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November 2004
Applicable Federal Rates

Rev. Rul. 2004-102

Applicable Federal Rates for November

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

3.55%

3.52%

3.50%

3.49%

110% AFR

3.91%

3.87%

3.85%

3.84%

120% AFR

4.26%

4.22%

4.20%

4.18%

130% AFR

4.63%

4.58%

4.55%

4.54%

150% AFR

5.35%

5.28%

5.25%

5.22%

175% AFR

6.25%

6.16%

6.11%

6.08%
Long-Term
        

AFR

4.70%

4.65%

4.62%

4.61%

110% AFR

5.19%

5.12%

5.09%

5.07%

120% AFR

5.66%

5.58%

5.54%

5.52%

130% AFR

6.14%

6.05%

6.00%

5.98%
 
Table II

Adjusted AFR for November 2004
 

Period for Compounding
 

Annual

Semi-annual

Quarterly

Monthly

Short-term adjusted AFR

1.68%

1.67%

1.67%

1.66%

Mid-term adjusted AFR

2.80%

2.78%

2.77%

2.76%

Long-term adjusted AFR

4.20%

4.16%

4.14%

4.12%
 
Table III

Rates Under Section 382 for November 2004

Adjusted federal long-term rate for the current month.

4.20%

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).

4.51%
 
Table IV

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

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

7.96%

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

3.41%
 
Table V

Rate Under Section 7520 for November 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.

4.20%

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