Description: The purpose of this paper is to set forth a mathematical technique which in the author's experience has proved useful in testing the tax implications of various management actions.

Description: This paper describes current approaches for determining an actuarial appraisal value of a life insurance company, proposes a new approach for a more appropriate actuarial valuation and examines the differences between the twor methods. A discussion of the paper follows. From Transactions of Society of Actuaries 1978, Vol. 30.