rr-99-32.pdf

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# Part I

Section 1274 .-- Determination of Issue Price in the Case of
Certain Debt Instruments Issued for Property

(Also Sections 42, 280G, 382, 412, 467, 468, 482, 483, 642, 807,
846, 1288, 7520, 7872.)

## Rev. Rul. 99-32

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

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REV. RUL. 99-32 TABLE 1 Applicable Federal Rates (AFR) for August 1999 Period for Compounding

Annual

Semiannual

Quarterly

Monthly

Short-Term

AFR

5.43%

5.36%

5.32%

5.30%

110% AFR

5.99%

5.90%

5.86%

5.83%

120% AFR

6.53%

6.43%

6.38%

6.35%

130% AFR

7.09%

6.97%

6.91%

6.87%

Mid-Term

AFR

5.96%

5.87%

5.83%

5.80%

110% AFR

6.56%

6.46%

6.41%

6.37%

120% AFR

7.16%

7.04%

6.98%

6.94%

130% AFR

7.78%

7.63%

7.56%

7.51%

150% AFR

9.00%

8.81%

8.72%

8.65%

175% AFR

10.53%

10.27%

10.14%

10.06%

Long-Term

AFR

6.23%

6.14%

6.09%

6.06%

110% AFR

6.86%

6.75%

6.69%

6.66%

120% AFR

7.51%

7.37%

7.30%

7.26%

130% AFR

8.14%

7.98%

7.90%

7.85%

REV. RUL. 99-32 TABLE 2 Adjusted AFR for August 1999 Period for Compounding

Annual

Semiannual

Quarterly

Monthly

Short-term adjusted AFR

3.69%

3.66%

3.64%

3.63%

Mid-term adjusted AFR

4.47%

4.42%

4.40%

4.38%

Long-term adjusted AFR

5.18%

5.11%

5.08%

5.06%

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### REV. RUL. 99-32 TABLE 3

Rates Under Section 382 for August 1999
Adjusted federal long-term rate for the current month
5.18%

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. )

5.18%

#### REV. RUL. 99-32 TABLE 4

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

Appropriate percentage for the 70% present
value low-income housing credit
8.43%

Appropriate percentage for the 30% present
value low-income housing credit
3.61%

## REV. RUL. 99-32 TABLE 5

Rate Under Section 7520 for August 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
7.2%