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September 2004
Applicable Federal Rates

Rev. Rul. 2004-69

Applicable Federal Rates for September

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

Period for Compounding

Short-Term

        

AFR

2.34%

2.33%

2.32%

2.32%

110% AFR

2.58%

2.56%

2.55%

2.55%

120% AFR

2.82%

2.80%

2.79%

2.78%

130% AFR

3.05%

3.03%

3.02%

3.01%
Mid-Term
        

AFR

3.84%

3.80%

3.78%

3.77%

110% AFR

4.22%

4.18%

4.16%

4.14%

120% AFR

4.61%

4.56%

4.53%

4.52%

130% AFR

5.00%

4.94%

4.91%

4.89%

150% AFR

5.78%

5.70%

5.66%

5.63%

175% AFR

6.76%

6.65%

6.60%

6.56%
Long-Term
        

AFR

5.03%

4.97%

4.94%

4.92%

110% AFR

5.54%

5.47%

5.43%

5.41%

120% AFR

6.05%

5.96%

5.92%

5.89%

130% AFR

6.56%

6.46%

6.41%

6.37%
 
Table II

Adjusted AFR for September 2004
 

Period for Compounding
 

Annual

Semi-annual

Quarterly

Monthly

Short-term adjusted AFR

1.65%

1.64%

1.64%

1.63%

Mid-term adjusted AFR

3.16%

3.14%

3.13%

3.12%

Long-term adjusted AFR

4.51%

4.46%

4.44%

4.42%
 
Table III

Rates Under Section 382 for September 2004

Adjusted federal long-term rate for the current month

4.51%

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 September 2004

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

8.03%

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

3.44%
 
Table V

Rate Under Section 7520 for September 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

4.6%

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