Rev. Rul. 2007-29
Applicable Federal Rates for May
This revenue ruling provides various prescribed rates for federal income tax purposes
for May 2007 (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 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 I
May 2007
|
|
|
Period for Compounding
|
|
Applicable Federal Rate (AFR)
|
Annual
|
Semi-annual
|
Quarterly
|
Monthly
|
|
Short-Term
|
|
|
|
|
|
AFR
|
4.85%
|
4.79%
|
4.76%
|
4.74%
|
|
110% AFR
|
5.34%
|
5.27%
|
5.24%
|
5.21%
|
|
120% AFR
|
5.83%
|
5.75%
|
5.71%
|
5.68%
|
|
130% AFR
|
6.33%
|
6.23%
|
6.18%
|
6.15%
|
|
Mid-Term
|
|
|
|
|
|
AFR
|
4.62%
|
4.57%
|
4.54%
|
4.53%
|
|
110% AFR
|
5.09%
|
5.03%
|
5.00%
|
4.98%
|
|
120% AFR
|
5.56%
|
5.48%
|
5.44%
|
5.42%
|
|
130% AFR
|
6.03%
|
5.94%
|
5.90%
|
5.87%
|
|
150% AFR
|
6.98%
|
6.86%
|
6.80%
|
6.76%
|
|
175% AFR
|
8.16%
|
8.00%
|
7.92%
|
7.87%
|
|
Long-Term
|
|
|
|
|
|
AFR
|
4.90%
|
4.84%
|
4.81%
|
4.79%
|
|
110% AFR
|
5.39%
|
5.32%
|
5.29%
|
5.26%
|
|
120% AFR
|
5.89%
|
5.81%
|
5.77%
|
5.74%
|
|
130% AFR
|
6.39%
|
6.29%
|
6.24%
|
6.21%
|
Table II
Adjusted AFR for May 2007
|
|
|
Period for Compounding
|
|
|
Annual
|
Semi-annual
|
Quarterly
|
Monthly
|
|
Short-term adjusted AFR
|
3.47%
|
3.44%
|
3.43%
|
3.42%
|
|
Mid-term adjusted AFR
|
3.61%
|
3.58%
|
3.56%
|
3.55%
|
|
Long-term adjusted AFR
|
4.11%
|
4.07%
|
4.05%
|
4.04%
|
Table III
Rates Under Section 382 for May 2007
|
|
Adjusted federal long-term rate for the current month
|
4.11%
|
|
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.)
|
4.18%
|
Table IV
Appropriate Percentages Under Section 42(b)(2) for May 2007
|
|
Appropriate Percentage for the 70% present value low-income housing credit
|
8.11%
|
|
Appropriate Percentage for the 30% present value low-income housing credit
|
3.47%
|
Table V
Rate Under Section 7520 for May 2007
|
|
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
|
5.6%
|
|
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