Menu
Tax Notes logo
HOMETax Notes ResearchFederalIRS Guidancerevenue rulings

IRS Announces Applicable Federal Rates For August.

JUL. 17, 2002

Rev. Rul. 2002-48; 2002-2 C.B. 239

DATED JUL. 17, 2002
DOCUMENT ATTRIBUTES
Citations: Rev. Rul. 2002-48; 2002-2 C.B. 239

Rev. Rul. 2002-48

This revenue ruling provides various prescribed rates for federal income tax purposes for August 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 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. 2002-48 TABLE 1

 

               Applicable Federal Rates (AFR) for August 2002

 

                     Period for Compounding

 

 

                Annual     Semiannual   Quarterly   Monthly

 

 

 Short-Term

 

 

      AFR        2.54%        2.52%       2.51%       2.51%

 

 110% AFR        2.79%        2.77%       2.76%       2.75%

 

 120% AFR        3.04%        3.02%       3.01%       3.00%

 

 130% AFR        3.31%        3.28%       3.27%       3.26%

 

 

 Mid-Term

 

 

      AFR        4.24%        4.20%       4.18%       4.16%

 

 110% AFR        4.67%        4.62%       4.59%       4.58%

 

 120% AFR        5.10%        5.04%       5.01%       4.99%

 

 130% AFR        5.53%        5.46%       5.42%       5.40%

 

 150% AFR        6.40%        6.30%       6.25%       6.22%

 

 175% AFR        7.49%        7.35%       7.28%       7.24%

 

 

 Long-Term

 

 

      AFR        5.46%        5.39%       5.35%       5.33%

 

 110% AFR        6.02%        5.93%       5.89%       5.86%

 

 120% AFR        6.57%        6.47%       6.42%       6.38%

 

 130% AFR        7.13%        7.01%       6.95%       6.91%

 

 

                     REV. RUL. 2002-48 TABLE 2

 

 

                    Adjusted AFR for August 2002

 

                        Period for Compounding

 

 

 Short-term

 

 adjusted AFR    1.92%    1.91%        1.91%        1.90%

 

 

 Mid-term

 

 adjusted AFR    3.34%    3.31%        3.30%        3.29%

 

 

 Long-term

 

 adjusted AFR    4.78%    4.72%        4.69%        4.67%

 

 

                     REV. RUL. 2002-48 TABLE 3

 

 

              Rates Under Section 382 for August 2002

 

      Adjusted federal long-term rate for the current month    4.78%

 

 

      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.)                                       4.91%

 

 

                     REV. RUL. 2002-48 TABLE 4

 

 

           Appropriate Percentages Under Section 42(b)(2)

 

                         for August 2002

 

 

       Appropriate percentage for the 70% present

 

       value low-income housing credit                      8.13%

 

 

       Appropriate percentage for the 30% present

 

       value low-income housing credit                      3.48%

 

 

                    REV. RUL. 2002-48 TABLE 5

 

 

               Rate Under Section 7520 for August 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     5.2%
DOCUMENT ATTRIBUTES
Copy RID