Rev. Rul. 2024-9 - Rev. Rul. 2024-09
Rev. Rul. 2024-09
This revenue ruling provides various prescribed rates for federal income tax purposes for May 2024 (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, shall not be less than 9%. 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.
REV. RUL. 2024-09 TABLE 1 Applicable Federal Rates (AFR) for May 2024 Period for Compounding
| Annual | Semiannual | Quarterly | Monthly | |
|---|---|---|---|---|
| Short-term | ||||
| AFR | 4.97% | 4.91% | 4.88% | 4.86% |
| 110% AFR | 5.47% | 5.40% | 5.36% | 5.34% |
| 120% AFR | 5.98% | 5.89% | 5.85% | 5.82% |
| 130% AFR | 6.48% | 6.38% | 6.33% | 6.30% |
| Mid-term | ||||
| AFR | 4.42% | 4.37% | 4.35% | 4.33% |
| 110% AFR | 4.87% | 4.81% | 4.78% | 4.76% |
| 120% AFR | 5.31% | 5.24% | 5.21% | 5.18% |
| 130% AFR | 5.76% | 5.68% | 5.64% | 5.61% |
| 150% AFR | 6.67% | 6.56% | 6.51% | 6.47% |
| 175% AFR | 7.80% | 7.65% | 7.58% | 7.53% |
| Long-term | ||||
| AFR | 4.55% | 4.50% | 4.47% | 4.46% |
| 110% AFR | 5.01% | 4.95% | 4.92% | 4.90% |
| 120% AFR | 5.47% | 5.40% | 5.36% | 5.34% |
| 130% AFR | 5.94% | 5.85% | 5.81% | 5.78% |
REV. RUL. 2024-09 TABLE 2 Adjusted AFR for May 2024 Period for Compounding
| Annual | Semiannual | Quarterly | Monthly | |
|---|---|---|---|---|
| Short-term adjusted AFR | 3.76% | 3.73% | 3.71% | 3.70% |
| Mid-term adjusted AFR | 3.35% | 3.32% | 3.31% | 3.30% |
| Long-term adjusted AFR | 3.45% | 3.42% | 3.41% | 3.40% |
REV. RUL. 2024-09 TABLE 3 Rates Under Section 382 for May 2024
| Adjusted federal long-term rate for the current month | 3.45% |
|---|---|
| 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.) | 3.45% |
REV. RUL. 2024-09 TABLE 4 Appropriate Percentages Under Section 42(b)(1) for May 2024
| Note: Under section 42(b)(2), the applicable percentage for non-federally subsidized new buildings placed in service after July 30, 2008, shall not be less than 9%. | |
|---|---|
| Appropriate percentage for the 70% present value low-income housing credit | 8.04% |
| Appropriate percentage for the 30% present value low-income housing credit | 3.45% |
REV. RUL. 2024-09 TABLE 5 Rate Under Section 7520 for May 2024
| 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 | 5.40% |
|---|
Section 42.—Low-Income Housing Credit
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of May 2024. See Rev. Rul. 2024-09, page 964.
Section 280G.—Golden Parachute Payments
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of May 2024. See Rev. Rul. 2024-09, page 964.
Section 382.—Limitation on Net Operating Loss Carryforwards and Certain Built-In Losses Following Ownership Change
The adjusted applicable federal long-term rate is set forth for the month of May 2024. See Rev. Rul. 2024-09, page 964.
Section 467.—Certain Payments for the Use of Property or Services
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of May 2024. See Rev. Rul. 2024-09, page 964.
Section 468.—Special Rules for Mining and Solid Waste Reclamation and Closing Costs
The applicable federal short-term rates are set forth for the month of May 2024. See Rev. Rul. 2024-09, page 964.
Section 482.—Allocation of Income and Deductions Among Taxpayers
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of May 2024. See Rev. Rul. 2024-09, page 964.
Section 483.—Interest on Certain Deferred Payments
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of May 2024. See Rev. Rul. 2024-09, page 964.
Section 1288.—Treatment of Original Issue Discount on Tax-Exempt Obligations
The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of May 2024. See Rev. Rul. 2024-09, page 964.
Section 7520.—Valuation Tables
The applicable federal mid-term rates are set forth for the month of May 2024. See Rev. Rul. 2024-09, page 964.
Section 7872.—Treatment of Loans With Below-Market Interest Rates
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of May 2024. See Rev. Rul. 2024-09, page 964.