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IRS Announces Applicable Federal Rates For November.

OCT. 16, 2007

Rev. Rul. 2007-66; 2007-45 I.R.B. 956

DATED OCT. 16, 2007
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Citations: Rev. Rul. 2007-66; 2007-45 I.R.B. 956

Rev. Rul. 2007-66

This revenue ruling provides various prescribed rates for federal income tax purposes for November 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. 2007-66 TABLE 1

 

 

           Applicable Federal Rates (AFR) for November 2007

 

 

                        Period for Compounding

 

             Annual     Semiannual        Quarterly     Monthly

 

 

                              Short-term

 

 

 AFR          4.11%        4.07%           4.05%         4.04%

 

 110% AFR     4.53%        4.48%           4.46%         4.44%

 

 120% AFR     4.94%        4.88%           4.85%         4.83%

 

 130% AFR     5.36%        5.29%           5.26%         5.23%

 

 

                               Mid-term

 

 

 AFR          4.39%        4.34%           4.32%         4.30%

 

 110% AFR     4.83%        4.77%           4.74%         4.72%

 

 120% AFR     5.28%        5.21%           5.18%         5.15%

 

 130% AFR     5.72%        5.64%           5.60%         5.57%

 

 150% AFR     6.62%        6.51%           6.46%         6.42%

 

 175% AFR     7.74%        7.60%           7.53%         7.48%

 

 

                               Long-term

 

 

 AFR          4.89%        4.83%           4.80%         4.78%

 

 110% AFR     5.38%        5.31%           5.28%         5.25%

 

 120% AFR     5.88%        5.80%           5.76%         5.73%

 

 130% AFR     6.38%        6.28%           6.23%         6.20%

 

 

 REV. RUL. 2007-66 TABLE 2

 

 

                    Adjusted AFR for November 2007

 

 

                        Period for Compounding

 

                  Annual     Semiannual     Quarterly    Monthly

 

 Short-term

 

 adjusted AFR      3.40%      3.37%          3.36%        3.35%

 

 

 Mid-term

 

 adjusted AFR      3.61%      3.58%          3.56%        3.55%

 

 

 Long-term

 

 adjusted AFR      4.30%      4.25%          4.23%        4.21%

 

 

 REV. RUL. 2007-66 TABLE 3

 

 

               Rates Under Section 382 for November 2007

 

 

 Adjusted federal long-term rate for the current month         4.30%

 

 

 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.)                                                  4.49%

 

 

 REV. RUL. 2007-66 TABLE 4

 

 

   Appropriate Percentages Under Section 42(b)(2) for November 2007

 

 

 Appropriate percentage for the 70% present value low-

 

 income housing credit                                         8.08%

 

 

 Appropriate percentage for the 30% present value low-

 

 income housing credit                                         3.46%

 

 

 REV. RUL. 2007-66 TABLE 5

 

 

               Rate Under Section 7520 for November 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%
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