IRS Announces Applicable Federal Rates For March.
Rev. Rul. 2002-10; 2002-1 C.B. 616
- Institutional AuthorsInternal Revenue Service
- Cross-ReferencePart I
(Also Sections 42, 280G, 382, 412, 467, 468, 482, 483, 642, 807, 846,
1288, 7520, 7872.) - Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2002-4298 (4 original pages)
- Tax Analysts Electronic Citation2002 TNT 35-7
Rev. Rul. 2002-10
This revenue ruling provides various prescribed rates for federal income tax purposes for March 2002 (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. 2002-10 TABLE 1
Applicable Federal Rates (AFR) for March 2002
Period for Compounding
Annual Semiannual Quarterly Monthly
______ __________ _________ _______
Short-Term
AFR 2.69% 2.67% 2.66% 2.66%
110% AFR 2.96% 2.94% 2.93% 2.92%
120% AFR 3.23% 3.20% 3.19% 3.18%
130% AFR 3.50% 3.47% 3.46% 3.45%
Mid-Term
AFR 4.52% 4.47% 4.45% 4.43%
110% AFR 4.98% 4.92% 4.89% 4.87%
120% AFR 5.43% 5.36% 5.32% 5.30%
130% AFR 5.89% 5.81% 5.77% 5.74%
150% AFR 6.82% 6.71% 6.65% 6.62%
175% AFR 7.97% 7.82% 7.75% 7.70%
Long-Term
AFR 5.48% 5.41% 5.37% 5.35%
110% AFR 6.04% 5.95% 5.91% 5.88%
120% AFR 6.60% 6.49% 6.44% 6.40%
130% AFR 7.15% 7.03% 6.97% 6.93%
REV. RUL. 2002-10 TABLE 2
Adjusted AFR for March 2002
Period for Compounding
Annual Semiannual Quarterly Monthly
______ __________ _________ _______
Short-term
adjusted AFR 2.07% 2.06% 2.05% 2.05%
Mid-term
adjusted AFR 3.57% 3.54% 3.52% 3.51%
Long-term
adjusted AFR 4.86% 4.80% 4.77% 4.75%
REV. RUL. 2002-10 TABLE 3
Rates Under Section 382 for March 2002
Adjusted federal long-term rate for the current month 4.86%
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.) 5.01%
REV. RUL. 2002-10 TABLE 4
Appropriate Percentages Under Section 42(b)(2)
for March 2002
Appropriate percentage for the 70% present
value low-income housing credit 8.17%
Appropriate percentage for the 30% present
value low-income housing credit 3.50%
REV. RUL. 2002-10 TABLE 5
Rate Under Section 7520 for March 2002
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 5.4%
- Institutional AuthorsInternal Revenue Service
- Cross-ReferencePart I
(Also Sections 42, 280G, 382, 412, 467, 468, 482, 483, 642, 807, 846,
1288, 7520, 7872.) - Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2002-4298 (4 original pages)
- Tax Analysts Electronic Citation2002 TNT 35-7
