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IRS Announces Applicable Federal Rates For August.

JUL. 17, 2003

Rev. Rul. 2003-94; 2003-2 C.B. 357

DATED JUL. 17, 2003
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Citations: Rev. Rul. 2003-94; 2003-2 C.B. 357

Rev. Rul. 2003-94

[1] This revenue ruling provides various prescribed rates for federal income tax purposes for August 2003 (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. 2003-94 TABLE 1

 

 

            Applicable Federal Rates (AFR) for August 2003

 

 

                     Period for Compounding

 

 

                         Annual     Semiannual   Quarterly    Monthly

 

                         ______     __________   _________    _______

 

      Short-Term

 

 

           AFR            1.21%        1.21%       1.21%       1.21%

 

      110% AFR            1.33%        1.33%       1.33%       1.33%

 

      120% AFR            1.46%        1.45%       1.45%       1.45%

 

      130% AFR            1.58%        1.57%       1.57%       1.56%

 

 

      Mid-Term

 

 

           AFR            2.70%        2.68%       2.67%       2.67%

 

      110% AFR            2.97%        2.95%       2.94%       2.93%

 

      120% AFR            3.25%        3.22%       3.21%       3.20%

 

      130% AFR            3.51%        3.48%       3.46%       3.46%

 

      150% AFR            4.06%        4.02%       4.00%       3.99%

 

      175% AFR            4.74%        4.69%       4.66%       4.64%

 

 

      Long-Term

 

 

           AFR            4.36%        4.31%       4.29%       4.27%

 

      110% AFR            4.80%        4.74%       4.71%       4.69%

 

      120% AFR            5.24%        5.17%       5.14%       5.12%

 

      130% AFR            5.68%        5.60%       5.56%       5.54%

 

 

                       REV. RUL. 2003-94 TABLE 2

 

 

                     Adjusted AFR for August 2003

 

 

                     Period for Compounding

 

 

                          Annual   Semiannual   Quarterly    Monthly

 

                          ______   __________   _________    _______

 

      Short-term

 

      adjusted AFR         1.08%      1.08%        1.08%       1.08%

 

 

      Mid-term

 

      adjusted AFR         2.37%      2.36%        2.35%       2.35%

 

 

      Long-term

 

      adjusted AFR         4.12%      4.08%        4.06%       4.05%

 

 

                       REV. RUL. 2003-94 TABLE 3

 

 

                Rates Under Section 382 for August 2003

 

 

      Adjusted federal long-term rate for the current month    4.12%

 

 

      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.)                                       4.35%

 

 

                       REV. RUL. 2003-94 TABLE 4

 

 

            Appropriate Percentages Under Section 42(b)(2)

 

                            for August 2003

 

 

      Appropriate percentage for the 70% present

 

      value low-income housing credit                          7.82%

 

 

      Appropriate percentage for the 30% present

 

      value low-income housing credit                          3.35%

 

 

                       REV. RUL. 2003-94 TABLE 5

 

 

                Rate Under Section 7520 for August 2003

 

 

      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         3.2%
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