applicable percentage

(C)The term “applicable percentage” means— (i)140 percent in the case of an insured with an attained age at the beginning of the contract year of 40 or less, and (ii)in the case of an insured with an attained age of more than 40 as of the beginning of the contract year, 140 percent reduced (but not below 105 percent) by one percent for each year in excess of 40. (D)The cash value of any contract shall be determined without regard to any deduction for any surrender charge or policy loan.

Source

26 USC § 101(f)(3)(C)


Scoping language

None: Default is title Scope
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