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April 2004
Applicable Federal Rates

Rev. Rul. 2004-39

This revenue ruling provides various prescribed rates for federal income tax purposes for April 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, midterm, 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 longterm 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
April 2004
 

Period for Compounding

Short-Term

        

AFR

1.47%

1.46%

1.46%

1.46%

110% AFR

1.62%

1.61%

1.61%

1.60%

120% AFR

1.76%

1.75%

1.75%

1.74%

130% AFR

1.91%

1.90%

1.90%

1.89%
Mid-Term
        

AFR

3.15%

3.13%

3.12%

3.11%

110% AFR

3.47%

3.44%

3.43%

3.42%

120% AFR

3.80%

3.76%

3.74%

3.73%

130% AFR

4.11%

4.07%

4.05%

4.04%

150% AFR

4.76%

4.70%

4.67%

4.65%

175% AFR

5.56%

5.48%

5.44%

5.42%
Long-Term
        

AFR

4.66%

4.61%

4.58%

4.57%

110% AFR

5.13%

5.07%

5.04%

5.02%

120% AFR

5.61%

5.53%

5.49%

5.47%

130% AFR

6.08%

5.99%

5.95%

5.92%
 
Table II

Adjusted AFR for April 2004
 

Period for Compounding
 

Annual

Semi-annual

Quarterly

Monthly

Short-term adjusted AFR

1.17%

1.17%

1.17%

1.17%

Mid-term adjusted AFR

2.34%

2.33%

2.32%

2.32%

Long-term adjusted AFR

4.05%

4.01%

3.99%

3.98%
 
Table III

Rates Under Section 382 for April 2004

Adjusted federal long-term rate for the current month

4.05%

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).

4.31%
 
Table IV

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

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

7.91%

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

3.39%
 
Table V

Rate Under Section 7520 for April 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

3.8%


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