Common use of Applicable Amount Clause in Contracts

Applicable Amount. The applicable amount is determined below: (i) If the Owner is under age 50, the applicable amount is $5,000. The $5,000 will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code § 219(b)(5)(D). Such adjustments will be in multiples of $500. (ii) If the Owner is 50 or older, the applicable amount is $6,000.

Applicable Amount. The applicable amount is determined below: (i) If the Owner is under age 50, the applicable amount is $5,000. The $5,000 will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code § §219(b)(5)(D). Such adjustments will be in multiples of $500. (ii) If the Owner is 50 or older, the applicable amount is increased by $6,0001,000.