rr-07-66.pdf

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# 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. 2007-66

This revenue ruling provides various prescribed rates for federal income tax
purposes for November 2007 (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 an annuity,
an interest for life or for a term of years, or a remainder or a reversionary interest for
purposes of section 7520.

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# REV. RUL. 2007-66 TABLE 1 Applicable Federal Rates (AFR) for November 2007

Period for Compounding

Annual

Semiannual

Quarterly

Monthly

Short-term

AFR

4.11%

4.07%

4.05%

4.04%

110% AFR

4.53%

4.48%

4.46%

4.44%

120% AFR

4.94%

4.88%

4.85%

4.83%

130% AFR

5.36%

5.29%

5.26%

5.23%

Mid-term

AFR

4.39%

4.34%

4.32%

4.30%

110% AFR

4.83%

4.77%

4.74%

4.72%

120% AFR

5.28%

5.21%

5.18%

5.15%

130% AFR

5.72%

5.64%

5.60%

5.57%

150% AFR

6.62%

6.51%

6.46%

6.42%

175% AFR

7.74%

7.60%

7.53%

7.48%

Long-term

AFR

4.89%

4.83%

4.80%

4.78%

110% AFR

5.38%

5.31%

5.28%

5.25%

120% AFR

5.88%

5.80%

5.76%

5.73%

130% AFR

6.38%

6.28%

6.23%

6.20%

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REV. RUL. 2007-66 TABLE 2 Adjusted AFR for November 2007

Period for Compounding

Monthly

Annual

Semiannual

Quarterly

Short-term adjusted AFR

3.40%

3.37%

3.36%

3.35%

Mid-term adjusted AFR

3.61%

3.58%

3.56%

3.55%

Long-term adjusted AFR

4.30%

4.25%

4.23%

4.21%

REV. RUL. 2007-66 TABLE 3
Rates Under Section 382 for November 2007

Adjusted federal long-term rate for the current month
4.30%

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.)
4.49%

REV. RUL. 2007-66 TABLE 4

Appropriate Percentages Under Section 42(b)(2) for November 2007

Appropriate percentage for the 70% present value low-income housing credit

8.08%

Appropriate percentage for the 30% present value low-income

housing credit

3.46%

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# REV. RUL. 2007-66 TABLE 5 Rate Under Section 7520 for November 2007

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%