IRS Rev. Rul.: Prescribed, AFR Rates for Income Tax Purposes for December 2023 (IRC §1274)

Various prescribed rates for the current month for individual income tax purposes for December 2023, the IRS released Nov. 15, 2023. The ruling contains the following: (1) short-term, midterm, and long-term applicable federal rates (AFR) for the current month for purposes of I.R.C. 1274(d) (Table 1); (2) short-term, midterm, and long-term adjusted applicable federal rates (adjusted AFR) for the current month for purposes of §1288(b) (Table 2); (3) adjusted federal long-term rate and the long-term tax-exempt rate described in §382(f) (Table 3); (4) appropriate percentages for determining the low-income housing credit described in §42(b)(1) for buildings placed in service during ...