[Linked Image from i50.photobucket.com]

In the photo above, I have a 7824 Regulator. It's max voltage is 40V (or something like that.)

Here's my theory: There's 340V coming in, but only 40V is dropped across the IC, and 300V across the zener diodes.

Am I correct here? Is it okay to assume that the IC would only "see" 40V?

Thanks,
Josh