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June 2005
Applicable Federal Rates

Rev. Rul. 2005-32

Applicable Federal Rates for June

This revenue ruling provides various prescribed rates for federal income tax purposes for June 2005 (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

Applicable Federal Rate (AFR)

Annual

Semi-annual

Quarterly

Monthly
June 2005
 

Period for Compounding

Short-Term

        

AFR

3.46%

3.43%

3.42%

3.41%

110% AFR

3.81%

3.77%

3.75%

3.74%

120% AFR

4.16%

4.12%

4.10%

4.09%

130% AFR

4.51%

4.46%

4.44%

4.42%
Mid-Term
        

AFR

4.01%

3.97%

3.95%

3.94%

110% AFR

4.42%

4.37%

4.35%

4.33%

120% AFR

4.82%

4.76%

4.73%

4.71%

130% AFR

5.23%

5.16%

5.13%

5.11%

150% AFR

6.05%

5.96%

5.92%

5.89%

175% AFR

7.07%

6.95%

6.89%

6.85%
Long-Term
        

AFR

4.57%

4.52%

4.49%

4.48%

110% AFR

5.03%

4.97%

4.94%

4.92%

120% AFR

5.49%

5.42%

5.38%

5.36%

130% AFR

5.97%

5.88%

5.84%

5.81%
 
Table II

Adjusted AFR for June 2005
 

Period for Compounding
 

Annual

Semi-annual

Quarterly

Monthly

Short-term adjusted AFR

2.75%

2.73%

2.72%

2.71%

Mid-term adjusted AFR

3.17%

3.15%

3.14%

3.13%

Long-term adjusted AFR

4.20%

4.16%

4.14%

4.12%
 
Table III

Rates Under Section 382 for June 2005

Adjusted federal long-term rate for the current month

4.20%

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.)

4.37%
 
Table IV

Appropriate Percentages Under Section 42(b)(2) for June 2005

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

8.00%

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

 3.43%
 
Table V

Rate Under Section 7520 for June 2005

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

4.8%

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