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SERVICE RELEASES APPLICABLE FEDERAL RATES FOR FEBRUARY.

JAN. 19, 1989

Rev. Rul. 89-15; 1989-1 C.B. 262

DATED JAN. 19, 1989
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Citations: Rev. Rul. 89-15; 1989-1 C.B. 262

Rev. Rul. 89-15

This revenue ruling provides various prescribed rates for federal income tax purposes for February 1989 (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). Finally, 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.

                                Table 1

 

 

           Applicable Federal Rates (AFR) for February 1989

 

 

                               PERIOD FOR COMPOUNDING

 

                               ______________________

 

 

                     ANNUAL      SEMIANNUAL    QUARTERLY     MONTHLY

 

                     ______      __________    _________     _______

 

 

 SHORT-TERM

 

 ___________

 

 

      AFR             9.30%         9.09%        8.99%        8.92%

 

 110% AFR            10.25%        10.00%        9.88%        9.80%

 

 120% AFR            11.21%        10.91%       10.77%       10.67%

 

 

 MID-TERM

 

 ________

 

 

      AFR             9.42%         9.21%        9.11%        9.04%

 

 110% AFR            10.39%        10.13%       10.00%        9.92%

 

 120% AFR            11.36%        11.05%       10.90%       10.80%

 

 

 LONG-TERM

 

 

      AFR             9.29%         9.08%        8.98%        8.91%

 

 110% AFR            10.24%         9.99%        9.87%        9.79%

 

 120% AFR            11.20%        10.90%       10.76%       10.66%

 

 

                                Table 2

 

 

                    Adjusted AFR for February 1989

 

 

                               PERIOD FOR COMPOUNDING

 

                               _______________________

 

 

                     ANNUAL      SEMIANNUAL    QUARTERLY     MONTHLY

 

                     ______      __________    _________     _______

 

 

 Short-term

 

 adjusted AFR        5.98%         5.89%         5.85%        5.82%

 

 

 Mid-term

 

 adjusted AFR        6.40%         6.30%         6.25%        6.22%

 

 

 Long-term

 

 adjusted AFR        7.29%         7.16%         7.10%        7.06%

 

 

                                Table 3

 

 

               Rates Under Section 382 for February 1989

 

 

 Adjusted federal long-term rate for the current month        7.29%

 

 

 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).                                           7.29%

 

 

                                Table 4

 

 

            Appropriate Percentages Under Section 42(b)(2)

 

                           for February 1989

 

 

 Appropriate percentage for the 70% present

 

 value low-income housing credit                             9.22%

 

 

 Appropriate percentage for the 305 present

 

 value low-income housing credit                             3.95%
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