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June 2004
Applicable Federal Rates

Rev. Rul. 2004-54

Applicable Federal Rates for June
Rev. Rul. 2004-54, 2004-23 IRB

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

Period for Compounding

Short-Term

        

AFR

1.98%

1.97%

1.97%

1.96%

110% AFR

2.18%

2.17%

2.16%

2.16%

120% AFR

2.37%

2.36%

2.35%

2.35%

130% AFR

2.58%

2.56%

2.55%

2.55%
Mid-Term
        

AFR

3.89%

3.85%

3.83%

3.82%

110% AFR

4.28%

4.24%

4.22%

4.20%

120% AFR

4.67%

4.62%

4.59%

4.58%

130% AFR

5.07%

5.01%

4.98%

4.96%

150% AFR

5.86%

5.78%

5.74%

5.71%

175% AFR

6.85%

6.74%

6.68%

6.65%
Long-Term
        

AFR

5.20%

5.13%

5.10%

5.08%

110% AFR

5.72%

5.64%

5.60%

5.57%

120% AFR

6.25%

6.16%

6.11%

6.08%

130% AFR

6.78%

6.67%

6.62%

6.58%
 
Table II

Adjusted AFR for June 2004
 

Period for Compounding
 

Annual

Semi-annual

Quarterly

Monthly

Short-term adjusted AFR

1.61%

1.60%

1.60%

1.59%

Mid-term adjusted AFR

3.06%

3.04%

3.03%

3.02%

Long-term adjusted AFR

4.62%

4.57%

4.54%

4.53%
 
Table III

Rates Under Section 382 for June 2004

Adjusted federal long-term rate for the current month

4.62%

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).

4.62%
 
Table IV

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

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

8.06%

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

3.45%
 
Table V

Rate Under Section 7520 for June 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

4.6%

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