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October 2005
Applicable Federal Rates

Rev. Rul. 2005-66

Applicable Federal Rates for October

This revenue ruling provides various prescribed rates for federal income tax purposes for October 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 shortterm, 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 an 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 2005
 

Period for Compounding

Short-Term

        

AFR

3.89%

3.85%

3.83%

3.82%

110% AFR

4.28%

4.24%

4.22%

4.20%

120% AFR

4.67%

4.62%

4.59%

4.58%

130% AFR

5.07%

5.01%

4.98%

4.96%
Mid-Term
        

AFR

4.08%

4.04%

4.02%

4.01%

110% AFR

4.49%

4.44%

4.42%

4.40%

120% AFR

4.91%

4.85%

4.82%

4.80%

130% AFR

5.32%

5.25%

5.22%

5.19%

150% AFR

6.15%

6.06%

6.01%

5.98%

175% AFR

7.19%

7.07%

7.01%

6.97%
Long-Term
        

AFR

4.40%

4.35%

4.33%

4.31%

110% AFR

4.85%

4.79%

4.76%

4.74%

120% AFR

5.29%

5.22%

5.19%

5.16%

130% AFR

5.74%

5.66%

5.62%

5.59%
 
Table II

Adjusted AFR for October 2005
 

Period for Compounding
 

Annual

Semi-annual

Quarterly

Monthly

Short-term adjusted AFR

2.83%

2.81%

2.80%

2.79%

Mid-term adjusted AFR

3.27%

3.24%

3.23%

3.22%

Long-term adjusted AFR

4.14%

4.10%

4.08%

4.07%
 
Table III

Rates Under Section 382 for October 2005

Adjusted federal long-term rate for the current month

4.14%

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.)

4.24%
 
Table IV

Appropriate Percentages Under Section 42(b)(2) for October 2005

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 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

5.0%

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