Internal Revenue Bulletin:  2003-45 

November 10, 2003 

Rev. Rul. 2003-114


Table of Contents

Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for November 2003.

Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for November 2003.

This revenue ruling provides various prescribed rates for federal income tax purposes for November 2003 (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 annuity, an interest for life or for a term of years, or a remainder or a reversionary interest for purposes of section 7520.

REV. RUL. 2003-114 TABLE 1
Applicable Federal Rates (AFR) for November 2003
Period for Compounding
    Annual   Semiannual   Quarterly   Monthly
 Short-Term                
AFR   1.50%   1.49%   1.49%   1.49%
110% AFR   1.65%   1.64%   1.64%   1.63%
120% AFR   1.80%   1.79%   1.79%   1.78%
130% AFR   1.95%   1.94%   1.94%   1.93%
                 
 Mid-Term                
AFR   3.32%   3.29%   3.28%   3.27%
110% AFR   3.65%   3.62%   3.60%   3.59%
120% AFR   3.99%   3.95%   3.93%   3.92%
130% AFR   4.33%   4.28%   4.26%   4.24%
150% AFR   5.00%   4.94%   4.91%   4.89%
175% AFR   5.84%   5.76%   5.72%   5.69%
Long-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%
REV. RUL. 2003-114 TABLE 2
Adjusted AFR for November 2003
Period for Compounding
    Annual   Semiannual   Quarterly   Monthly
Short-term adjusted AFR   1.28%   1.28%   1.28%   1.28%
Mid-term adjusted AFR   2.63%   2.61%   2.60%   2.60%
Long-term adjusted AFR   4.56%   4.51%   4.48%   4.47%
REV. RUL. 2003-114 TABLE 3
Rates Under Section 382 for November 2003
Adjusted federal long-term rate for the current month 4.56%
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.) 4.74%
REV. RUL. 2003-114 TABLE 4
Appropriate Percentages Under Section 42(b)(2) for November 2003
Appropriate percentage for the 70% present value low-income housing credit 7.96%
Appropriate percentage for the 30% present value low-income housing credit 3.41%
REV. RUL. 2003-114 TABLE 5
Rate Under Section 7520 for November 2003
Applicable federal rate for determining the present value of an annuity, an interest for life or aterm of years, or a remainder or reversionary interest 4.0%

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