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IRS ANNOUNCES APPLICABLE FEDERAL RATES FOR DECEMBER.

NOV. 19, 1999

Rev. Rul. 99-48; 1999-2 I.R.B. 600

DATED NOV. 19, 1999
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Citations: Rev. Rul. 99-48; 1999-2 I.R.B. 600

Rev. Rul. 99-48

[1] This revenue ruling provides various prescribed rates for federal income tax purposes for December 1999 (the current month.) Table 1 contains the short-term, mid-term, and long-term applicable federal rates (AFR) for the current month for purposes of section 1274(d) of the Internal Revenue Code. Table 2 contains the short- term, mid-term, and long-term adjusted applicable federal rates (adjusted AFR) for the current month for purposes of section 1288(b). Table 3 sets forth the adjusted federal long-term rate and the long- term tax-exempt rate described in section 382(f). Table 4 contains the appropriate percentages for determining the low-income housing credit described in section 42(b)(2) for buildings placed in service during the current month. Table 5 contains the federal rate for determining the present value of an annuity, an interest for life or for a term of years, or a remainder or a reversionary interest for purposes of section 7520. Finally, Table 6 contains the 2000 interest rate for purposes of sections 846 and 807.

                       REV. RUL. 99-48   TABLE 1

 

           Applicable Federal Rates (AFR) for December 1999

 

                        Period for Compounding

 

 

                     Annual     Semiannual   Quarterly   Monthly

 

 Short-Term

 

 

          AFR        5.74%        5.66%       5.62%       5.59%

 

     110% AFR        6.33%        6.23%       6.18%       6.15%

 

     120% AFR        6.91%        6.79%       6.73%       6.70%

 

     130% AFR        7.50%        7.36%       7.29%       7.25%

 

 

    Mid-Term

 

 

          AFR        6.20%        6.11%       6.06%       6.03%

 

     110% AFR        6.83%        6.72%       6.66%       6.63%

 

     120% AFR        7.46%        7.33%       7.26%       7.22%

 

     130% AFR        8.10%        7.94%       7.86%       7.81%

 

     150% AFR        9.38%        9.17%       9.07%       9.00%

 

     175% AFR       10.98%       10.69%      10.55%      10.46%

 

 

    Long-Term

 

 

          AFR        6.47%        6.37%       6.32%       6.29%

 

     110% AFR        7.13%        7.01%       6.95%       6.91%

 

     120% AFR        7.79%        7.64%       7.57%       7.52%

 

     130% AFR        8.45%        8.28%       8.20%       8.14%

 

 

                        REV. RUL. 99-48 TABLE 2

 

                    Adjusted AFR for December 1999

 

                        Period for Compounding

 

 

                     Annual   Semiannual   Quarterly   Monthly

 

 

     Short-term

 

     adjusted AFR    4.02%    3.98%        3.96%        3.95%

 

 

     Mid-term

 

     adjusted AFR    4.76%    4.70%        4.67%        4.65%

 

 

     Long-term

 

     adjusted AFR    5.72%    5.64%        5.60%        5.57%

 

 

                        REV. RUL. 99-48 TABLE 3

 

 

           Rates Under Section 382 for December 1999

 

      Adjusted federal long-term rate for the current month    5.72%

 

 

      Long-term tax-exempt rate for ownership changes

 

      during the current month (the highest of the adjusted

 

      federal long-term rates for the current month and the

 

      prior two months.)                                       5.72%

 

 

                        REV. RUL. 99-48 TABLE 4

 

 

            Appropriate Percentages Under Section 42(b)(2)

 

                           for December 1999

 

 

       Appropriate percentage for the 70% present

 

       value low-income housing credit                      8.49%

 

 

       Appropriate percentage for the 30% present

 

       value low-income housing credit                      3.64%

 

 

                     REV. RUL. 99-48 TABLE 5

 

               Rate Under Section 7520 for December 1999

 

 

 Applicable federal rate for determining the present value of an

 

 annuity, an interest for life or a term of years, or a remainder or

 

 reversionary interest                                7.4%

 

 

                       REV. RUL. 99-48  TABLE 6

 

                    Rate under Sections 846 and 807

 

 

        Applicable rate of interest for 2000 for purposes of

 

        sections 846 and 807                                 6.09%
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