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IRS Announces Applicable Federal Rates For March.

FEB. 16, 2007

Rev. Rul. 2007-15; 2007-1 C.B. 687

DATED FEB. 16, 2007
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Citations: Rev. Rul. 2007-15; 2007-1 C.B. 687

Rev. Rul. 2007-15

This revenue ruling provides various prescribed rates for federal income tax purposes for March 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. 2007-15 TABLE 1

 

 

             Applicable Federal Rates (AFR) for March 2007

 

 

                        Period for Compounding

 

 

             Annual  Semiannual  Quarterly Monthly

 

 

 Short-term

 

 

 AFR          5.06%     5.00%     4.97%     4.95%

 

 110% AFR     5.58%     5.50%     5.46%     5.44%

 

 120% AFR     6.09%     6.00%     5.96%     5.93%

 

 130% AFR     6.61%     6.50%     6.45%     6.41%

 

 

 Mid-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%

 

 150% AFR     7.33%     7.20%     7.14%     7.09%

 

 175% AFR     8.58%     8.40%     8.31%     8.26%

 

 

 Long-term

 

 

 AFR          5.01%     4.95%     4.92%     4.90%

 

 110% AFR     5.52%     5.45%     5.41%     5.39%

 

 120% AFR     6.03%     5.94%     5.90%     5.87%

 

 130% AFR     6.54%     6.44%     6.39%     6.36%

 

 

                       REV. RUL. 2007-15 TABLE 2

 

 

                      Adjusted AFR for March 2007

 

 

                        Period for Compounding

 

 

                 Annual  Semiannual  Quarterly Monthly

 

 

 Short-term

 

 adjusted AFR     3.58%     3.55%     3.53%     3.52%

 

 

 Mid-term

 

 adjusted AFR     3.71%     3.68%     3.66%     3.65%

 

 

 Long-term

 

 adjusted AFR     4.18%     4.14%     4.12%     4.10%

 

 

                       REV. RUL. 2007-15 TABLE 3

 

 

 Rates Under Section 382 for March 2007

 

 

 Adjusted federal long-term rate for the current month               4.18%

 

 

 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.)              4.18%

 

 

                      REV. RUL. 2007-15  TABLE 4

 

 

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

 

 

 Appropriate percentage for the 70% present value low-income

 

 housing credit                                                      8.15%

 

 

 Appropriate percentage for the 30% present value low-income

 

 housing credit                                                      3.49%

 

 

                       REV. RUL. 2007-15 TABLE 5

 

 

                Rate Under Section 7520 for March 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                                                5.8%
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