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July 2003
Applicable Federal Rates

Rev. Rul. 2003-71

This revenue ruling provides various prescribed rates for federal income tax purposes for July 2003 (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 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 2003 for purposes of section 7872.

TABLE 1
Applicable Federal Rates

Period for Compounding
Annual
Semiannual
Quarterly
Monthly
 
Short-Term AFR
1.23%
1.23%
1.23%
1.23%
110% AFR
1.35%
1.35%
1.35%
1.35%
120% AFR
1.49%
1.48%
1.48%
1.48%
130% AFR 
1.61%
1.60%
1.60%
1.59%
 
Mid-Term AFR
2.55%
2.53%
2.52%
2.52%
110% AFR
2.80%
2.78%
2.77%
2.76%
120% AFR 
3.06%
3.04%
3.03%
3.02%
130% AFR 
3.32%
3.29%
3.28%
3.27%
150% AFR 
3.84%
3.80%
3.78%
3.77%
175% AFR 
4.48%
4.43%
4.41%
4.39%
 
Long-Term AFR
4.17%
4.13%
4.11%
4.09%
110% AFR
4.59%
4.54%
4.51%
4.50%
120% AFR 
5.02%
4.96%
4.93%
4.91%
130% AFR 
5.44%
5.37%
5.33%
5.31%


REV. RUL. 2003-35 TABLE 2
Adjusted AFR

Period for Compounding
Annual
Semiannual
Quarterly
Monthly
 
Short-Term adjusted AFR
1.09%
1.09%
1.09%
1.09%
Mid-Term adjusted AFR
2.29%
2.28%
2.27%
2.27%
Long-Term adjusted AFR
4.05%
4.01%
3.99%
3.98%


TABLE 3
Rates Under Section 382

Adjusted federal long-term rate for the current month
4.05%
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.)
4.45%


TABLE 4
Appropriate Percentages Under Section 42(b)(2)

Appropriate percentage for the 70% present value low-income housing credit 
7.78%
Appropriate percentage for the 30% present value low-income housing credit
3.33%


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.
3.0%

 

Blended Annual Rate for 2003

Section 7872(e)(2) blended annual rate for 2003.
1.52%


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