IRS Announces Applicable Federal Rates For April.
Rev. Rul. 2002-17; 2002-1 C.B. 716
- Institutional AuthorsInternal Revenue Service
- Cross-ReferencePart I
Section 1274. -- Determination of Issue Price in the Case of Certain
Debt Instruments Issued for Property
(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 2002-6831 (4 original pages)
- Tax Analysts Electronic Citation2002 TNT 54-13
Rev. Rul. 2002-17
This revenue ruling provides various prescribed rates for federal income tax purposes for April 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. 2002-17 TABLE 1
Applicable Federal Rates (AFR) for April 2002
Period for Compounding
Annual Semiannual Quarterly Monthly
______ __________ _________ _______
Short-Term
AFR 2.88% 2.86% 2.85% 2.84%
110% AFR 3.17% 3.15% 3.14% 3.13%
120% AFR 3.46% 3.43% 3.42% 3.41%
130% AFR 3.75% 3.72% 3.70% 3.69%
Mid-Term
AFR 4.65% 4.60% 4.57% 4.56%
110% AFR 5.12% 5.06% 5.03% 5.01%
120% AFR 5.60% 5.52% 5.48% 5.46%
130% AFR 6.07% 5.98% 5.94% 5.91%
150% AFR 7.02% 6.90% 6.84% 6.80%
175% AFR 8.21% 8.05% 7.97% 7.92%
Long-Term
AFR 5.62% 5.54% 5.50% 5.48%
110% AFR 6.18% 6.09% 6.04% 6.01%
120% AFR 6.76% 6.65% 6.60% 6.56%
130% AFR 7.33% 7.20% 7.14% 7.09%
REV. RUL. 2002-17 TABLE 2
Adjusted AFR for April 2002
Period for Compounding
Annual Semiannual Quarterly Monthly
______ __________ _________ _______
Short-term
adjusted AFR 2.08% 2.07% 2.06% 2.06%
Mid-term
adjusted AFR 3.52% 3.49% 3.47% 3.46%
Long-term
adjusted AFR 4.87% 4.81% 4.78% 4.76%
REV. RUL. 2002-17 TABLE 3
Rates Under Section 382 for April 2002
Adjusted federal long-term rate for the current month 4.87%
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. 2002-17 TABLE 4
Appropriate Percentages Under Section 42(b)(2)
for April 2002
Appropriate percentage for the 70% present
value low-income housing credit 8.20%
Appropriate percentage for the 30% present
value low-income housing credit 3.51%
REV. RUL. 2002-17 TABLE 5
Rate Under Section 7520 for April 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 5.6%
- Institutional AuthorsInternal Revenue Service
- Cross-ReferencePart I
Section 1274. -- Determination of Issue Price in the Case of Certain
Debt Instruments Issued for Property
(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 2002-6831 (4 original pages)
- Tax Analysts Electronic Citation2002 TNT 54-13
