The IRS has issued revenue ruling 99-37 for Section 1274, Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property. The guidance will appear in Internal Revenue Bulletin 1999-36 dated September 6, 1999.
Revenue ruling 99-37 provides prescribed rates for federal income tax purposes. These rates are for September 1999.
Five tables are included in the revision. Tables one and two contain short-term, mid-term and long-term applicable federal rates (AFR) and adjusted applicable federal rates (adjusted AFR) for the current month. Table three contains the adjusted federal long-term rate and the long-term tax-exempt rate described in section 382(f). Tables four and five detail percentages for determining the low-income housing credit and the federal rate for determining the present value of an annuity.
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