IRS Revenue Ruling
1999-17

 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 sections 1274, 1288, 382,
and other sections of the Code, tables set forth the rates for April 1999.


REV. RUL. 99-17

This revenue ruling provides various prescribed rates for federal
income tax purposes for April 1999 (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. 99-17 TABLE 1

Applicable Federal Rates (AFR) for April 1999

Period for Compounding
-------------------------------------------
Annual Semiannual Quarterly Monthly
------ ---------- --------- -------
Short-Term
AFR 4.99% 4.93% 4.90% 4.88%
110% AFR 5.49% 5.42% 5.38% 5.36%
120% AFR 6.01% 5.92% 5.88% 5.85%
130% AFR 6.51% 6.41% 6.36% 6.33%

Mid-Term
AFR 5.28% 5.21% 5.18% 5.15%
110% AFR 5.81% 5.73% 5.69% 5.66%
120% AFR 6.35% 6.25% 6.20% 6.17%
130% AFR 6.88% 6.77% 6.71% 6.68%
150% AFR 7.97% 7.82% 7.75% 7.70%
175% AFR 9.33% 9.12% 9.02% 8.95%

Long-Term
AFR 5.67% 5.59% 5.55% 5.53%
110% AFR 6.24% 6.15% 6.10% 6.07%
120% AFR 6.82% 6.71% 6.65% 6.62%
130% AFR 7.40% 7.27% 7.21% 7.16%


REV. RUL. 99-17 TABLE 2

Adjusted AFR for April 1999

Period for Compounding
-------------------------------------------
Annual Semiannual Quarterly Monthly
------ ---------- --------- -------
Short-term
adjusted AFR 3.18% 3.16% 3.15% 3.14%

Mid-term
adjusted AFR 3.82% 3.78% 3.76% 3.75%

Long-term
adjusted AFR 4.78% 4.72% 4.69% 4.67%


REV. RUL. 99-17 TABLE 3

Rates Under Section 382 for April 1999

Adjusted federal long-term rate for the current month 4.78%

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.) 4.78%


REV. RUL. 99-17 TABLE 4

Appropriate Percentages Under Section 42(b)(2) for April 1999

Appropriate percentage for the 70% present value
low-income housing credit 8.28%

Appropriate percentage for the 30% present value
low-income housing credit 3.55%


REV. RUL. 99-17 TABLE 5

Rate Under Section 7520 for April 1999

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 6.4%

<<END RULING>>
 

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