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TimeValue Software
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May 2002
Applicable Federal Rates

Rev. Rul. 2002-25

This revenue ruling provides various prescribed rates for federal income tax purposes for May 2002 (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 an annuity, an interest for life or for a term of years, or a remainder or a reversionary interest for purposes of section 7520.

 

TABLE 1
Applicable Federal Rates

Period for Compounding
Annual
Semiannual
Quarterly
Monthly
 
Short-Term AFR
3.21%
3.18%
3.17%
3.16%
110% AFR
3.53%
3.50%
3.48%
3.47%
120% AFR
3.86%
3.82%
3.80%
3.79%
130% AFR 
4.17%
4.13%
4.11%
4.09%
 
Mid-Term AFR
4.99%
4.93%
4.90%
4.88%
110% AFR
5.49%
5.42%
5.38%
5.36%
120% AFR 
6.01%
5.92%
5.88%
5.85%
130% AFR 
6.51%
6.41%
6.36%
6.33%
150% AFR 
7.54%
7.40%
7.33%
7.29%
175% AFR 
8.82%
8.63%
8.54%
8.48%
 
Long-Term AFR
5.85%
5.77%
5.73%
5.70%
110% AFR
6.45%
6.35%
6.30%
6.27%
120% AFR 
7.04%
6.92%
6.86%
6.82%
130% AFR 
7.64%
7.50%
7.43%
7.39%

TABLE 2
Adjusted AFR

Period for Compounding
Annual
Semiannual
Quarterly
Monthly
 
Short-Term adjusted AFR
2.56%
2.54%
2.53%
2.53%
Mid-Term adjusted AFR
3.98%
3.94%
3.92%
3.91%
Long-Term adjusted AFR
5.01%
4.95%
4.92%
4.90%

TABLE 3
Rates Under Section 382

Adjusted federal long-term rate for the current month
5.01%
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.)
5.01%

TABLE 4
Appropriate Percentages Under Section 42(b)(2)

Appropriate percentage for the 70% present value low-income housing credit 
8.27%
Appropriate percentage for the 30% present value low-income housing credit
3.54%

TABLE 5
Rate Under Section 7520

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.
6.00%

 

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