I just had a booze/math revelation, which is a very good kind. So I was thinking about how much alcohol is really in a 40. You take the ABV of your 40 (OE is 7.5% in Iowa, or .075) and you multiply it by 40 to get the number of ounces of straight alcohol you are drinking. But no one really drinks straight alcohol, so you should divide that number by the ABV of liquor to see how much liquor it is equivalent to. Which is 40% or .4. Which with a 40 of OE from Iowa leads you back to 7.5, its ABV (which divided by 1.5 leads you to 5 shots/standard drinks of alcohol). So the ABV of your 40 is always the same as the number of ounces of liquor that would have the same alcohol.
Another fun fact: A 40 of OE on the east coast is legally limited to 5.9% ABV—slightly under 4 standard alcoholic drinks, and an entire drink less than the variety sold in Iowa and other western states.