((a)) ** General rule** For purposes of this title, the value of any annuity, any interest for life or a term of years, or any remainder or reversionary interest shall be determined—

((1)) under tables prescribed by the Secretary, and

((2)) by using an interest rate (rounded to the nearest 2/10ths of 1 percent) equal to 120 percent of the Federal midterm rate in effect under section 1274(d)(1) for the month in which the valuation date falls.

((b)) ** Section not to apply for certain purposes** This section shall not apply for purposes of part I of subchapter D of chapter 1 or any other provision specified in regulations.

((c)) ** Tables**

((1)) ** In general** The tables prescribed by the Secretary for purposes of subsection (a) shall contain valuation factors for a series of interest rate categories.

((2)) ** Revision for recent mortality charges** The Secretary shall revise the initial tables prescribed for purposes of subsection (a) to take into account the most recent mortality experience available as of the time of such revision. Such tables shall be revised not less frequently than once each 10 years to take into account the most recent mortality experience available as of the time of the revision.

((d)) ** Valuation date** For purposes of this section, the term “valuation date” means the date as of which the valuation is made.

((e)) ** Tables to include formulas** For purposes of this section, the term “tables” includes formulas.