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July 2002
Applicable Federal Rates

Rev. Rul. 2002-40

This revenue ruling provides various prescribed rates for federal income tax purposes for July 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. 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. Finally, Table 6 contains the blended annual rate for 2002 for purposes of section 7872.

 

TABLE 1
Applicable Federal Rates

Period for Compounding
Annual
Semiannual
Quarterly
Monthly
 
Short-Term AFR
2.84%
2.82%
2.81%
2.80%
110% AFR
3.12%
3.10%
3.09%
3.08%
120% AFR
3.41%
3.38%
3.37%
3.36%
130% AFR 
3.70%
3.67%
3.65%
3.64%
 
Mid-Term AFR
4.60%
4.55%
4.52%
4.51%
110% AFR
5.07%
5.01%
4.98%
4.96%
120% AFR 
5.53%
5.46%
5.42%
5.40%
130% AFR 
6.01%
5.92%
5.88%
5.85%
150% AFR 
6.95%
6.83%
6.77%
6.73%
175% AFR 
8.12%
7.96%
7.88%
7.83%
 
Long-Term AFR
5.69%
5.61%
5.57%
5.55%
110% AFR
6.27%
6.17%
6.12%
6.09%
120% AFR 
6.84%
6.73%
6.67%
6.64%
130% AFR 
7.42%
7.29%
7.22%
7.18%

TABLE 2
Adjusted AFR

Period for Compounding
Annual
Semiannual
Quarterly
Monthly
 
Short-Term adjusted AFR
2.18%
2.17%
2.16%
2.16%
Mid-Term adjusted AFR
3.57%
3.54%
3.52%
3.51%
Long-Term adjusted AFR
4.91%
4.85%
4.82%
4.80%

TABLE 3
Rates Under Section 382

Adjusted federal long-term rate for the current month
4.91%
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 
8.20%
Appropriate percentage for the 30% present value low-income housing credit
3.51%

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.
5.6%

TABLE 6
Blended Annual Rate for 2002

Section 7872(e)(2) blended annual rate for 2002.
2.78%


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