US · guidance

Rev. Rul. 2024-15, 2024-32 I.R.B. 340

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

activein force · 2024-08-05 – presentact-effective-date

This revenue ruling provides various prescribed rates for federal income tax purposes for August 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. 2024-15 TABLE 1 Applicable Federal Rates (AFR) for August 2024 Period for Compounding

Annual

Semiannual

Quarterly

Monthly

Short-term

AFR

4.95%

4.89%

4.86%

4.84%

110% AFR

5.45%

5.38%

5.34%

5.32%

120% AFR

5.96%

5.87%

5.83%

5.80%

130% AFR

6.46%

6.36%

6.31%

6.28%

Mid-term

AFR

4.34%

4.29%

4.27%

4.25%

110% AFR

4.78%

4.72%

4.69%

4.67%

120% AFR

5.22%

5.15%

5.12%

5.10%

130% AFR

5.66%

5.58%

5.54%

5.52%

150% AFR

6.54%

6.44%

6.39%

6.36%

175% AFR

7.65%

7.51%

7.44%

7.40%

Long-term

AFR

4.52%

4.47%

4.45%

4.43%

110% AFR

4.98%

4.92%

4.89%

4.87%

120% AFR

5.43%

5.36%

5.32%

5.30%

130% AFR

5.89%

5.81%

5.77%

5.74%

REV. RUL. 2024-15 TABLE 2 Adjusted AFR for August 2024 Period for Compounding

Annual

Semiannual

Quarterly

Monthly

Short-term adjusted AFR

3.74%

3.71%

3.69%

3.68%

Mid-term adjusted AFR

3.29%

3.26%

3.25%

3.24%

Long-term adjusted AFR

3.42%

3.39%

3.38%

3.37%

REV. RUL. 2024-15 TABLE 3 Rates Under Section 382 for August 2024

Adjusted federal long-term rate for the current month

3.42%

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.)

3.62%

REV. RUL. 2024-15 TABLE 4 Appropriate Percentages Under Section 42(b)(1) for August 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

8.03%

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

3.44%

REV. RUL. 2024-15 TABLE 5 Rate Under Section 7520 for August 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

5.2%

Section 42.—Low-Income Housing Credit