IRS Issues Applicable Federal Rates Revenue Ruling | AccountingWEB

IRS Issues Applicable Federal Rates Revenue Ruling

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.

Click here for the full text of the revised ruling.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.