IRS Revenue Ruling
2001-17

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 382, 1274, 1288,
and other sections of the Code, tables set forth the rates for April 2001.


REV. RUL. 2001-17

This revenue ruling provides various prescribed rates for federal
income tax purposes for April 2001 (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. 2001-17 TABLE 1

Applicable Federal Rates (AFR) for April 2001

Period for Compounding
-------------------------------------------
Annual Semiannual Quarterly Monthly
------ ---------- --------- -------
Short-Term
AFR 4.63% 4.58% 4.55% 4.54%
110% AFR 5.10% 5.04% 5.01% 4.99%
120% AFR 5.58% 5.50% 5.46% 5.44%
130% AFR 6.04% 5.95% 5.91% 5.88%

Mid-Term
AFR 4.94% 4.88% 4.85% 4.83%
110% AFR 5.44% 5.37% 5.33% 5.31%
120% AFR 5.95% 5.86% 5.82% 5.79%
130% AFR 6.44% 6.34% 6.29% 6.26%
150% AFR 7.45% 7.32% 7.25% 7.21%
175% AFR 8.72% 8.54% 8.45% 8.39%

Long-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%


REV. RUL. 2001-17 TABLE 2

Adjusted AFR for April 2001

Period for Compounding
-------------------------------------------
Annual Semiannual Quarterly Monthly
------ ---------- --------- -------
Short-term
adjusted AFR 3.37% 3.34% 3.33% 3.32%

Mid-term
adjusted AFR 3.89% 3.85% 3.83% 3.82%

Long-term
adjusted AFR 4.87% 4.81% 4.78% 4.76%


REV. RUL. 2001-17 TABLE 3

Rates Under Section 382 for April 2001

Adjusted federal long-term rate for the current month 4.87%

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.) 4.92%


REV. RUL. 2001-17 TABLE 4

Appropriate Percentages Under Section 42(b)(2) for April 2001

Appropriate percentage for the 70% present value
low-income housing credit 8.21%

Appropriate percentage for the 30% present value
low-income housing credit 3.52%


REV. RUL. 2001-17 TABLE 5

Rate Under Section 7520 for April 2001

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 6.0%

<<END RULING>>

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