Rev. Rul. 99-17

This revenue ruling provides various prescribed rates for federal income tax purposes for April 1999 (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.

Applicable Federal Rates (AFR) for April 1999

Period for Compounding

Annual Semiannual Quarterly Monthly

Short-Term

AFR 4.99% 4.93% 4.90% 4.88% 110% AFR 5.49% 5.42% 5.38% 5.36% 120% AFR 6.01% 5.92% 5.88% 5.85% 130% AFR 6.51% 6.41% 6.36% 6.33%

Mid-Term

AFR 5.28% 5.21% 5.18% 5.15% 110% AFR 5.81% 5.73% 5.69% 5.66% 120% AFR 6.35% 6.25% 6.20% 6.17% 130% AFR 6.88% 6.77% 6.71% 6.68% 150% AFR 7.97% 7.82% 7.75% 7.70% 175% AFR 9.33% 9.12% 9.02% 8.95%

Long-Term

AFR 5.67% 5.59% 5.55% 5.53% 110% AFR 6.24% 6.15% 6.10% 6.07% 120% AFR 6.82% 6.71% 6.65% 6.62% 130% AFR 7.40% 7.27% 7.21% 7.16%

April 5, 1999 4 1999–14 I.R.B.

REV. RUL. 99–17 TABLE 2

Adjusted AFR for April 1999

Period for Compounding

Annual Semiannual Quarterly Monthly

Short-term adjusted AFR 3.18% 3.16% 3.15% 3.14%

Mid-term adjusted AFR 3.82% 3.78% 3.76% 3.75%

Long-term adjusted AFR 4.78% 4.72% 4.69% 4.67%

REV. RUL. 99–17 TABLE 3

Rates Under Section 382 for April 1999

Adjusted federal long-term rate for the current month 4.78%

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.) 4.78%

REV. RUL. 99–17 TABLE 4

Appropriate Percentages Under Section 42(b)(2) for April 1999

Appropriate percentage for the 70% present value low-income housing credit 8.28%

Appropriate percentage for the 30% present value low-income housing credit 3.55%

REV. RUL. 99–17 TABLE 5

Rate Under Section 7520 for April 1999

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 6.4%

Section 1288.—Treatment of Original Issue Discount on Tax-Exempt Obligations

The adjusted applicable federal short-term, midterm, and long-term rates are set forth for the month of April 1999. See Rev. Rul. 99–17, page 4.

Section 7520.—Valuation Tables

The adjusted applicable federal short-term, midterm, and long-term rates are set forth for the month of April 1999. See Rev. Rul. 99–17, page 4.

Section 7872.—Treatment of Loans With Below-Market Interest Rates

The adjusted applicable federal short-term, midterm, and long-term rates are set forth for the month of April 1999. See Rev. Rul. 99–17, page 4.

1999–14 I.R.B. 5 April 5, 1999