7	4 6	4 5	4 4	4 4	4 3	4 3	4 3
97	4 6	4 5	4 4	4 3	4 2	4 2	4 1	4 1	4 1
98	4 5	4 3	4 2	4 1	4 0	4 0	3 9	3 9	3 9
99	4 3	4 2	4 1	4 0	3 9	3 8	3 8	3 7	3 7
100	4 2	4 0	3 9	3 8	3 7	3 7	3 6	3 6	3 6
101	4 1	3 9	3 8	3 7	3 6	3 5	3 5	3 5	3 4
102	4 0	3 8	3 7	3 6	3 5	3 4	3 4	3 3	3 3
103	3 9	3 7	3 6	3 5	3 4	3 3	3 3	3 2	3 2
104	3 8	3 7	3 5	3 4	3 3	3 2	3 2	3 2	3 1
105	3 8	3 6	3 5	3 4	3 3	3 2	3 1	3 1	3 1
106	3 7	3 6	3 5	3 3	3 2	3 2	3 1	3 1	3 1
107	3 7	3 6	3 4	3 3	3 2	3 1	3 1	3 1	3 0
108	3 7	3 6	3 4	3 3	3 2	3 1	3 1	3 0	3 0
109	3 7	3 5	3 4	3 3	3 2	3 1	3 1	3 0	3 0
110	3 7	3 5	3 4	3 3	3 2	3 1	3 0	3 0	3 0
111	3 7	3 5	3 4	3 3	3 2	3 1	3 0	3 0	3 0
112	3 7	3 5	3 4	3 2	3 1	3 1	3 0	3 0	3 0
113	3 6	3 5	3 3	3 2	3 1	3 0	3 0	3 0	2 9
114	3 6	3 4	3 3	3 2	3 1	3 0	3 0	2 9	2 9
115	3 6	3 4	3 3	3 1	3 0	3 0	2 9	2 9	2 9
116	3 5	3 3	3 2	3 1	3 0	2 9	2 8	2 8	2 8
117	3 4	3 2	3 1	3 0	2 9	2 8	2 7	2 7	2 7
118	3 3	3 1	3 0	2 8	2 7	2 6	2 6	2 5	2 5
119	3 1	2 9	2 8	2 6	2 5	2 4	2 3	2 3	2 3
120+	3 0	2 8	2 6	2 5	2 3	2 2	2 1	2 1	2 1

Bulletin No. 2019–48 1277 November 25, 2019

Ages	108	109	110	111	112	113	114	115	116
0	84 5	84 5	84 5	84 5	84 5	84 5	84 5	84 5	84 5
1	83 7	83 7	83 7	83 7	83 7	83 7	83 7	83 7	83 7
2	82 7	82 7	82 7	82 7	82 7	82 7	82 7	82 7	82 7
3	81 7	81 7	81 7	81 7	81 7	81 7	81 7	81 7	81 7
4	80 8	80 8	80 8	80 8	80 8	80 8	80 8	80 8	80 8
5	79 8	79 8	79 8	79 8	79 8	79 8	79 8	79 8	79 8
6	78 8	78 8	78 8	78 8	78 8	78 8	78 8	78 8	78 8
7	77 8	77 8	77 8	77 8	77 8	77 8	77 8	77 8	77 8
8	76 8	76 8	76 8	76 8	76 8	76 8	76 8	76 8	76 8
9	75 8	75 8	75 8	75 8	75 8	75 8	75 8	75 8	75 8
10	74 8	74 8	74 8	74 8	74 8	74 8	74 8	74 8	74 8
11	73 8	73 8	73 8	73 8	73 8	73 8	73 8	73 8	73 8
12	72 8	72 8	72 8	72 8	72 8	72 8	72 8	72 8	72 8
13	71 9	71 9	71 9	71 9	71 9	71 9	71 9	71 9	71 9
14	70 9	70 9	70 9	70 9	70 9	70 9	70 9	70 9	70 9
15	69 9	69 9	69 9	69 9	69 9	69 9	69 9	69 9	69 9
16	68 9	68 9	68 9	68 9	68 9	68 9	68 9	68 9	68 9
17	67 9	67 9	67 9	67 9	67 9	67 9	67 9	67 9	67 9
18	66 9	66 9	66 9	66 9	66 9	66 9	66 9	66 9	66 9
19	66 0	66 0	66 0	66 0	66 0	66 0	66 0	66 0	66 0
20	65 0	65 0	65 0	65 0	65 0	65 0	65 0	65 0	65 0
21	64 0	64 0	64 0	64 0	64 0	64 0	64 0	64 0	64 0
22	63 0	63 0	63 0	63 0	63 0	63 0	63 0	63 0	63 0
23	62 0	62 0	62 0	62 0	62 0	62 0	62 0	62 0	62 0
24	61 1	61 1	61 1	61 1	61 1	61 1	61 1	61 1	61 1
25	60 1	60 1	60 1	60 1	60 1	60 1	60 1	60 1	60 1
26	59 1	59 1	59 1	59 1	59 1	59 1	59 1	59 1	59 1
27	58 2	58 2	58 2	58 2	58 2	58 2	58 2	58 2	58 2
28	57 2	57 2	57 2	57 2	57 2	57 2	57 2	57 2	57 2
29	56 2	56 2	56 2	56 2	56 2	56 2	56 2	56 2	56 2
30	55 3	55 3	55 3	55 3	55 3	55 3	55 3	55 3	55 3
31	54 3	54 3	54 3	54 3	54 3	54 3	54 3	54 3	54 3
32	53 4	53 4	53 4	53 4	53 4	53 4	53 4	53 4	53 4
33	52 4	52 4	52 4	52 4	52 4	52 4	52 4	52 4	52 4
34	51 4	51 4	51 4	51 4	51 4	51 4	51 4	51 4	51 4
35	50 5	50 5	50 5	50 5	50 5	50 5	50 5	50 5	50 5
36	49 5	49 5	49 5	49 5	49 5	49 5	49 5	49 5	49 5
37	48 6	48 6	48 6	48 6	48 6	48 6	48 6	48 6	48 6
38	47 6	47 6	47 6	47 6	47 6	47 6	47 6	47 6	47 6
39	46 7	46 6	46 6	46 6	46 6	46 6	46 6	46 6	46 6
40	45 7	45 7	45 7	45 7	45 7	45 7	45 7	45 7	45 7
41	44 7	44 7	44 7	44 7	44 7	44 7	44 7	44 7	44 7
42	43 8	43 8	43 8	43 8	43 8	43 8	43 8	43 8	43 8
43	42 8	42 8	42 8	42 8	42 8	42 8	42 8	42 8	42 8

November 25, 2019 1278 Bulletin No. 2019–48

Ages	108	109	110	111	112	113	114	115	116
44	41 9	41 9	41 9	41 9	41 9	41 9	41 9	41 9	41 8
45	40 9	40 9	40 9	40 9	40 9	40 9	40 9	40 9	40 9
46	39 9	39 9	39 9	39 9	39 9	39 9	39 9	39 9	39 9
47	39 0	39 0	39 0	39 0	39 0	39 0	39 0	39 0	39 0
48	38 0	38 0	38 0	38 0	38 0	38 0	38 0	38 0	38 0
49	37 1	37 1	37 1	37 1	37 1	37 1	37 1	37 1	37 1
50	36 1	36 1	36 1	36 1	36 1	36 1	36 1	36 1	36 1
51	35 2	35 2	35 2	35 2	35 2	35 2	35 2	35 2	35 2
52	34 3	34 3	34 3	34 3	34 3	34 3	34 3	34 3	34 3
53	33 3	33 3	33 3	33 3	33 3	33 3	33 3	33 3	33 3
54	32 4	32 4	32 4	32 4	32 4	32 4	32 4	32 4	32 4
55	31 5	31 5	31 5	31 5	31 5	31 5	31 5	31 5	31 5
56	30 6	30 6	30 6	30 6	30 6	30 6	30 6	30 6	30 6
57	29 7	29 7	29 7	29 7	29 7	29 7	29 7	29 7	29 7
58	28 8	28 8	28 8	28 8	28 8	28 8	28 8	28 8	28 8
59	27 9	27 9	27 9	27 9	27 9	27 9	27 9	27 9	27 9
60	27 1	27 1	27 1	27 1	27 1	27 1	27 1	27 1	27 1
61	26 2	26 2	26 2	26 2	26 2	26 2	26 2	26 2	26 2
62	25 4	25 4	25 4	25 4	25 4	25 4	25 4	25 4	25 3
63	24 5	24 5	24 5	24 5	24 5	24 5	24 5	24 5	24 5
64	23 7	23 7	23 7	23 7	23 7	23 7	23 7	23 7	23 7
65	22 8	22 8	22 8	22 8	22 8	22 8	22 8	22 8	22 8
66	22 0	22 0	22 0	22 0	22 0	22 0	22 0	22 0	22 0
67	21 2	21 2	21 2	21 2	21 2	21 2	21 2	21 2	21 2
68	20 4	20 4	20 4	20 4	20 4	20 4	20 4	20 4	20 4
69	19 6	19 6	19 6	19 6	19 6	19 6	19 6	19 6	19 6
70	18 8	18 8	18 8	18 8	18 8	18 8	18 8	18 8	18 8
71	18 0	18 0	18 0	18 0	18 0	18 0	18 0	18 0	18 0
72	17 2	17 2	17 2	17 2	17 2	17 2	17 2	17 2	17 2
73	16 4	16 4	16 4	16 4	16 4	16 4	16 4	16 4	16 4
74	15 6	15 6	15 6	15 6	15 6	15 6	15 6	15 6	15 6
75	14 9	14 9	14 9	14 9	14 9	14 9	14 8	14 8	14 8
76	14 1	14 1	14 1	14 1	14 1	14 1	14 1	14 1	14 1
77	13 4	13 4	13 4	13 4	13 4	13 4	13 4	13 4	13 3
78	12 7	12 7	12 7	12 7	12 7	12 7	12 6	12 6	12 6
79	12 0	12 0	12 0	12 0	12 0	12 0	12 0	11 9	11 9
80	11 3	11 3	11 3	11 3	11 3	11 3	11 3	11 3	11 3
81	10 7	10 7	10 7	10 6	10 6	10 6	10 6	10 6	10 6
82	10 0	10 0	10 0	10 0	10 0	10 0	10 0	10 0	10 0
83	9 4	9 4	9 4	9 4	9 4	9 4	9 4	9 4	9 4
84	8 9	8 9	8 9	8 8	8 8	8 8	8 8	8 8	8 8
85	8 3	8 3	8 3	8 3	8 3	8 3	8 3	8 3	8 2
86	7 8	7 8	7 8	7 8	7 8	7 8	7 8	7 7	7 7
87	7 3	7 3	7 3	7 3	7 3	7 3	7 3	7 3	7 2

Bulletin No. 2019–48 1279 November 25, 2019

Ages	108	109	110	111	112	113	114	115	116
88	6 9	6 9	6 9	6 9	6 9	6 8	6 8	6 8	6 8
89	6 5	6 5	6 5	6 4	6 4	6 4	6 4	6 4	6 3
90	6 1	6 1	6 1	6 1	6 0	6 0	6 0	6 0	5 9
91	5 7	5 7	5 7	5 7	5 7	5 7	5 6	5 6	5 6
92	5 4	5 4	5 4	5 4	5 3	5 3	5 3	5 3	5 2
93	5 1	5 1	5 1	5 0	5 0	5 0	5 0	5 0	4 9
94	4 8	4 8	4 8	4 8	4 7	4 7	4 7	4 7	4 6
95	4 5	4 5	4 5	4 5	4 5	4 5	4 4	4 4	4 3
96	4 3	4 3	4 3	4 3	4 2	4 2	4 2	4 2	4 1
97	4 1	4 1	4 1	4 0	4 0	4 0	4 0	3 9	3 9
98	3 9	3 9	3 9	3 9	3 8	3 8	3 8	3 7	3 7
99	3 7	3 7	3 7	3 7	3 7	3 6	3 6	3 6	3 5
100	3 6	3 5	3 5	3 5	3 5	3 5	3 4	3 4	3 3
101	3 4	3 4	3 4	3 4	3 4	3 3	3 3	3 3	3 2
102	3 3	3 3	3 3	3 3	3 2	3 2	3 2	3 1	3 1
103	3 2	3 2	3 2	3 2	3 1	3 1	3 1	3 0	3 0
104	3 1	3 1	3 1	3 1	3 1	3 0	3 0	3 0	2 9
105	3 1	3 1	3 0	3 0	3 0	3 0	3 0	2 9	2 8
106	3 0	3 0	3 0	3 0	3 0	3 0	2 9	2 9	2 8
107	3 0	3 0	3 0	3 0	3 0	2 9	2 9	2 9	2 8
108	3 0	3 0	3 0	3 0	2 9	2 9	2 9	2 8	2 8
109	3 0	3 0	3 0	2 9	2 9	2 9	2 9	2 8	2 8
110	3 0	3 0	3 0	2 9	2 9	2 9	2 9	2 8	2 7
111	3 0	2 9	2 9	2 9	2 9	2 9	2 8	2 8	2 7
112	2 9	2 9	2 9	2 9	2 9	2 9	2 8	2 8	2 7
113	2 9	2 9	2 9	2 9	2 9	2 8	2 8	2 7	2 7
114	2 9	2 9	2 9	2 8	2 8	2 8	2 8	2 7	2 6
115	2 8	2 8	2 8	2 8	2 8	2 7	2 7	2 7	2 6
116	2 8	2 8	2 7	2 7	2 7	2 7	2 6	2 6	2 5
117	2 7	2 6	2 6	2 6	2 6	2 6	2 5	2 5	2 4
118	2 5	2 5	2 5	2 4	2 4	2 4	2 4	2 3	2 2
119	2 3	2 3	2 2	2 2	2 2	2 2	2 1	2 1	2 0
120+	2 0	2 0	2 0	2 0	2 0	1 9	1 9	1 8	1 8

November 25, 2019 1280 Bulletin No. 2019–48

Ages	117	118	119	120+
0	84 5	84 5	84 5	84 5
1	83 7	83 7	83 7	83 7
2	82 7	82 7	82 7	82 7
3	81 7	81 7	81 7	81 7
4	80 8	80 8	80 8	80 8
5	79 8	79 8	79 8	79 8
6	78 8	78 8	78 8	78 8
7	77 8	77 8	77 8	77 8
8	76 8	76 8	76 8	76 8
9	75 8	75 8	75 8	75 8
10	74 8	74 8	74 8	74 8
11	73 8	73 8	73 8	73 8
12	72 8	72 8	72 8	72 8
13	71 9	71 9	71 9	71 9
14	70 9	70 9	70 9	70 9
15	69 9	69 9	69 9	69 9
16	68 9	68 9	68 9	68 9
17	67 9	67 9	67 9	67 9
18	66 9	66 9	66 9	66 9
19	66 0	66 0	66 0	66 0
20	65 0	65 0	65 0	65 0
21	64 0	64 0	64 0	64 0
22	63 0	63 0	63 0	63 0
23	62 0	62 0	62 0	62 0
24	61 1	61 1	61 1	61 1
25	60 1	60 1	60 1	60 1
26	59 1	59 1	59 1	59 1
27	58 2	58 2	58 2	58 2
28	57 2	57 2	57 2	57 2
29	56 2	56 2	56 2	56 2
30	55 3	55 3	55 3	55 3
31	54 3	54 3	54 3	54 3
32	53 4	53 4	53 4	53 4
33	52 4	52 4	52 4	52 4
34	51 4	51 4	51 4	51 4
35	50 5	50 5	50 5	50 5
36	49 5	49 5	49 5	49 5
37	48 6	48 6	48 6	48 6
38	47 6	47 6	47 6	47 6
39	46 6	46 6	46 6	46 6
40	45 7	45 7	45 7	45 7
41	44 7	44 7	44 7	44 7
42	43 8	43 8	43 8	43 8
43	42 8	42 8	42 8	42 8

Bulletin No. 2019–48 1281 November 25, 2019

Ages	117	118	119	120+
44	41 8	41 8	41 8	41 8
45	40 9	40 9	40 9	40 9
46	39 9	39 9	39 9	39 9
47	39 0	39 0	39 0	39 0
48	38 0	38 0	38 0	38 0
49	37 1	37 1	37 1	37 1
50	36 1	36 1	36 1	36 1
51	35 2	35 2	35 2	35 2
52	34 3	34 3	34 3	34 3
53	33 3	33 3	33 3	33 3
54	32 4	32 4	32 4	32 4
55	31 5	31 5	31 5	31 5
56	30 6	30 6	30 6	30 6
57	29 7	29 7	29 7	29 7
58	28 8	28 8	28 8	28 8
59	27 9	27 9	27 9	27 9
60	27 1	27 1	27 1	27 1
61	26 2	26 2	26 2	26 2
62	25 3	25 3	25 3	25 3
63	24 5	24 5	24 5	24 5
64	23 7	23 7	23 6	23 6
65	22 8	22 8	22 8	22 8
66	22 0	22 0	22 0	22 0
67	21 2	21 2	21 2	21 2
68	20 4	20 4	20 4	20 4
69	19 6	19 6	19 5	19 5
70	18 7	18 7	18 7	18 7
71	17 9	17 9	17 9	17 9
72	17 1	17 1	17 1	17 1
73	16 4	16 4	16 3	16 3
74	15 6	15 6	15 6	15 6
75	14 8	14 8	14 8	14 8
76	14 1	14 1	14 0	14 0
77	13 3	13 3	13 3	13 3
78	12 6	12 6	12 6	12 6
79	11 9	11 9	11 9	11 9
80	11 2	11 2	11 2	11 2
81	10 6	10 5	10 5	10 5
82	9 9	9 9	9 9	9 9
83	9 3	9 3	9 3	9 2
84	8 7	8 7	8 7	8 6
85	8 2	8 2	8 1	8 1
86	7 7	7 6	7 6	7 5
87	7 2	7 1	7 1	7 0

November 25, 2019 1282 Bulletin No. 2019–48

Ages 117 118 119 120+ 88 6 7 6 7 6 6 6 6 89 6 3 6 2 6 2 6 1 90 5 9 5 8 5 7 5 7 91 5 5 5 4 5 4 5 3 92 5 2 5 1 5 0 4 9 93 4 8 4 8 4 7 4 6 94 4 5 4 4 4 3 4 2 95 4 3 4 2 4 0 3 9 96 4 0 3 9 3 8 3 7 97 3 8 3 7 3 5 3 4 98 3 6 3 5 3 3 3 2 99 3 4 3 3 3 1 3 0 100 3 2 3 1 2 9 2 8 101 3 1 3 0 2 8 2 6 102 3 0 2 8 2 6 2 5 103 2 9 2 7 2 5 2 3 104 2 8 2 6 2 4 2 2 105 2 7 2 6 2 3 2 1 106 2 7 2 5 2 3 2 1 107 2 7 2 5 2 3 2 1 108 2 7 2 5 2 3 2 0 109 2 6 2 5 2 3 2 0 110 2 6 2 5 2 2 2 0 111 2 6 2 4 2 2 2 0 112 2 6 2 4 2 2 2 0 113 2 6 2 4 2 2 1 9 114 2 5 2 4 2 1 1 9 115 2 5 2 3 2 1 1 8 116 2 4 2 2 2 0 1 8 117 2 3 2 1 1 9 1 6 118 2 1 1 9 1 7 1 4 119 1 9 1 7 1 3 1 1 120+ 1 6 1 4 1 1 1 0

(e) Mortality rates . The following are bles set forth in paragraphs (b), (c) and (d) the mortality rates used to calculate the ta- of this section .

Table 4 to Paragraph (e)

Age Probability of Death 0 0 001765 1 0 000442 2 0 000293 3 0 000232 4 0 000177 5 0 000162

Age Probability of Death 6 0 000153 7 0 000145 8 0 000132 9 0 000127 10 0 000128 11 0 000135 12 0 000146

Age Probability of Death 13 0 000165 14 0 000192 15 0 000224 16 0 000253 17 0 000277 18 0 000293 19 0 000305

Bulletin No. 2019–48 1283 November 25, 2019

Age Probability of Death 20 0 000314 21 0 000344 22 0 000378 23 0 000421 24 0 000467 25 0 000520 26 0 000581 27 0 000630 28 0 000677 29 0 000720 30 0 000762 31 0 000797 32 0 000822 33 0 000830 34 0 000826 35 0 000818 36 0 000813 37 0 000818 38 0 000830 39 0 000847 40 0 000872 41 0 000902 42 0 000938 43 0 000974 44 0 001012 45 0 001061 46 0 001128 47 0 001223 48 0 001345 49 0 001488 50 0 001661 51 0 001883 52 0 002134 53 0 002413

Age Probability of Death 54 0 002722 55 0 003057 56 0 003418 57 0 003805 58 0 004213 59 0 004646 60 0 005104 61 0 005587 62 0 006102 63 0 006655 64 0 007255 65 0 007913 66 0 008265 67 0 008687 68 0 009194 69 0 009804 70 0 010535 71 0 011413 72 0 012454 73 0 013684 74 0 015121 75 0 016798 76 0 018740 77 0 020993 78 0 023598 79 0 026624 80 0 030122 81 0 034190 82 0 038892 83 0 044271 84 0 050391 85 0 057285 86 0 064967 87 0 073466

Age Probability of Death 88 0 082774 89 0 092864 90 0 103667 91 0 115152 92 0 127474 93 0 140876 94 0 155859 95 0 173011 96 0 188348 97 0 205840 98 0 224127 99 0 243120 100 0 262731 101 0 282787 102 0 303096 103 0 323605 104 0 344149 105 0 362406 106 0 373952 107 0 382053 108 0 384203 109 0 386443 110 0 388694 111 0 390860 112 0 393195 113 0 395445 114 0 397687 115 0 400000 116 0 400000 117 0 400000 118 0 400000 119 0 400000 120 1 000000

(f) Applicability dates —(1) In General . (2) Application to life expectancies that each subsequent year, then that life expecThe life expectancy tables and Uniform may not be recalculated —(i) Applicability tancy is reset as provided in paragraph (f) Lifetime Table set forth in this section ap- of current tables . If an employee died be- (2)(ii) of this section . Similarly, if an emply for distribution calendar years begin- fore January 1, 2021, and, under the rules ployee’s sole beneficiary is the employning on or after January 1, 2021 . For life of §1 .401(a)(9)-5, the distribution period ee’s surviving spouse, and the spouse dies expectancy tables and the Uniform Life- that applies for a calendar year follow- before January 1, 2021, then the spouse’s time Table applicable for earlier distribu- ing the calendar year of the employee’s life expectancy for the calendar year of the tion calendar years, see §1 .401(a)(9)-9, as death is equal to a single life expectancy spouse’s death (which is used to determine set forth in 26 CFR Part 1 revised April calculated as of the calendar year of the the applicable distribution period for later 1, 2019 (formerly applicable §1 .401(a) employee’s death (or, if applicable, the years) is reset as provided in paragraph (f) (9)-9) . following calendar year), reduced by 1 for (2)(ii) of this section .

November 25, 2019 1284 Bulletin No. 2019–48

(ii) Determination of applicable dis- tribution period . 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, 2021, is determined by using the Single Life Table in paragraph (b) of this section to determine 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. For example, assume that an employee died at age 80 in 2018 and the employee’s designated beneficiary (who was not the employee’s spouse) was age 75 in the year of the employee’s death. For 2019, 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 2020, it would have been 11. 7 years (the original distribution period, reduced by 1 year). For 2021, the appli

cable distribution period would be 12. 0 years (the 14. 0 year life expectancy for a 76 year old under the Single Life Table in paragraph (b) of this section, reduced by 2 years).

Sunita Lough, Deputy Commissioner for Services

and Enforcement.

(Filed by the Office of the Federal Register on November 7, 2019, 8:45 a. m., and published in the issue of the Federal Register for November 8, 2019, 84 F. R. 60812)

Bulletin No. 2019–48 1285 November 25, 2019