IRS Revenue Ruling
1999-32

 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 August
1999.


REV. RUL. 99-32

This revenue ruling provides various prescribed rates for federal
income tax purposes for August (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 longterm 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. 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. 99-32 TABLE 1

Applicable Federal Rates (AFR) for August 1999

Period for Compounding
-------------------------------------------
Annual Semiannual Quarterly Monthly
------ ---------- --------- -------
Short-Term
AFR 5.43% 5.36% 5.32% 5.30%
110% AFR 5.99% 5.90% 5.86% 5.83%
120% AFR 6.53% 6.43% 6.38% 6.35%
130% AFR 7.09% 6.97% 6.91% 6.87%

Mid-Term
AFR 5.96% 5.87% 5.83% 5.80%
110% AFR 6.56% 6.46% 6.41% 6.37%
120% AFR 7.16% 7.04% 6.98% 6.94%
130% AFR 7.78% 7.63% 7.56% 7.51%
150% AFR 9.00% 8.81% 8.72% 8.65%
175% AFR 10.53% 10.27% 10.14% 10.06%

Long-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%


REV. RUL. 99-32 TABLE 2

Adjusted AFR for August 1999

Period for Compounding
-------------------------------------------
Annual Semiannual Quarterly Monthly
------ ---------- --------- -------
Short-term
adjusted AFR 3.69% 3.66% 3.64% 3.63%

Mid-term
adjusted AFR 4.47% 4.42% 4.40% 4.38%

Long-term
adjusted AFR 5.18% 5.11% 5.08% 5.06%


REV. RUL. 99-32 TABLE 3

Rates Under Section 3 82 for August 1999

Adjusted federal long-term rate for the current month 5.18%

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.) 5.18%


REV. RUL. 99-32 TABLE 4

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

Appropriate percentage for the 70% present value
low-income housing credit 8.43%

Appropriate percentage for the 30% present value
low-income housing credit 3.61%


REV. RUL. 99-32 TABLE 5

Rate under Section 7520 for August 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 7.2%

<<END RULING>>
 

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