IRS Revenue Ruling
1999-37

 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 September
1999.


REV. RUL. 99-37

This revenue ruling provides various prescribed rates for federal
income tax purposes for September 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. 99-37 TABLE 1

Applicable Federal Rates (AFR) for September 1999

Period for Compounding
-------------------------------------------
Annual Semiannual Quarterly Monthly
------ ---------- --------- -------
Short-Term
AFR 5.42% 5.35% 5.31% 5.29%
110% AFR 5.98% 5.89% 5.85% 5.82%
120% AFR 6.52% 6.42% 6.37% 6.34%
130% AFR 7.08% 6.96% 6.90% 6.86%

Mid-Term
AFR 5.98% 5.89% 5.85% 5.82%
110% AFR 6.58% 6.48% 6.43% 6.39%
120% AFR 7.19% 7.07% 7.01% 6.97%
130% AFR 7.81% 7.66% 7.59% 7.54%
150% AFR 9.04% 8.84% 8.74% 8.68%
175% AFR 10.58% 10.31% 10.18% 10.10%

Long-Term
AFR 6.25% 6.16% 6.11% 6.08%
110% AFR 6.89% 6.78% 6.72% 6.69%
120% AFR 7.53% 7.39% 7.32% 7.28%
130% AFR 8.17% 8.01% 7.93% 7.88%


REV. RUL. 99-37 TABLE 2

Adjusted AFR for September 1999

Period for Compounding
-------------------------------------------
Annual Semiannual Quarterly Monthly
------ ---------- --------- -------
Short-term
adjusted AFR 3.77% 3.74% 3.72% 3.71%

Mid-term
adjusted AFR 4.49% 4.44% 4.42% 4.40%

Long-term
adjusted AFR 5.26% 5.19% 5.16% 5.13%


REV. RUL. 99-37 TABLE 3

Rates Under Section 382 for September 1999

Adjusted federal long-term rate for the current month 5.26%

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.) 5.26%


REV. RUL. 99-37 TABLE 4

Appropriate Percentages Under Section 42(b)(2) for September 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. 99-37 TABLE 5

Rate Under Section 7520 for September 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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