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IRS ISSUES EFFECTIVE INTEREST RATES ON FEDERAL LAND BANK LOANS FOR SPECIAL USE VALUATION

JUN. 20, 1985

Rev. Rul. 85-92; 1985-2 C.B. 198

DATED JUN. 20, 1985
DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Code Sections
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 85-5453
  • Tax Analysts Electronic Citation
    85 TNT 124-7
Citations: Rev. Rul. 85-92; 1985-2 C.B. 198

Rev. Rul. 85-92

This revenue ruling contains a list of the average annual effective interest rates on new Federal Land Bank loans. Under section 2032A(e)(7)(A)(ii) of the Internal Revenue Code, rates on new Federal Land Bank loans are used in computing the special use value of real property used as a farm for which an election is made under section 2032A. This revenue ruling also contains a list of the states within each land bank district. The rates in this revenue ruling may be used by estates that value farmland under section 2032A as of a date in 1985.

Average annual effective interest rates, calculated in accordance with section 2032A(e)(7)(A) of the Code and section 20.2032A-4(e) of the Estate Tax Regulations, to be used under section 2032A(e)(7)(A)(ii) are as follows:

Federal Land Bank District Year of valuation

 

in which property is located 1985

 

____________________________ _________________

 

 

Baltimore 12.60

 

Columbia 11.69

 

Texas (Formerly Houston) 11.41

 

Louisville 12.27

 

Jackson (Formerly New Orleans) 11.94

 

Omaha 12.45

 

Sacramento 11.92

 

St. Louis 12.44

 

St. Paul 11.98

 

Spokane 12.12

 

Springfield 11.73

 

Wichita 12.41

 

 

Federal Land Bank District:

 

 

       District States

 

       ________ ______

 

 

Baltimore Delaware, District of Columbia, Maryland,

 

                    Pennsylvania, Virginia, West Virginia

 

 

Columbia Florida, Georgia, North Carolina, South Carolina

 

 

Texas Texas

 

 

Louisville Indiana, Kentucky, Ohio, Tennessee

 

 

Jackson Alabama, Louisiana, Mississippi

 

 

Omaha Iowa, Nebraska, South Dakota, Wyoming

 

 

Sacramento Arizona, California, Hawaii, Nevada, Utah

 

 

St. Louis Arkansas, Illinois, Missouri

 

 

St. Paul Michigan, Minnesota, North Dakota, Wisconsin

 

 

Spokane Alaska, Idaho, Montana, Oregon, Washington

 

 

Springfield Connecticut, Maine, Massachusetts, New Hampshire,

 

                    New Jersey, New York, Rhode Island, Vermont

 

 

Wichita Colorado, Kansas, New Mexico, Oklahoma

 

 

Rev. Rul. 81-170, 1981-1 C.B. 454, which sets forth rates for several prior years, contains an illustrative computation of an average annual effective interest rate. The rates applicable in the case of valuations for 1982 are listed in Rev. Rul. 82-104, 1982-1 C.B. 129. The rates applicable in the case of valuations for 1983 are listed in Rev. Rul. 83-71, 1983-1 C.B. 227, and for valuations in 1984 in Rev. Rul. 84-119, 1984-32 I.R.B. 15.
DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Code Sections
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 85-5453
  • Tax Analysts Electronic Citation
    85 TNT 124-7
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