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December 2003
Applicable Federal Rates

Rev. Rul. 2003-114

This revenue ruling provides various prescribed rates for federal income tax purposes for December 2003 (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 short-term, 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. 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. Finally, Table 6 contains the 2004 interest rate for sections 846 and 807.

TABLE 1
Applicable Federal Rates

Period for Compounding
Annual
Semiannual
Quarterly
Monthly
 
Short-Term AFR
1.68%
1.67%
1.67%
1.66%
110% AFR
1.85%
1.84%
1.84%
1.83%
120% AFR
2.01%
2.00%
2.00%
1.99%
130% AFR 
2.18%
2.17%
2.16%
2.16%
 
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
5.12%
5.06%
5.03%
5.01%
110% AFR
5.65%
5.57%
5.53%
5.51%
120% AFR 
6.16%
6.07%
6.02%
5.99%
130% AFR 
6.69%
6.58%
6.53%
6.49%


REV. RUL. 2003-35 TABLE 2
Adjusted AFR

Period for Compounding
Annual
Semiannual
Quarterly
Monthly
 
Short-Term adjusted AFR
1.37%
1.37%
1.37%
1.37%
Mid-Term adjusted AFR
2.75%
2.73%
2.72%
2.71%
Long-Term adjusted AFR
4.58%
4.53%
4.50%
4.49%


TABLE 3
Rates Under Section 382

Adjusted federal long-term rate for the current month
4.58%
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.)
4.74%


TABLE 4
Appropriate Percentages Under Section 42(b)(2)

Appropriate percentage for the 70% present value low-income housing credit 
8.01%
Appropriate percentage for the 30% present value low-income housing credit
3.43%


TABLE 5
Rate Under Section 7520

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.
4.2%


TABLE 6

Applicable rate of interest for 2004 for purposes of section 846 and 807.
4.82%


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