IRS Announces Applicable Federal Rates For October.
SEP. 18, 2007
Rev. Rul. 2007-63; 2007-41 I.R.B. 778
DOCUMENT ATTRIBUTES
- Institutional AuthorsInternal Revenue Service
- Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2007-21255
- Tax Analysts Electronic Citation2007 TNT 182-7
Citations: Rev. Rul. 2007-63; 2007-41 I.R.B. 778
Rev. Rul. 2007-63
Part I
(Also Sections 42, 280G, 382, 412, 467, 468, 482, 483, 642, 807, 846,
1288, 7520, 7872.)
This revenue ruling provides various prescribed rates for federal income tax purposes for October 2007 (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. 2007-63 TABLE 1
Applicable Federal Rates (AFR) for October 2007
Period for Compounding
Annual Semiannual Quarterly Monthly
Short-term
AFR 4.19% 4.15% 4.13% 4.11%
110% AFR 4.62% 4.57% 4.54% 4.53%
120% AFR 5.04% 4.98% 4.95% 4.93%
130% AFR 5.47% 5.40% 5.36% 5.34%
Mid-term
AFR 4.35% 4.30% 4.28% 4.26%
110% AFR 4.79% 4.73% 4.70% 4.68%
120% AFR 5.23% 5.16% 5.13% 5.11%
130% AFR 5.67% 5.59% 5.55% 5.53%
150% AFR 6.55% 6.45% 6.40% 6.36%
175% AFR 7.67% 7.53% 7.46% 7.41%
Long-term
AFR 4.88% 4.82% 4.79% 4.77%
110% AFR 5.37% 5.30% 5.27% 5.24%
120% AFR 5.86% 5.78% 5.74% 5.71%
130% AFR 6.37% 6.27% 6.22% 6.19%
REV. RUL. 2007-63 TABLE 2
Adjusted AFR for October 2007
Period for Compounding
Annual Semiannual Quarterly Monthly
Short-term
adjusted AFR 3.60% 3.57% 3.55% 3.54%
Mid-term
adjusted AFR 3.79% 3.75% 3.73% 3.72%
Long-term
adjusted AFR 4.49% 4.44% 4.42% 4.40%
REV. RUL. 2007-63 TABLE 3
Rates Under Section 382 for October 2007
Adjusted federal long-term rate for the current month 4.49%
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.) 4.50%
REV. RUL. 2007-63 TABLE 4
Appropriate Percentages Under Section 42(b)(2) for October 2007
Appropriate percentage for the 70% present value low-income
housing credit 8.07%
Appropriate percentage for the 30% present value low-income
housing credit 3.46%
REV. RUL. 2007-63 TABLE 5
Rate Under Section 7520 for October 2007
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
- Institutional AuthorsInternal Revenue Service
- Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2007-21255
- Tax Analysts Electronic Citation2007 TNT 182-7