Rev. Rul. 2014-31 - Rev. Rul. 2014–31
Rev. Rul. 2014–31
This revenue ruling provides various prescribed rates for federal income tax purposes for December 2014 (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)(1) for buildings placed in service during the current month. However, under section 42(b)(2), the applicable percentage for non-federally subsidized new buildings placed in service after July 30, 2008, with respect to housing credit dollar amount allocations made before January 1, 2014, shall not be less than 9%. 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 2015 interest rate for sections 846 and 807.
| REV. RUL. 2014–31 TABLE 1 | ||||
|---|---|---|---|---|
| Applicable Federal Rates (AFR) for December 2014 | ||||
| --- | --- | --- | --- | --- |
| Period for Compounding | ||||
| --- | --- | --- | --- | --- |
| Annual | Semiannual | Quarterly | Monthly | |
| --- | --- | --- | --- | --- |
| Short-term | ||||
| AFR | .34% | .34% | .34% | .34% |
| 110% AFR | .37% | .37% | .37% | .37% |
| 120% AFR | .41% | .41% | .41% | .41% |
| 130% AFR | .44% | .44% | .44% | .47% |
| Mid-term | ||||
| AFR | 1.72% | 1.71% | 1.71% | 1.70% |
| 110% AFR | 1.89% | 1.88% | 1.88% | 1.87% |
| 120% AFR | 2.06% | 2.05% | 2.04% | 2.04% |
| 130% AFR | 2.23% | 2.22% | 2.21% | 2.21% |
| 150% AFR | 2.59% | 2.57% | 2.56% | 2.56% |
| 175% AFR | 3.01% | 2.99% | 2.98% | 2.97% |
| Long-term | ||||
| AFR | 2.74% | 2.72% | 2.71% | 2.70% |
| 110% AFR | 3.01% | 2.99% | 2.98% | 2.97% |
| 120% AFR | 3.29% | 3.26% | 3.25% | 3.24% |
| 130% AFR | 3.57% | 3.54% | 3.52% | 3.51% |
| REV. RUL. 2014–31 TABLE 2 | ||||
|---|---|---|---|---|
| Adjusted AFR for December 2014 | ||||
| --- | --- | --- | --- | --- |
| Period for Compounding | ||||
| --- | --- | --- | --- | --- |
| Annual | Semiannual | Quarterly | Monthly | |
| --- | --- | --- | --- | --- |
| Short-term adjusted AFR | .34% | .34% | .34% | .34% |
| Mid-term adjusted AFR | 1.28% | 1.28% | 1.28% | 1.28% |
| Long-term adjusted AFR | 2.68% | 2.66% | 2.65% | 2.65% |
| REV. RUL. 2014–31 TABLE 3 | |
|---|---|
| Rates Under Section 382 for December 2014 | |
| --- | --- |
| Adjusted federal long-term rate for the current month | 2.68% |
| 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.) | 2.80% |
| REV. RUL. 2014–31 TABLE 4 | |
|---|---|
| Appropriate Percentages Under Section 42(b)(1) for December 2014 | |
| --- | --- |
| Note: Under section 42(b)(2), the applicable percentage for non-federally subsidized new buildings placed in service after July 30, 2008, with respect to housing credit dollar amount allocations made before January 1, 2014, shall not be less than 9%. | |
| Appropriate percentage for the 70% present value low-income housing credit | 7.51% |
| Appropriate percentage for the 30% present value low-income housing credit | 3.22% |
| REV. RUL. 2014–31 TABLE 5 | |
|---|---|
| Rate Under Section 7520 for December 2014 | |
| --- | --- |
| 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 | 2.0% |
| REV. RUL. 2014–31 TABLE 6 | |
|---|---|
| Rates Under Sections 846 and 807 | |
| --- | --- |
| Applicable rate of interest for 2015 for purposes of sections 846 and 807 | 1.68% |