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February 2004
Applicable Federal Rates

Rev. Rul. 2004-9

This revenue ruling provides various prescribed rates for federal income tax purposes for February 2004 (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 annuity, an interest for life or for a term of years, or a remainder or a reversionary interest for purposes of section 7520.

Table I

Applicable Federal Rate (AFR)

Annual

Semi-annual

Quarterly

Monthly
February 2004
 

Period for Compounding

Short-Term

        

AFR

1.62%

1.61%

1.61%

1.60%

110% AFR

1.78%

1.77%

1.77%

1.76%

120% AFR

1.94%

1.93%

1.93%

1.92%

130% AFR

2.10%

2.09%

2.08%

2.08%
Mid-Term
        

AFR

3.44%

3.41%

3.40%

3.39%

110% AFR

3.79%

3.75%

3.73%

3.72%

120% AFR

4.13%

4.09%

4.07%

4.06%

130% AFR

4.48%

4.43%

4.41%

4.39%

150% AFR

5.19%

5.12%

5.09%

5.07%

175% AFR

6.06%

5.97%

5.93%

5.90%
Long-Term
        

AFR

4.94%

4.88%

4.85%

4.83%

110% AFR

5.44%

5.37%

5.33%

5.31%

120% AFR

5.95%

5.86%

5.82%

5.79%

130% AFR

6.44%

6.34%

6.29%

6.26%
 
Table II

Adjusted AFR for February 2004
 

Period for Compounding
 

Annual

Semi-annual

Quarterly

Monthly

Short-term adjusted AFR

1.41%

1.41%

1.41%

1.41%

Mid-term adjusted AFR

2.64%

2.62%

2.61%

2.61%

Long-term adjusted AFR

4.31%

4.26%

4.24%

4.22%
 
Table III

Rates Under Section 382 for February 2004

Adjusted federal long-term rate for the current month

4.31%

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).

4.58%
 
Table IV

Appropriate Percentages Under Section 42(b)(2) for February 2004

Appropriate Percentage for the 70% present value low-income housing credit.

7.97%

Appropriate Percentage for the 30% present value low-income housing credit.

3.42%
 
Table V

Rate Under Section 7520 for February 2004

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.

4.2%


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