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IRS Announces Applicable Federal Rates For November.

OCT. 18, 2004

Rev. Rul. 2004-102; 2004-2 C.B. 784

DATED OCT. 18, 2004
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Citations: Rev. Rul. 2004-102; 2004-2 C.B. 784

Rev. Rul. 2004-102

This revenue ruling provides various prescribed rates for federal income tax purposes for November 2004 (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. Finally, 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.

                      REV. RUL. 2004-102 TABLE 1

 

 

           Applicable Federal Rates (AFR) for November 2004

 

 

                     Period for Compounding

 

 

                     Annual  Semiannual Quarterly Monthly

 

                     ____________________________________

 

 Short-term

 

 

 AFR                 2.37%     2.36%     2.35%     2.35%

 

 110% AFR            2.62%     2.60%     2.59%     2.59%

 

 120% AFR            2.85%     2.83%     2.82%     2.81%

 

 130% AFR            3.09%     3.07%     3.06%     3.05%

 

 

 Mid-term

 

 

 AFR                 3.55%     3.52%     3.50%     3.49%

 

 110% AFR            3.91%     3.87%     3.85%     3.84%

 

 120% AFR            4.26%     4.22%     4.20%     4.18%

 

 130% AFR            4.63%     4.58%     4.55%     4.54%

 

 150% AFR            5.35%     5.28%     5.25%     5.22%

 

 175% AFR            6.25%     6.16%     6.11%     6.08%

 

 

 Long-term

 

 

 AFR                 4.70%     4.65%     4.62%     4.61%

 

 110% AFR            5.19%     5.12%     5.09%     5.07%

 

 120% AFR            5.66%     5.58%     5.54%     5.52%

 

 130% AFR            6.14%     6.05%     6.00%     5.98%

 

 

                      REV. RUL. 2004-102  TABLE 2

 

 

                    Adjusted AFR for November 2004

 

 

                     Period for Compounding

 

 

                     Annual  Semiannual Quarterly Monthly

 

 Short-term          ____________________________________

 

 adjusted AFR        1.68%     1.67%     1.67%     1.66%

 

 

 Mid-term

 

 adjusted AFR        2.80%     2.78%     2.77%     2.76%

 

 

 Long-term

 

 adjusted AFR        4.20%     4.16%     4.14%     4.12%

 

 

                      REV. RUL. 2004-102 TABLE 3

 

 

               Rates Under Section 382 for November 2004

 

 

 Adjusted federal long-term rate for the current month               4.20%

 

 

 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.)              4.51%

 

 

                      REV. RUL. 2004-102 TABLE 4

 

 

 Appropriate Percentages Under Section 42(b)(2) for November 2004

 

 

 Appropriate percentage for the 70% present value low-income

 

 housing credit                                                     7.96%

 

 

 Appropriate percentage for the 30% present value low-income

 

 housing credit                                                     3.41%

 

 

                     REV. RUL. 2004-102   TABLE 5

 

 

               Rate Under Section 7520 for November 2004

 

 

 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                                              4.20%
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