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Rev. Rul. 80-179

Rev. Rul. 80-179; 1980-2 C.B. 253

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Citations: Rev. Rul. 80-179; 1980-2 C.B. 253
Rev. Rul. 80-179

This revenue ruling contains a cumulative list of the average annual effective interest rates on new Federal Land Bank loans to be utilized under section 2032A(e)(7)(A)(ii) of the Internal Revenue Code in computing the special use value of real property used as a farm for which an election is made under the provisions of section 2032A. The interest rates listed are those applicable for the estates of decedents dying in 1977, 1978, 1979, and 1980. The rates applicable in the case of decedents dying in 1977, 1978 and 1979 were previously listed in Rev. Rul. 79-189, 1979-1 C.B. 293.

The revenue ruling also contains a list of the states within each land bank district.

Average annual effective interest rate to be utilized under section 2032A(e)(7)(A)(ii):

 Federal Land Bank District in

 

   which property is located               Year of Death

 

 -----------------------------             -------------

 

                                  1977     1978     1979     1980

 

 

 Baltimore ___________________    8.65%    8.86%    9.04%    9.24%

 

 

 Columbia ____________________    8.58%    8.79%    8.96%    9.17%

 

 

 Houston _____________________    8.29%    8.48%    8.60%    8.76%

 

 

 Louisville __________________    8.64%    8.80%    8.88%    9.21%

 

 

 New Orleans _________________    8.26%    8.48%    8.72%    8.96%

 

 

 Omaha _______________________    8.70%    8.92%    9.05%    9.25%

 

 

 Sacramento __________________    8.67%    8.82%    9.04%    9.35%

 

 

 St. Louis ___________________    8.50%    8.71%    8.93%    9.20%

 

 

 St. Paul ____________________    8.21%    8.47%    8.69%    8.95%

 

 

 Spokane _____________________    8.63%    8.88%    9.10%    9.31%

 

 

 Springfield _________________    8.42%    8.55%    8.65%    8.81%

 

 

 Wichita _____________________    8.52%    8.72%    8.88%    9.08%

 

 

      Federal Land Bank Districts:

 

 

      District                              States

 

 

 Baltimore _______ Delaware, District of Columbia, Maryland,

 

                   Pennsylvania, Virginia, West Virginia.

 

 

 Columbia ________ Florida, Georgia, North Carolina, South Carolina.

 

 

 Houston _________ Texas.

 

 

 Louisville ______ Indiana, Kentucky, Ohio, Tennessee.

 

 New Orleans _____ 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.

 

 

EFFECT ON OTHER REVENUE RULINGS

Rev. Rul. 79-189 is superseded.

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