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IRS Announces Applicable Federal Rates For April.

MAR. 17, 2004

Rev. Rul. 2004-39; 2004-1 C.B. 700

DATED MAR. 17, 2004
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Citations: Rev. Rul. 2004-39; 2004-1 C.B. 700

Rev. Rul. 2004-39

[1] This revenue ruling provides various prescribed rates for federal income tax purposes for April 2004 (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. 2004-39 TABLE 1

 

 

             Applicable Federal Rates (AFR) for April 2004

 

 

                      Period for Compounding

 

             Annual   Semiannual  Quarterly  Monthly

 

 

                           Short-term

 

 

 AFR          1.47%     1.46%       1.46%     1.46%

 

 110% AFR     1.62%     1.61%       1.61%     1.60%

 

 120% AFR     1.76%     1.75%       1.75%     1.74%

 

 130% AFR     1.91%     1.90%       1.90%     1.89%

 

 

                            Mid-term

 

 

 AFR          3.15%     3.13%     3.12%     3.11%

 

 110% AFR     3.47%     3.44%     3.43%     3.42%

 

 120% AFR     3.80%     3.76%     3.74%     3.73%

 

 130% AFR     4.11%     4.07%     4.05%     4.04%

 

 150% AFR     4.76%     4.70%     4.67%     4.65%

 

 175% AFR     5.56%     5.48%     5.44%     5.42%

 

 

                           Long-term

 

 

 AFR          4.66%     4.61%     4.58%     4.57%

 

 110% AFR     5.13%     5.07%     5.04%     5.02%

 

 120% AFR     5.61%     5.53%     5.49%     5.47%

 

 130% AFR     6.08%     5.99%     5.95%     5.92%

 

 

                      REV. RUL. 2004-39  TABLE 2

 

 

                Rates Under Section 382 for April 2004

 

 

                     Period for Compounding

 

                 Annual   Semiannual  Quarterly  Monthly

 

 

 Short-term

 

 adjusted AFR     1.17%     1.17%       1.17%     1.17%

 

 Mid-term

 

 adjusted AFR     2.34%     2.33%       2.32%     2.32%

 

 Long-term

 

 adjusted AFR     4.05%     4.01%       3.99%     3.98%

 

 

                       REV. RUL. 2004-39 TABLE 3

 

 

                Rates Under Section 382 for April 2004

 

 

 Adjusted federal long-term rate for the current month            4.05%

 

 

 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.)           4.31%

 

 

                       Rev. Rul. 2004-39 TABLE 4

 

 

     Appropriate Percentages Under Section 42(b)(2) for April 2004

 

 

 Appropriate percentage for the 70% present value low-income

 

 housing credit                                                   7.91%

 

 

 Appropriate percentage for the 30% present value low-income

 

 housing credit                                                   3.39%

 

 

                       REV. RUL. 2004-39 TABLE 5

 

 

                Rate Under Section 7520 for April 2004

 

 

 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                                          3.8%
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