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August 2002
Applicable Federal Rates

Rev. Rul. 2002-48

This revenue ruling provides various prescribed rates for federal income tax purposes for August 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. 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 1
Applicable Federal Rates

Period for Compounding
Annual
Semiannual
Quarterly
Monthly
 
Short-Term AFR
2.54%
2.52%
2.51%
2.51%
110% AFR
2.79%
2.77%
2.76%
2.75%
120% AFR
3.04%
3.02%
3.01%
3.00%
130% AFR 
3.31%
3.28%
3.27%
3.26%
 
Mid-Term AFR
4.24%
4.20%
4.18%
4.16%
110% AFR
4.67%
4.62%
4.59%
4.58%
120% AFR 
5.10%
5.04%
5.01%
4.99%
130% AFR 
5.53%
5.46%
5.42%
5.40%
150% AFR 
6.40%
6.30%
6.25%
6.22%
175% AFR 
7.49%
7.35%
7.28%
7.24%
 
Long-Term AFR
5.46%
5.39%
5.35%
5.33%
110% AFR
6.02%
5.93%
5.89%
5.86%
120% AFR 
6.57%
6.47%
6.42%
6.38%
130% AFR 
7.13%
7.01%
6.95%
6.91%

TABLE 2
Adjusted AFR

Period for Compounding
Annual
Semiannual
Quarterly
Monthly
 
Short-Term adjusted AFR
1.92%
1.91%
1.91%
1.90%
Mid-Term adjusted AFR
3.34%
3.31%
3.30%
3.29%
Long-Term adjusted AFR
4.78%
4.72%
4.69%
4.67%

TABLE 3
Rates Under Section 382

Adjusted federal long-term rate for the current month
4.78%
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.)
4.91%

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

Appropriate percentage for the 70% present value low-income housing credit 
8.13%
Appropriate percentage for the 30% present value low-income housing credit
3.48%

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.
5.2%


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