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October 2004
Applicable Federal Rates

Rev. Rul. 2004-96

Applicable Federal Rates for October

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

3.62%

3.59%

3.57%

3.56%

110% AFR

3.99%

3.95%

3.93%

3.92%

120% AFR

4.36%

4.31%

4.29%

4.27%

130% AFR

4.72%

4.67%

4.64%

4.63%

150% AFR

5.46%

5.39%

5.35%

5.33%

175% AFR

6.38%

6.28%

6.23%

6.20%
Long-Term
        

AFR

4.84%

4.78%

4.75%

4.73%

110% AFR

5.33%

5.26%

5.23%

5.20%

120% AFR

5.82%

5.74%

5.70%

5.67%

130% AFR

6.31%

6.21%

6.16%

6.13%
 
Table II

Adjusted AFR for October 2004
 

Period for Compounding
 

Annual

Semi-annual

Quarterly

Monthly

Short-term adjusted AFR

1.57%

1.56%

1.56%

1.55%

Mid-term adjusted AFR

2.84%

2.82%

2.81%

2.80%

Long-term adjusted AFR

4.27%

4.23%

4.21%

4.19%
 
Table III

Rates Under Section 382 for October 2004

Adjusted federal long-term rate for the current month

4.27%

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).

4.64%
 
Table IV

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

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

7.98%

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

3.42%
 
Table V

Rate Under Section 7520 for October 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

4.4%

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