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May 2004
Applicable Federal Rates

Rev. Rul. 2004-44

This revenue ruling provides various prescribed rates for federal income tax purposes for May 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
May 2004
 

Period for Compounding

Short-Term

        

AFR

1.50%

1.49%

1.49%

1.49%

110% AFR

1.65%

1.64%

1.64%

1.63%

120% AFR

1.80%

1.79%

1.79%

1.78%

130% AFR

1.95%

1.94%

1.94%

1.93%
Mid-Term
        

AFR

3.16%

3.14%

3.13%

3.12%

110% AFR

3.48%

3.45%

3.44%

3.43%

120% AFR

3.81%

3.77%

3.75%

3.74%

130% AFR

4.12%

4.08%

4.06%

4.05%

150% AFR

4.77%

4.71%

4.68%

4.66%

175% AFR

5.58%

5.50%

5.46%

5.44%
Long-Term
        

AFR

4.65%

4.60%

4.57%

4.56%

110% AFR

5.12%

5.06%

5.03%

5.01%

120% AFR

5.60%

5.52%

5.48%

5.46%

130% AFR

6.07%

5.98%

5.94%

5.91%
 
Table II

Adjusted AFR for May 2004
 

Period for Compounding
 

Annual

Semi-annual

Quarterly

Monthly

Short-term adjusted AFR

1.28%

1.28%

1.28%

1.28%

Mid-term adjusted AFR

2.52%

2.50%

2.49%

2.49%

Long-term adjusted AFR

4.19%

4.15%

4.13%

4.11%
 
Table III

Rates Under Section 382 for May 2004

Adjusted federal long-term rate for the current month

4.19%

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).

4.19%
 
Table IV

Appropriate Percentages Under Section 42(b)(2) for May 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 May 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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