rr-04-56.pdf

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Section 6621.--Determination of Interest Rate

rate of
the
percent for
on), 4 percent
for underpayments, and 6 percent for large corporate
underpayments. The rate of interest paid on the portion of a
payment exceeding $10,000 will be 1.5 percent.

lishes the
yments.
ginning July 1,
plus 3 percentage
oration), except
ate overpayment of tax
exceeding $10,000 for a taxable period is the sum of the federal
terest
tion
federal
of interest
te underpayment,
the underpayment rate under section 6621(a)(2) is determined by
substituting "5 percentage points" for "3 percentage points."
21(c) and section 301.6621-3 of the Regulations on
Procedure and Administration for the definition of a large
corporate underpayment and for the rules for determining the
21-3 are
1990.

ary will
nth in each
Section 6621(b)(2)(A) provides that the federal short-term
rate determined under section 6621(b)(1) for any month applies
during the first calendar quarter beginning after such month.

Section 6621(b)(3) provides that the federal short-term
rate for any month is the federal short-term rate determined
during such month by the Secretary in accordance with § 1274(d),
rounded to the nearest full percent (or, if a multiple of 1/2 of
1 percent, the rate is increased to the next highest full
percent).

26 CFR 301.6621-1: Interest rate.

Interest rates; underpayments and overpayments. The
interest determined under section 6621 of the Code for
calendar quarter beginning July 1, 2004, will be 4
overpayments (3 percent in the case of a corporati
corporate over
Rev. Rul. 2004-56

Section 6621 of the Internal Revenue Code estab
rates for interest on tax overpayments and tax underpa
Under section 6621(a)(1), the overpayment rate be
2004, is the sum of the federal short-term rate
points (2 percentage points in the case of a corp
the rate for the portion of a corpor
short-term rate plus 0.5 of a percentage point for in
computations made after December 31, 1994. Under sec
6621(a)(2), the underpayment rate is the sum of the
short-term rate plus 3 percentage points.

Section 6621(c) provides that for purposes
payable under section 6601 on any large corpora
See section 66
applicable date. Section 6621(c) and section 301.66
generally effective for periods after December 31,
Section 6621(b)(1) provides that the Secret
determine the federal short-term rate for the first mo
calendar quarter.

2
Notice 88-59, 1988-1 C.B. 546, announce
determining the quarterly interest rates to be used
overpayments and underpayments of tax under section 6
Internal Revenue Service will use the federal short-te
based on daily
d that, in
for
621, the
rm rate
compounding because that rate is most consistent
with section 6621 which, pursuant to section 6622, is subject to
federal short-
g the month
yment rate of
and an
r the calendar
te for the
00 for the
r quarter beginning July 1, 2004, is 1.5 percent. The
underpayment rate for large corporate underpayments for the
nt. These
at calendar

or annual
rcent are
published in Tables 56, 59, 61, and 65 of Rev. Proc. 95-17,
610, 613, 615, and 619.

ly pursuant to
h in the
DRAFTING INFORMATION

The principal author of this revenue ruling is Crystal
Foster of the Office of Associate Chief Counsel (Procedure &
Administration). For further information regarding this revenue
ruling, contact Ms. Foster at (202) 622-7326 (not a toll-free
call).

daily compounding.

Rounded to the nearest full percent, the
term rate based on daily compounding determined durin
of April 2004 is 1 percent. Accordingly, an overpa
4 percent (3 percent in the case of a corporation)
underpayment rate of 4 percent are established fo
quarter beginning July 1, 2004. The overpayment ra
portion of a corporate overpayment exceeding $10,0
calenda
calendar quarter beginning July 1, 2004, is 6 perce
rates apply to amounts bearing interest during th
quarter.
Interest factors for daily compound interest f
rates of 1.5 percent, 3 percent, 4 percent, and 6 pe
1995-1 C.B. 556,
Annual interest rates to be compounded dai
section 6622 that apply for prior periods are set fort
tables accompanying this revenue ruling.

3

PERIODS BEFORE JUL. 1, 1975 - PERIODS ENDING DEC. 31, 1986

B.
BLE

557
559
558
557
560
560
591
581
629
Jul. 1, 1984--Dec. 31, 1984 11% Table 75, pg. 629
Jan. 1, 1985--Jun. 30, 1985 13% Table 31, pg. 585
Jul. 1, 1985--Dec. 31, 1985 11% Table 27, pg. 581
Jan. 1, 1986--Jun. 30, 1986 10% Table 25 pg. 579
Jul. 1, 1986--Dec. 31, 1986 9% Table 23, pg. 577

TAB

TABLE OF INTEREST RATES

OVERPAYMENTS AND UNDERPAYMENTS

In 1995-1 C.
PERIOD RATE DAILY RATE TA

Before Jul. 1, 1975 6% Table 2, pg.
Jul. 1, 1975--Jan. 31, 1976 9% Table 4, pg.
Feb. 1, 1976--Jan. 31, 1978 7% Table 3, pg.
Feb. 1, 1978--Jan. 31, 1980 6% Table 2, pg.
Feb. 1, 1980--Jan. 31, 1982 12% Table 5, pg.
Feb. 1, 1982--Dec. 31, 1982 20% Table 6, pg.
Jan. 1, 1983--Jun. 30, 1983 16% Table 37, pg.
Jul. 1, 1983--Dec. 31, 1983 11% Table 27, pg.
Jan. 1, 1984--Jun. 30, 1984 11% Table 75, pg.

LE OF INTEREST RATES

FROM JAN. 1, 1987 - Dec. 31, 1998

OVERPAYMENTS UNDERPAYMENTS
95-1 C.B.
BLE PG
3 577
3 577
3 577
5 579
5 629
3 627
3 627
5 629
7 581
Apr. 1, 1989--Jun. 30, 1989 11% 27 581 12% 29 583
Jul. 1, 1989--Sep. 30, 1989 11% 27 581 12% 29 583
Oct. 1, 1989--Dec. 31, 1989 10% 25 579 11% 27 581
Jan. 1, 1990--Mar. 31, 1990 10% 25 579 11% 27 581
Apr. 1, 1990--Jun. 30, 1990 10% 25 579 11% 27 581
Jul. 1, 1990--Sep. 30, 1990 10% 25 579 11% 27 581
Oct. 1, 1990--Dec. 31, 1990 10% 25 579 11% 27 581
Jan. 1, 1991--Mar. 31, 1991 10% 25 579 11% 27 581
Apr. 1, 1991--Jun. 30, 1991 9% 23 577 10% 25 579
Jul. 1, 1991--Sep. 30, 1991 9% 23 577 10% 25 579

1995-1 C.B. 19
RATE TABLE PG RATE TA
Jan. 1, 1987--Mar. 31, 1987 8% 21 575 9% 2
Apr. 1, 1987--Jun. 30, 1987 8% 21 575 9% 2
Jul. 1, 1987--Sep. 30, 1987 8% 21 575 9% 2
Oct. 1, 1987--Dec. 31, 1987 9% 23 577 10% 2
Jan. 1, 1988--Mar. 31, 1988 10% 73 627 11% 7
Apr. 1, 1988--Jun. 30, 1988 9% 71 625 10% 7
Jul. 1, 1988--Sep. 30, 1988 9% 71 625 10% 7
Oct. 1, 1988--Dec. 31, 1988 10% 73 627 11% 7
Jan. 1, 1989--Mar. 31, 1989 10% 25 579 11% 2

4
Oct. 1, 1991--Dec. 31, 1991 9% 23 577 10% 25 579
1 625
9 623
9 623
7 621
9 573
9 573
9 573
9 573
9 573
19 573
1 575
3 577
3 577
5 579
3 577
3 577
1 625
69 623
71 625
71 625
23 577
23 577
Jul. 1, 1997--Sep. 30, 1997 8% 21 575 9% 23 577
Oct. 1, 1997--Dec. 31, 1997 8% 21 575 9% 23 577
Jan. 1, 1998--Mar. 31, 1998 8% 21 575 9% 23 577
Apr. 1, 1998--Jun. 30, 1998 7% 19 573 8% 21 575
Jul. 1, 1998--Sep. 30, 1998 7% 19 573 8% 21 575
Oct. 1, 1998--Dec. 31, 1998 7% 19 573 8% 21 575
Jan. 1, 1992--Mar. 31, 1992 8% 69 623 9% 7
Apr. 1, 1992--Jun. 30, 1992 7% 67 621 8% 6
Jul. 1, 1992--Sep. 30, 1992 7% 67 621 8% 6
Oct. 1, 1992--Dec. 31, 1992 6% 65 619 7% 6
Jan. 1, 1993--Mar. 31, 1993 6% 17 571 7% 1
Apr. 1, 1993--Jun. 30, 1993 6% 17 571 7% 1
Jul. 1, 1993--Sep. 30, 1993 6% 17 571 7% 1
Oct. 1, 1993--Dec. 31, 1993 6% 17 571 7% 1
Jan. 1, 1994--Mar. 31, 1994 6% 17 571 7% 1
Apr. 1, 1994--Jun. 30, 1994 6% 17 571 7%
Jul. 1, 1994--Sep. 30, 1994 7% 19 573 8% 2
Oct. 1, 1994--Dec. 31, 1994 8% 21 575 9% 2
Jan. 1, 1995--Mar. 31, 1995 8% 21 575 9% 2
Apr. 1, 1995--Jun. 30, 1995 9% 23 577 10% 2
Jul. 1, 1995--Sep. 30, 1995 8% 21 575 9% 2
Oct. 1, 1995--Dec. 31, 1995 8% 21 575 9% 2
Jan. 1, 1996--Mar. 31, 1996 8% 69 623 9% 7
Apr. 1, 1996--Jun. 30, 1996 7% 67 621 8%
Jul. 1, 1996--Sep. 30, 1996 8% 69 623 9%
Oct. 1, 1996--Dec. 31, 1996 8% 69 623 9%
Jan. 1, 1997--Mar. 31, 1997 8% 21 575 9%
Apr. 1, 1997--Jun. 30, 1997 8% 21 575 9%

5

TABLE OF INTEREST RATES

NONCORPO
1 C.B.
BLE PAGE
573
575
575
575
623
625
625
625
577
575
573
573
571
571
571
002 571
003 569
Apr. 1, 2003--Jun. 30, 2003 5% 15 569
Jul. 1, 2003--Sep. 30, 2003 5% 15 569
Oct. 1, 2003--Dec. 31, 2003 4% 13 567
Jan. 1, 2004--Mar. 31, 2004 4% 61 615
Apr. 1, 2004--Jun. 30, 2004 5% 63 617
Jul. 1, 2004--Sep. 30, 2004 4% 61 615

FROM JANUARY 1, 1999 - PRESENT
RATE OVERPAYMENTS AND UNDERPAYMENTS

1995-
RATE TA
Jan. 1, 1999--Mar. 31, 1999 7% 19
Apr. 1, 1999--Jun. 30, 1999 8% 21
Jul. 1, 1999--Sep. 30, 1999 8% 21
Oct. 1, 1999--Dec. 31, 1999 8% 21
Jan. 1, 2000--Mar. 31, 2000 8% 69
Apr. 1, 2000--Jun. 30, 2000 9% 71
Jul. 1, 2000--Sep. 30, 2000 9% 71
Oct. 1, 2000--Dec 31, 2000 9% 71
Jan. 1, 2001--Mar. 31, 2001 9% 23
Apr. 1, 2001--Jun. 30, 2001 8% 21
Jul. 1, 2001--Sep. 30, 2001 7% 19
Oct. 1, 2001--Dec. 31, 2001 7% 19
Jan. 1, 2002--Mar. 31, 2002 6% 17
Apr. 1, 2002--Jun. 30, 2002 6% 17
Jul. 1, 2002--Sep. 30, 2 6% 17 002
Oct. 1, 2002--Dec. 31, 2 6% 17
Jan. 1, 2003--Mar. 31, 2 5% 15

6

ATES

SENT

CORPORATE OVERPAYMENTS AND UNDERPAYMENTS

RPAYMENTS
______

5-1 C.B.

TABLE PG
19 573
21 575
21 575
21 575
69 623
71 625
71 625
71 625
23 577
21 575
19 573
19 573
20 17 571
17 571
17 571
17 571
Jan. 1, 2003--Mar. 31, 2003 4% 13 567 5% 15 569
Apr. 1, 2003--Jun. 30, 2003 4% 13 567 5% 15 569
Jul. 1, 2003--Sep. 30, 2003 4% 13 567 5% 15 569
Oct. 1, 2003--Dec. 31, 2003 3% 11 565 4% 13 567
Jan. 1, 2004--Mar. 31, 2004 3% 59 613 4% 61 615
Apr. 1, 2004--Jun. 30, 2004 4% 61 615 5% 63 617
Jul. 1, 2004--Sep. 30, 2004 3% 59 613 4% 61 615

TABLE OF INTEREST R
FROM JANUARY 1, 1999 - PRE

OVERPAYMENTS UNDE
_______________________

1995-1 C.B. 199

RATE TABLE PG RATE

Jan. 1, 1999--Mar. 31, 1999 6% 17 571 7%
Apr. 1, 1999--Jun. 30, 1999 7% 19 573 8%
Jul. 1, 1999--Sep. 30, 1999 7% 19 573 8%
Oct. 1, 1999--Dec. 31, 1999 7% 19 573 8%
Jan. 1, 2000--Mar. 31, 2000 7% 67 621 8%
Apr. 1, 2000--Jun. 30, 2000 8% 69 623 9%
Jul. 1, 2000--Sep. 30, 2000 8% 69 623 9%
Oct. 1, 2000--Dec. 31, 2000 8% 69 623 9%
Jan. 1, 2001--Mar. 31, 2001 8% 21 575 9%
Apr. 1, 2001--Jun. 30, 2001 7% 19 573 8%
Jul. 1, 2001--Sep. 30, 2001 6% 17 571 7%
Oct. 1, 2001--Dec. 31, 01 6% 17 571 7% 20
Jan. 1, 2002--Mar. 31, 02 5% 15 569 6%
Apr. 1, 2002--Jun. 30, 2002 5% 15 569 6%
Jul. 1, 2002--Sep. 30, 2002 5% 15 569 6%
Oct. 1, 2002--Dec. 31, 2002 5% 15 569 6%

7
TABLE OF INTEREST RATES FOR
AYMENTS

FROM JANUARY 1, 1991 - PRESENT

.
LE PG

1 585
9 583
9 583
9 583
5 629
3 627
3 627
1 625
3 577
3 577
3 577
3 577
3 577
3 577
5 579
7 581
7 581
9 583
7 581
7 581
5 629
3 627
75 629
75 629
27 581
27 581
27 581
27 581
27 581
25 579
25 579
25 579
23 577
25 579
25 579
25 579
Jan. 1, 2000--Mar. 31, 2000 10% 73 627
Apr. 1, 2000--Jun. 30, 2000 11% 75 629
Jul. 1, 2000--Sep. 30, 2000 11% 75 629
Oct. 1, 2000--Dec. 31, 2000 11% 75 629
Jan. 1, 2001--Mar. 31, 2001 11% 27 581
Apr. 1, 2001--Jun. 30, 2001 10% 25 579
Jul. 1, 2001--Sep. 30, 2001 9% 23 577
Oct. 1, 2001--Dec. 31, 2001 9% 23 577
Jan. 1, 2002--Mar. 31, 2002 8% 21 575
Apr. 1, 2002--Jun. 30, 2002 8% 21 575
LARGE CORPORATE UNDERP
1995-1
RATE TAB

Jan. 1, 1991--Mar. 31, 1991 13% 3
Apr. 1, 1991--Jun. 30, 1991 12% 2
Jul. 1, 1991--Sep. 30, 1991 12% 2
Oct. 1, 1991--Dec. 31, 1991 12% 2
Jan. 1, 1992--Mar. 31, 1992 11% 7
Apr. 1, 1992--Jun. 30, 1992 10% 7
Jul. 1, 1992--Sep. 30, 1992 10% 7
Oct. 1, 1992--Dec. 31, 1992 9% 7
Jan. 1, 1993--Mar. 31, 1993 9% 2
Apr. 1, 1993--Jun. 30, 1993 9% 2
Jul. 1, 1993--Sep. 30, 1993 9% 2
Oct. 1, 1993--Dec. 31, 1993 9% 2
Jan. 1, 1994--Mar. 31, 1994 9% 2
Apr. 1, 1994--Jun. 30, 1994 9% 2
Jul. 1, 1994--Sep. 30, 1994 10% 2
Oct. 1, 1994--Dec. 31, 1994 11% 2
Jan. 1, 1995--Mar. 31, 1995 11% 2
Apr. 1, 1995--Jun. 30, 1995 12% 2
Jul. 1, 1995--Sep. 30, 1995 11% 2
Oct. 1, 1995--Dec. 31, 1995 11% 2
Jan. 1, 1996--Mar. 31, 1996 11% 7
Apr. 1, 1996--Jun. 30, 1996 10% 7
Jul. 1, 1996--Sep. 30, 1996 11%
C.B
Oct. 1, 1996--Dec. 31, 1996 11%
Jan. 1, 1997--Mar. 31, 1997 11%
Apr. 1, 1997--Jun. 30, 1997 11%
Jul. 1, 1997--Sep. 30, 1997 11%
Oct. 1, 1997--Dec. 31, 1997 11%
Jan. 1, 1998--Mar. 31, 1998 11%
Apr. 1, 1998--Jun. 30, 1998 10%
Jul. 1, 1998--Sep. 30, 1998 10%
Oct. 1, 1998--Dec. 31, 1998 10%
Jan. 1, 1999--Mar. 31, 1999 9%
Apr. 1, 1999--Jun. 30, 1999 10%
Jul. 1, 1999--Sep. 30, 1999 10%
Oct. 1, 1999--Dec. 31, 1999 10%

8
Jul. 1, 2002--Sep. 30, 2002 8% 21 575
21 575
20 19 573
20 19 573
19 573
17 571
20 65 619
Apr. 1, 2004--Jun. 30, 2004 7% 67 621
Jul. 1, 2004--Sep. 30, 2004 6% 65 619

Oct. 1, 2002--Dec. 30, 2002 8%
Jan. 1, 2003--Mar. 31, 03 7%
Apr. 1, 2003--Jun. 30, 03 7%
Jul. 1, 2003--Sep. 30, 2003 7%
Oct. 1, 2003--Dec. 31, 2003 6%
Jan. 1, 2004--Mar. 31, 04 6%

9
R CORPORATE
$10,000

FROM JANUARY 1, 1995 –

1 C.B.
ABLE PG
8 572
0 574
8 572
8 572
6 620
4 618
6 620
6 620
8 572
8 572
8 572
8 572
8 572
6 570
16 570
16 570
14 568
16 570
16 570
16 570
64 618
66 620
66 620
66 620
18 572
16 570
20 14 568
20 4. 14 568
12 566
20 12 566
Jul. 1, 2002--Sep. 30, 2002 3.5% 12 566
Oct. 1, 2002--Dec. 31, 2002 3.5% 12 566
Jan. 1, 2003--Mar. 31, 2003 2.5% 10 564
Apr. 1, 2003--Jun. 30, 2003 2.5% 10 564
Jul. 1, 2003--Sep. 30, 2003 2.5% 10 564
Oct. 1, 2003--Dec. 31, 2003 1.5% 8 562
Jan. 1, 2004--Mar. 31, 2004 1.5% 56 610
Apr. 1, 2004--Jun. 30, 2004 2.5% 58 612
Jul. 1, 2004--Sep. 30, 2004 1.5% 56 610

TABLE OF INT REST RATES FOE
OVERPAYMENTS EXCEEDING
PRESENT
1995-
RATE T

Jan. 1, 1995--Mar. 31, 1995 6.5% 1
Apr. 1, 1995--Jun. 30, 1995 7.5% 2
Jul. 1, 1995--Sep. 30, 1995 6.5% 1
Oct. 1, 1995--Dec. 31, 1995 6.5% 1
Jan. 1, 1996--Mar. 31, 1996 6.5% 6
Apr. 1, 1996--Jun. 30, 1996 5.5% 6
Jul. 1, 1996--Sep. 30, 1996 6.5% 6
Oct. 1, 1996--Dec. 31, 1996 6.5% 6
Jan. 1, 1997--Mar. 31, 1997 6.5% 1
Apr. 1, 1997--Jun. 30, 1997 6.5% 1
Jul. 1, 1997--Sep. 30, 1997 6.5% 1
Oct. 1, 1997--Dec. 31, 1997 6.5% 1
Jan. 1, 1998--Mar. 31, 1998 6.5% 1
Apr. 1, 1998--Jun. 30, 1998 5.5% 1
Jul. 1. 1998--Sep. 30, 1998 5.5%
Oct. 1, 1998--Dec. 31, 1998 5.5%
Jan. 1, 1999--Mar. 31, 1999 4.5%
Apr. 1, 1999--Jun. 30, 1999 5.5%
Jul. 1, 1999--Sep. 30, 1999 5.5%
Oct. 1, 1999--Dec. 31, 1999 5.5%
Jan. 1, 2000--Mar. 31, 2000 5.5%
Apr. 1, 2000--Jun. 30, 2000 6.5%
Jul. 1, 2000--Sep. 30, 2000 6.5%
Oct. 1, 2000--Dec. 31, 2000 6.5%
Jan. 1, 2001--Mar. 31, 2001 6.5%
Apr. 1, 2001--Jun. 30, 2001 5.5%
Jul. 1, 2001--Sep. 30, 01 4.5%
Oct. 1, 2001--Dec. 31, 01 5%
Jan. 1, 2002--Mar. 31, 2002 3.5%
Apr. 1, 2002--Jun. 30, 02 3.5%