IRS Revenue Ruling
1999-29

 
 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 July 1999.


REV. RUL. 99-29

This revenue ruling provides various prescribed rates for federal
income tax purposes for July 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 longterm 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 taxexempt 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 an 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 blended annual rate for 1999
for purposes of section 7872.


REV. RUL. 99-29 TABLE 1

Applicable Federal Rates (AFR) for July 1999

Period for Compounding
-------------------------------------------
Annual Semiannual Quarterly Monthly
------ ---------- --------- -------
Short-Term
AFR 5.32% 5.25% 5.22% 5.19%
110% AFR 5.86% 5.78% 5.74% 5.71%
120% AFR 6.40% 6.30% 6.25% 6.22%
130% AFR 6.95% 6.83% 6.77% 6.73%

Mid-Term
AFR 5.82% 5.74% 5.70% 5.67%
110% AFR 6.41% 6.31% 6.26% 6.23%
120% AFR 7.01% 6.89% 6.83% 6.79%
130% AFR 7.60% 7.46% 7.39% 7.35%
150% AFR 8.80% 8.61% 8.52% 8.46%
175% AFR 10.30% 10.05% 9.93% 9.85%

Long-Term
AFR 6.10% 6.01% 5.97% 5.94%
110% AFR 6.72% 6.61% 6.56% 6.52%
120% AFR 7.34% 7.21% 7.15% 7.10%
130% AFR 7.96% 7.81% 7.74% 7.69%


REV. RUL. 99-29 TABLE 2

Adjusted AFR for July 1999

Period for Compounding
-------------------------------------------
Annual Semiannual Quarterly Monthly
------ ---------- --------- -------
Short-term
adjusted AFR 3.48% 3.45% 3.44% 3.43%

Mid-term
adjusted AFR 4.14% 4.10% 4.08% 4.07%

Long-term
adjusted AFR 4.98% 4.92% 4.89% 4.87%


REV. RUL. 99-29 TABLE 3

Rates Under Section 382 for July 1999

Adjusted federal long-term rate for the current month 4.98%

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.) 4.98%


REV. RUL. 99-29 TABLE 4

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

Appropriate percentage for the 70% present value
low-income housing credit 8.40%

Appropriate percentage for the 30% present value
low-income housing credit 3.60%


REV. RUL. 99-29 TABLE 5

Rate Under Section 7520 for July 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 7.0%


REV. RUL. 99-29 TABLE 6

Blended Annual Rate for 1999

Section 7872(e)(2) blended annual rate for 1999 4.94%

<<END RULING>>
 

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