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July 2004
Applicable Federal Rates

Rev. Rul. 2004-66

Applicable Federal Rates for July
Rev. Rul. 2004-66, 2004-24 IRB

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

Period for Compounding

Short-Term

        

AFR

2.26%

2.25%

2.24%

2.24%

110% AFR

2.50%

2.48%

2.47%

2.47%

120% AFR

2.72%

2.70%

2.69%

2.68%

130% AFR

2.95%

2.93%

2.92%

2.91%
Mid-Term
        

AFR

4.11%

4.07%

4.05%

4.04%

110% AFR

4.53%

4.48%

4.46%

4.44%

120% AFR

4.94%

4.88%

4.85%

4.83%

130% AFR

5.36%

5.29%

5.26%

5.23%

150% AFR

6.20%

6.11%

6.06%

6.03%

175% AFR

7.25%

7.12%

7.06%

7.02%
Long-Term
        

AFR

5.34%

5.27%

5.24%

5.21%

110% AFR

5.88%

5.80%

5.76%

5.73%

120% AFR

6.42%

6.32%

6.27%

6.24%

130% AFR

6.97%

6.85%

6.79%

6.75%
 
Table II

Adjusted AFR for July 2004
 

Period for Compounding
 

Annual

Semi-annual

Quarterly

Monthly

Short-term adjusted AFR

1.78%

1.77%

1.77%

1.76%

Mid-term adjusted AFR

3.34%

3.31%

3.30%

3.29%

Long-term adjusted AFR

4.72%

4.67%

4.64%

4.63%
 
Table III

Rates Under Section 382 for July 2004

Adjusted federal long-term rate for the current month

4.72%

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).

4.72%
 
Table IV

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

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

8.10%

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

3.47%
 
Table V

Rate Under Section 7520 for July 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

5.0%
 
Table VI

Blended Annual Rate for 2004

Section 7872(e)(2) blended annual for 2004

1.98%

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