IRS Announces Applicable Federal Rates For December.
Rev. Rul. 2001-58; 2001-2 C.B. 570
- Institutional AuthorsInternal Revenue Service
- Cross-ReferencePart I
Section 1274. -- Determination of Issue Price in the Case of Certain
Debt Instruments Issued for Property
(Also Sections 42, 280G, 382, 412, 467, 468, 482, 483, 642, 807, 846,
1288, 7520, 7872.) - Code Sections
- Subject Areas/Tax Topics
- Index Termsfederal interest rates
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2001-29073 (5 original pages)
- Tax Analysts Electronic Citation2001 TNT 225-8
Rev. Rul. 2001-58
[1] This revenue ruling provides various prescribed rates for federal income tax purposes for December 2001 (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. 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. Finally, Table 6 contains the 2001 interest rate for purposes of sections 846 and 807.
REV. RUL. 2001-58 TABLE 1
Applicable Federal Rates (AFR) for December 2001
PERIOD FOR COMPOUNDING
Annual Semiannual Quarterly Monthly
______ __________ _________ _______
SHORT-TERM
AFR 2.48% 2.46% 2.45% 2.45%
110% AFR 2.73% 2.71% 2.70% 2.69%
120% AFR 2.97% 2.95% 2.94% 2.93%
130% AFR 3.23% 3.20% 3.19% 3.18%
MID-TERM
AFR 3.97% 3.93% 3.91% 3.90%
110% AFR 4.37% 4.32% 4.30% 4.28%
120% AFR 4.78% 4.72% 4.69% 4.67%
130% AFR 5.18% 5.11% 5.08% 5.06%
150% AFR 5.99% 5.90% 5.86% 5.83%
175% AFR 7.00% 6.88% 6.82% 6.78%
LONG-TERM
AFR 5.05% 4.99% 4.96% 4.94%
110% AFR 5.57% 5.49% 5.45% 5.43%
120% AFR 6.08% 5.99% 5.95% 5.92%
130% AFR 6.60% 6.49% 6.44% 6.40%
REV. RUL. 2001-58 TABLE 2
Adjusted AFR for December 2001
PERIOD FOR COMPOUNDING
Annual Semiannual Quarterly Monthly
______ __________ _________ _______
Short-term
adjusted AFR 2.30% 2.29% 2.28% 2.28%
Mid-term
adjusted AFR 3.27% 3.24% 3.23% 3.22%
Long-term
adjusted AFR 4.65% 4.60% 4.57% 4.56%
REV. RUL. 2001-58 TABLE 3
Rates Under Section 382 for December 2001
Adjusted federal long-term rate for the current month 4.65%
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.) 4.74%
REV. RUL. 2001-58 TABLE 4
Appropriate Percentages Under Section 42(b)(2)
for December 2001
Appropriate percentage for the 70% present
value low-income housing credit 8.05%
Appropriate percentage for the 30% present
value low-income housing credit 3.45%
REV. RUL. 2001-58 TABLE 5
Rate Under Section 7520 for December 2001
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 4.8%
REV. RUL. 2001-58
Rate under Section 846 and 807
Applicable rate of interest for 2002
for purposes of sections 846 and 807 5.71%
- Institutional AuthorsInternal Revenue Service
- Cross-ReferencePart I
Section 1274. -- Determination of Issue Price in the Case of Certain
Debt Instruments Issued for Property
(Also Sections 42, 280G, 382, 412, 467, 468, 482, 483, 642, 807, 846,
1288, 7520, 7872.) - Code Sections
- Subject Areas/Tax Topics
- Index Termsfederal interest rates
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2001-29073 (5 original pages)
- Tax Analysts Electronic Citation2001 TNT 225-8
