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IRS Announces Applicable Federal Rates For February.

JAN. 18, 2007

Rev. Rul. 2007-9; 2007-1 C.B. 422

DATED JAN. 18, 2007
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Citations: Rev. Rul. 2007-9; 2007-1 C.B. 422

Rev. Rul. 2007-9

This revenue ruling provides various prescribed rates for federal income tax purposes for February 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. 2007-9 TABLE 1

 

 

           Applicable Federal Rates (AFR) for February 2007

 

 

                             Period for Compounding

 

             Annual     Semiannual        Quarterly     Monthly

 

 

                              Short-term

 

 

 AFR         4.93%        4.87%           4.84%         4.82%

 

 110%AFR     5.43%        5.36%           5.32%         5.30%

 

 120%AFR     5.93%        5.84%           5.80%         5.77%

 

 130%AFR     6.43%        6.33%           6.28%         6.25%

 

 

                                Mid-term

 

 

 AFR         4.69%        4.64%           4.61%         4.60%

 

 110%AFR     5.17%        5.10%           5.07%         5.05%

 

 120%AFR     5.65%        5.57%           5.53%         5.51%

 

 130%AFR     6.12%        6.03%           5.99%         5.96%

 

 150%AFR     7.08%        6.96%           6.90%         6.86%

 

 175%AFR     8.28%        8.12%           8.04%         7.99%

 

 

                               Long-term

 

 

 AFR         4.86%        4.80%           4.77%         4.75%

 

 110%AFR     5.35%        5.28%           5.25%         5.22%

 

 120%AFR     5.84%        5.76%           5.72%         5.69%

 

 130%AFR     6.34%        6.24%           6.19%         6.16%

 

 

                         REV. RUL. 2007-9 TABLE 2

 

 

                       Adjusted AFR for February 2007

 

 

                           Period  for Compounding

 

                    Annual     Semiannual     Quarterly    Monthly

 

 Short-term

 

 adjusted AFR       3.46%      3.43%          3.42%        3.41%

 

 

 Mid-term

 

 adjusted AFR       3.58%      3.55%          3.53%        3.52%

 

 

 Long-term

 

 adjusted  AFR      4.07%      4.03%          4.01%        4.00%

 

 

                       REV. RUL. 2007-9 TABLE 3

 

 

               Rates Under Section 382 for February 2007

 

 

 Adjusted federal long-term rate for the current month            4.07%

 

 

 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.)           4.14%

 

 

                       REV. RUL. 2007-9 TABLE 4

 

 

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

 

 

 Appropriate percentage for the 70% present value low-income

 

 housing credit                                                   8.11%

 

 

 Appropriate percentage for the 30% present value low-income

 

 housing credit                                                   3.48%

 

 

                       REV. RUL. 2007-9 TABLE 5

 

 

               Rate Under Section 7520 for February 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                                          5.6%
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