IRS Revenue Ruling
2002-36

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 June 2002.


REV. RUL. 2002-36

This revenue ruling provides various prescribed rates for federal
income tax purposes for June 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. 2002-36 TABLE 1

Applicable Federal Rates (AFR) for June 2002

Period for Compounding
-------------------------------------------
Annual Semiannual Quarterly Monthly
------ ---------- --------- -------
Short-Term
AFR 2.91% 2.89% 2.88% 2.87%
110% AFR 3.21% 3.18% 3.17% 3.16%
120% AFR 3.50% 3.47% 3.46% 3.45%
130% AFR 3.80% 3.76% 3.74% 3.73%

Mid-Term
AFR 4.74% 4.69% 4.66% 4.64%
110% AFR 5.23% 5.16% 5.13% 5.11%
120% AFR 5.71% 5.63% 5.59% 5.57%
130% AFR 6.19% 6.10% 6.05% 6.02%
150% AFR 7.16% 7.04% 6.98% 6.94%
175% AFR 8.38% 8.21% 8.13% 8.07%

Long-Term
AFR 5.70% 5.62% 5.58% 5.56%
110% AFR 6.28% 6.18% 6.13% 6.10%
120% AFR 6.85% 6.74% 6.68% 6.65%
130% AFR 7.44% 7.31% 7.24% 7.20%


REV. RUL. 2002-36 TABLE 2

Adjusted AFR for June 2002

Period for Compounding
-------------------------------------------
Annual Semiannual Quarterly Monthly
------ ---------- --------- -------
Short-term
adjusted AFR 2.45% 2.44% 2.43% 2.43%

Mid-term
adjusted AFR 3.67% 3.64% 3.62% 3.61%

Long-term
adjusted AFR 4.89% 4.83% 4.80% 4.78%


REV. RUL. 2002-36 TABLE 3

Rates Under Section 382 for June 2002
Adjusted federal long-term rate for the current month 4.89%

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. 2002-36 TABLE 4

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

Appropriate percentage for the 70% present value
low-income housing credit 8.22%

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


REV. RUL. 2002-36 TABLE 5

Rate Under Section 7520 for June 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 5.8%

<<END RULING>>

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