IRS Revenue Ruling
2002-17

 
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 2002.


REV. RUL. 2002-17

This revenue ruling provides various prescribed rates for federal
income tax purposes for April 2002 (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. 2002-17 TABLE 1

Applicable Federal Rates (AFR) for April 2002

Period for Compounding
-------------------------------------------
Annual Semiannual Quarterly Monthly
------ ---------- -------- -------
Short-Term
AFR 2.88% 2.86% 2.85% 2.84%
110% AFR 3.17% 3.15% 3.14% 3.13%
120% AFR 3.46% 3.43% 3.42% 3.41%
130% AFR 3.75% 3.72% 3.70% 3.69%

Mid-Term
AFR 4.65% 4.60% 4.57% 4.56%
110% AFR 5.12% 5.06% 5.03% 5.01%
120% AFR 5.60% 5.52% 5.48% 5.46%
130% AFR 6.07% 5.98% 5.94% 5.91%
150% AFR 7.02% 6.90% 6.84% 6.80%
175% AFR 8.21% 8.05% 7.97% 7.92%

Long-Term
AFR 5.62% 5.54% 5.50% 5.48%
110% AFR 6.18% 6.09% 6.04% 6.01%
120% AFR 6.76% 6.65% 6.60% 6.56%
130% AFR 7.33% 7.20% 7.14% 7.09%


REV. RUL. 2002-17 TABLE 2

Adjusted AFR for April 2002

Period for Compounding
-------------------------------------------
Annual Semiannual Quarterly Monthly
------ ---------- -------- -------
Short-term
adjusted AFR 2.08% 2.07% 2.06% 2.06%

Mid-term
adjusted AFR 3.52% 3.49% 3.47% 3.46%

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


REV. RUL. 2002-17 TABLE 3

Rates Under Section 382 for April 2002

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.) 5.01%


REV. RUL. 2002-17 TABLE 4

Appropriate Percentages Under Section 42(b)(2) for April 2002

Appropriate percentage for the 70% present value
low-income housing credit 8.20%

Appropriate percentage for the 30% present value
low-income housing credit 3.51%


REV. RUL. 2002-17 TABLE 5

Rate Under Section 7520 for April 2002

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 5.6%

<<END RULING>>

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