IRS Revenue Ruling
1997-24

  Code Secs. 1274, 42, 280G, 382, 412, 467 ....



<<FULL TEXT>>

(Also Sections 42, 280G, 382, 412, 467, 468, 482, 483, 642, 807, 846,
1288, 7520, 7872.)

Federal rates; adjusted federal rates; adjusted federal long-term rate,
and the long-term exempt rate. For purposes of section 1274, 1288, 382,
and other sections of the Code, tables set forth the rates for June 1997.


REV. RUL. 97-24

This revenue ruling provides various prescribed rates for federal
income tax purposes for June 1997 (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. 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.


REV. RUL. 97-24 TABLE 1

Applicable Federal Rates (AFR) for June 1997

Period for Compounding
-------------------------------------------
Annual Semiannual Quarterly Monthly
------ ---------- --------- -------
Short-Term
AFR 6.23% 6.14% 6.09% 6.06%
110% AFR 6.86% 6.75% 6.69% 6.66%
120% AFR 7.51% 7.37% 7.30% 7.26%
130% AFR 8.14% 7.98% 7.90% 7.85%

Mid-Term
AFR 6.80% 6.69% 6.63% 6.60%
110% AFR 7.50% 7.36% 7.29% 7.25%
120% AFR 8.19% 8.03% 7.95% 7.90%
130% PFR 8.89% 8.70% 8.61% 8.55%
150% AFR 10.29% 10.04% 9.92% 9.84%
175% AFR 12.05% 11.71% 11.54% 11.43%

Long-Term
AFR 7.11% 6.99% 6.93% 6.89%
110% AFR 7.84% 7.69% 7.62% 7.57%
120% AFR 8.57% 8.39% 8.30% 8.25%
130% AFR 9.30% 9.09% 8.99% 8.92%


REV. RUL. 97-24 TABLE 2

Adjusted AFR for June 1997

Period for Compounding
-------------------------------------------
Annual Semiannual Quarterly Monthly
------ ---------- --------- -------
Short-term
adjusted AFR 4.10% 4.06% 4.04% 4.03%

Mid-term
adjusted AFR 4.96% 4.90% 4.87% 4.85%

Long-term
adjusted AFR 5.64% 5.56% 5.52% 5.50%


REV. RUL. 97-24 TABLE 3

Rates Under Section 382 for June 1997

Adjusted federal long-term rate for the current month 5.64%

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.) 5.64%


REV. RUL. 97-24 TABLE 4

Appropriate Percentages Under Section 42(b)(2) for June 1997

Appropriate percentage for the 70% present value
low-income housing credit 8.64%
Appropriate percentage for the 30% present value
low-income housing credit 3.70%


REV. RUL. 97-24 TABLE 5

Rate Under Section 7520 for June 1997

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 8.2%

<<END RULING>>

 

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