rr-99-29.pdf

Preserve advance releases and the authoritative Internal Revenue Bulletin rendition; directory timestamps are file-publication metadata, not legal effective dates. HTML bulletins begin June 2003; earlier available issues require full PDF parsing.

This collection currently includes the publisher’s available advance-release directory. Historical bulletin renditions are discovered separately; an advance-release record alone does not certify the collection archive complete.

# 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. 99-29

This revenue ruling provides various prescribed rates for
federal income tax purposes for July 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. 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. Finally, Table 6 contains the
blended annual rate for 1999 for purposes of section 7872.

<!-- PageBreak -->

REV. RUL.

99-29

TABLE

1

Applicable Federal

Rates

(AFR)

for July 1999

## Period for Compounding

Annual

Semiannual

Quarterly

Monthly

Short-Term

AFR

5.32%

5.25%

5.22%

5.19%

110% AFR

5.86%

5.78%

5.74%

5.71%

120% AFR

6.40%

6.30%

6.25%

6.22%

130% AFR

6.95%

6.83%

6.77%

6.73%

Mid-Term

AFR

5.82%

5.74%

5.70%

5.67%

110% AFR

6.41%

6.31%

6.26%

6.23%

120% AFR

7.01%

6.89%

6.83%

6.79%

130% AFR

7.60%

7.46%

7.39%

7.35%

150% AFR

8.80%

8.61%

8.52%

8.46%

175% AFR

10.30%

10.05%

9.93%

9.85%

Long-Term

AFR

6.10%

6.01%

5.97%

5.94%

110% AFR

6.72%

6.61%

6.56%

6.52%

120% AFR

7.34%

7.21%

7.15%

7.10%

130% AFR

7.96%

7.81%

7.74%

7.69%

<!-- PageBreak -->

REV. RUL. 99-29 TABLE 2 Adjusted AFR for July 1999 Period for Compounding

Annual

Semiannual

Quarterly

Monthly

Short-term adjusted AFR

3.48%

3.45%

3.44%

3.43%

Mid-term adjusted AFR

4.14%

4.10%

4.08%

4.07%

Long-term adjusted AFR

4.98%

4.92%

4.89%

4.87%

REV. RUL. 99-29 TABLE 3

Rates Under Section 382 for July 1999
Adjusted federal long-term rate for the current month
4.98%

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. )
4.98%

<!-- PageBreak -->

# REV. RUL. 99-29 TABLE 4

# Appropriate Percentages Under Section 42 (b) (2) for July 1999

REV. RUL. 99-29 TABLE 5 Rate Under Section 7520 for July 1999

Appropriate percentage for the 70% present

value low-income housing credit

8.40%

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

3.60%

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
7.0%

REV. RUL. 99-29 TABLE 6
Blended Annual Rate for 1999

Section 7872 (e) (2) blended annual rate for 1999
4.94%