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August 2004
Applicable Federal Rates

Rev. Rul. 2004-84

Applicable Federal Rates for August
2004-32 IRB

This revenue ruling provides various prescribed rates for federal income tax purposes for August 2004 (the current month). Table 1 contains the short-term, midterm, 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
August 2004
 

Period for Compounding

Short-Term

        

AFR

2.37%

2.36%

2.35%

2.35%

110% AFR

2.62%

2.60%

2.59%

2.59%

120% AFR

2.85%

2.83%

2.82%

2.81%

130% AFR

3.09%

3.07%

3.06%

3.05%
Mid-Term
        

AFR

4.00%

3.96%

3.94%

3.93%

110% AFR

4.41%

4.36%

4.34%

4.32%

120% AFR

4.81%

4.75%

4.72%

4.70%

130% AFR

5.22%

5.15%

5.12%

5.10%

150% AFR

6.03%

5.94%

5.90%

5.87%

175% AFR

7.05%

6.93%

6.87%

6.83%
Long-Term
        

AFR

5.21%

5.14%

5.11%

5.09%

110% AFR

5.73%

5.65%

5.61%

5.58%

120% AFR

6.27%

6.17%

6.12%

6.09%

130% AFR

6.79%

6.68%

6.63%

6.59%
 
Table II

Adjusted AFR for August 2004
 

Period for Compounding
 

Annual

Semi-annual

Quarterly

Monthly

Short-term adjusted AFR

1.71%

1.70%

1.70%

1.69%

Mid-term adjusted AFR

3.30%

3.27%

3.26%

3.25%

Long-term adjusted AFR

4.64%

4.59%

4.56%

4.55%
 
Table III

Rates Under Section 382 for August 2004

Adjusted federal long-term rate for the current month

4.64%

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 August 2004

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

8.07%

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

3.46%
 
Table V

Rate Under Section 7520 for August 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

4.8%

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