How many concurrent nested IF statments does Excel allow?

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Loudmouth

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How many concurrent nested IF statments does Excel allow?

This formula works:
=IF(B40,IF(H4399,1.4,IF(H4349,1.25,IF(H4299,1. 05,IF(H4249,0.9,IF(H4199,0.7,IF(H4149,0.55,
IF(H4124,0.45)))))),IF(H4349,1,IF(H4299,0.85,IF (H4249,0.7,IF(H4199,0.55,IF(H4149,0.45,IF(H412 4,0.35,0)))))))

This formula does not, why?
=IF(B40,IF(H4 449, 1.6,
IF(H4399,1.4,IF(H4349,1.25,IF(H4299,1.05,IF(H4 249,0.9,IF(H4199,0.7,IF(H4149,0.55,
IF(H4124,0.45))))))),IF(H4349,1,IF(H4299,0.85,I F(H4249,0.7,IF(H4199,0.55,IF(H4149,0.45,IF(H41 24,0.35,0)))))))

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