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July 2005
Applicable Federal Rates

Rev. Rul. 2005-38

Applicable Federal Rates for July

This revenue ruling provides various prescribed rates for federal income tax purposes for July 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. 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 2005 for purposes of section 7872.

Table I

Applicable Federal Rate (AFR)

Annual

Semi-annual

Quarterly

Monthly
July 2005
 

Period for Compounding

Short-Term

        

AFR

3.45%

3.42%

3.41%

3.40%

110% AFR

3.80%

3.76%

3.74%

3.73%

120% AFR

4.14%

4.10%

4.08%

4.07%

130% AFR

4.50%

4.45%

4.43%

4.41%
Mid-Term
        

AFR

3.86%

3.82%

3.80%

3.79%

110% AFR

4.24%

4.20%

4.18%

4.16%

120% AFR

4.63%

4.58%

4.55%

4.54%

130% AFR

5.03%

4.97%

4.94%

4.92%

150% AFR

5.81%

5.73%

5.69%

5.66%

175% AFR

6.80%

6.69%

6.63%

6.60%
Long-Term
        

AFR

4.35%

4.30%

4.28%

4.26%

110% AFR

4.79%

4.73%

4.70%

4.68%

120% AFR

5.23%

5.16%

5.13%

5.11%

130% AFR

5.67%

5.59%

5.55%

5.53%
 
Table II

Adjusted AFR for July 2005
 

Period for Compounding
 

Annual

Semi-annual

Quarterly

Monthly

Short-term adjusted AFR

2.82%

2.80%

2.79%

2.78%

Mid-term adjusted AFR

3.06%

3.04%

3.03%

3.02%

Long-term adjusted AFR

4.09%

4.05%

4.03%

4.02%
 
Table III

Rates Under Section 382 for July 2005

Adjusted federal long-term rate for the current month

4.09%

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 July 2005

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

7.95%

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

 3.41%
 
Table V

Rate Under Section 7520 for July 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

4.6%
 
Table VI

Rate Under Section 7872 for 2005
Blended Annual Rate for 2005

Section 7872(e)(2) blended annual rate for 2005

3.11%

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