Revenue Ruling 2005-1
Rev. Rul. 2005-1
Rev. Rul. 2005-1, 2005-2 I.R.B. 258
                      Internal Revenue Service (I.R.S.)
                                Revenue Ruling
    LOW-INCOME HOUSING CREDIT; SATISFACTORY BOND; “BOND FACTOR” AMOUNTS FOR
                    THE PERIOD JANUARY THROUGH MARCH 2005
                          Published: January 10, 2005
 Low-income housing credit; satisfactory bond; “bond factor” amounts for the period January through March 2005. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period January through March 2005.
 In Rev. Rul. 90-60, 1990-2 C.B. 3, the Internal Revenue Service provided guidance to taxpayers concerning the general methodology used by the Treasury Department in computing the bond factor amounts used in calculating the amount of bond considered satisfactory by the Secretary under s 42(j)(6) of the Internal Revenue Code. It further announced that the Secretary would publish in the Internal Revenue Bulletin a table of bond factor amounts for dispositions occurring during each calendar month.
 Rev. Proc. 99-11, 1999-1 C.B. 275, established a collateral program as an alternative to providing a surety bond for taxpayers to avoid or defer recapture of the low-income housing tax credits under s 42(j)(6). Under this program, taxpayers may establish a Treasury Direct Account and pledge certain United States Treasury securities to the Internal Revenue Service as security.
 This revenue ruling provides in Table 1 the bond factor amounts for calculating the amount of bond considered satisfactory under s 42(j)(6) or the amount of United States Treasury securities to pledge in a Treasury Direct Account under Rev. Proc. 99-11 for dispositions of qualified low-income buildings or interests therein during the period January through March 2005.
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————————————–
 Table 1 Rev. Rul. 2005-1 Monthly Bond
————————————–
        Calendar Year Building Placed
————————————–
 Month  1991 1992 1993 1994 1995
 of Disposition
————————————–
Jan ‘05Â 14.-Â 27.-Â 39.-Â 48.-Â 56.-
         99   92   03   55   77
Feb ‘05Â 14.-Â 27.-Â 39.-Â 48.-Â 56.-
         99   92   03   55   77
Mar ‘05Â 14.-Â 27.-Â 39.-Â 48.-Â 56.-
         99   92   03   55   77
————————————–
———————————————————–
 Factor Amounts for Dispositions Expressed As a Percentage
 of Total Credits
———————————————————–
 in Service or, if Section 42(f)(1) Election Was Made, the
  Succeeding Calendar Year
———————————————————–
 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
———————————————————–
 56.- 56.- 57.- 57.- 58.- 58.- 59.- 61.- 62.- 62.-
 71   86   15   52   00   83   92   22   49   68
 56.- 56.- 57.- 57.- 57.- 58.- 59.- 61.- 62.- 62.-
 59   74   04   41   89   72   80   09   33   68
 56.- 56.- 56.- 57.- 57.- 58.- 59.- 60.- 62.- 62.-
 47   63   93   30   79   61   69   97   19   68
———————————————————–
 For a list of bond factor amounts applicable to dispositions occurring during other calendar years, see: Rev. Rul. 98-3, 1998-1 C.B. 248; Rev. Rul. 2001-2, 2001-1 C.B. 255; Rev. Rul. 2001-53, 2001-2 C.B. 488; Rev. Rul. 2002-72, 2002-2 C.B. 759; Rev. Rul. 2003-117, 2003-2 C.B. 1051; and Rev. Rul. 2004-100, 2004-44 I.R.B. 718.
 DRAFTING INFORMATION
 The principal author of this revenue ruling is David McDonnell of the Office of Associate Chief Counsel (Passthroughs and Special Industries). For further information regarding this revenue ruling, contact Mr. McDonnell at (202) 622- 3040 (not a toll-free call).
 Rev. Rul. 2005-1, 2005-2 I.R.B. 258
Revenue Ruling 2005-22
Rev. Rul. 2005-22
Rev. Rul. 2005-22, 2005-13 I.R.B. 787
                      Internal Revenue Service (I.R.S.)
                                Revenue Ruling
                    LIFO; PRICE INDEXES; DEPARTMENT STORES
                           Published: March 28, 2005
 Section 472.–Last-in, First-out Inventories
26 CFR 1.472-1: Last-in, first-out inventories.
 LIFO; price indexes; department stores. The January 2005 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, January 31, 2005.
 LIFO; price indexes; department stores. The January 2005 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, January 31, 2005.
 The following Department Store Inventory Price Indexes for January 2005 were issued by the Bureau of Labor Statistics. The indexes are accepted by the Internal Revenue Service, under s 1.472-1(k) of the Income Tax Regulations and Rev. Proc. 86-46, 1986-2 C.B. 739, for appropriate application to inventories of department stores employing the retail inventory and last-in, first-out inventory methods for tax years ended on, or with reference to, January 31, 2005.
 The Department Store Inventory Price Indexes are prepared on a national basis and include (a) 23 major groups of departments, (b) three special combinations of the major groups — soft goods, durable goods, and miscellaneous goods, and (c) a store total, which covers all departments, including some not listed separately, except for the following: candy, food, liquor, tobacco, and contract departments.
   BUREAU OF LABOR STATISTICS, DEPARTMENT STORE INVENTORY PRICE INDEXES BY
                              DEPARTMENT GROUPS
                (January 1941 = 100, unless otherwise noted)
                Groups                   Jan. 2004   Jan. 2005    Percent
                                                                     Change
                                                                    from Jan.
                                                                     2004 to
                                                                    Jan. 2005
                                                                      [FN1]
——————————————————————————-
1.         Piece Goods ………………….. 468.0       494.0         5.6
2.         Domestics and Draperies ……….. 543.5       536.5        -1.3
3.         Women’s and Children’s Shoes …… 599.6       643.3         7.3
4.         Men’s Shoes ………………….. 849.6       840.6        -1.1
5.         Infants’ Wear ………………… 578.1       578.4         0.1
6.         Women’s Underwear …………….. 504.8       515.2         2.1
7.         Women’s Hosiery ………………. 350.5       338.9        -3.3
8.         Women’s and Girls’
             Accessories ………………… 544.8       560.4         2.9
9.         Women’s Outerwear and Girls’
             Wear ………………………. 335.6       333.3        -0.7
10.        Men’s Clothing ……………….. 530.7       534.9         0.8
11.        Men’s Furnishings …………….. 574.2       561.9        -2.1
12.        Boys’ Clothing and
             Furnishings ………………… 416.3       414.9        -0.3
13.        Jewelry ……………………… 888.4       879.0        -1.1
14.        Notions ……………………… 788.2       784.4        -0.5
15.        Toilet Articles and Drugs ……… 981.0       994.7         1.4
16.        Furniture and Bedding …………. 617.5       604.9        -2.0
17.        Floor Coverings ………………. 595.4       598.2         0.5
18.        Housewares …………………… 710.7       711.8         0.2
19.        Major Appliances ……………… 205.5       202.6        -1.4
20.        Radio and Television …………… 43.5        40.0        -8.0
21.        Recreation and Education
             [FN2] ………………………. 81.3        78.3        -3.7
22.        Home Improvements [FN2] ……….. 127.7       135.6         6.2
23.        Automotive Accessories [FN2] …… 112.3       113.8         1.3
Groups 1-15: Soft Goods ………………….. 545.3Â Â Â Â Â Â Â 546.2Â Â Â Â Â Â Â Â Â 0.2
Groups 16-20: Durable Goods ………………. 386.5Â Â Â Â Â Â Â 380.7Â Â Â Â Â Â Â Â -1.5
Groups 21-23: Misc. Goods [FN2] ……………. 93.6Â Â Â Â Â Â Â Â 92.8Â Â Â Â Â Â Â Â -0.9
           Store Total [FN3] …………….. 488.6       487.2        -0.3
FN1. Absence of a minus sign before the percentage change in this column
 signifies a price increase.
FN2. Indexes on a January 1986 = 100 base.
FN3. The store total index covers all departments, including some not listed
 separately, except for the following: candy, food, liquor, tobacco and
 contract departments.
DRAFTING INFORMATION
 The principal author of this revenue ruling is Michael Burkom of the Office of Associate Chief Counsel (Income Tax and Accounting). For further information regarding this revenue ruling, contact Mr. Burkom at (202) 622- 7924 (not a toll-free call).
 Rev. Rul. 2005-22, 2005-13 I.R.B. 787
Revenue Ruling 2005-14
Rev. Rul. 2005-14
Rev. Rul. 2005-14, 2005-12 I.R.B. 749
                      Internal Revenue Service (I.R.S.)
                                Revenue Ruling
                  FRINGE BENEFITS AIRCRAFT VALUATION FORMULA
                           Published: March 21, 2005
 Section 61.–Gross Income Defined, 26 CFR 1.61-21: Taxation of fringe benefits.
 Fringe benefits aircraft valuation formula. The Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charges in effect for the first half of 2005 are set forth for purposes of determining the value of noncommercial flights on employer-provided aircraft under section 1.61-21(g) of the regulations.
 Fringe benefits aircraft valuation formula. The Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charges in effect for the first half of 2005 are set forth for purposes of determining the value of noncommercial flights on employer-provided aircraft under section 1.61-21(g) of the regulations.
 For purposes of the taxation of fringe benefits under section 61 of the Internal Revenue Code, section 1.61-21(g) of the Income Tax Regulations provides a rule for valuing noncommercial flights on employer-provided aircraft. Section 1.61-21(g)(5) provides an aircraft valuation formula to determine the value of such flights. The value of a flight is determined under the base aircraft valuation formula (also known as the Standard Industry Fare Level formula or SIFL) by multiplying the SIFL cents-per-mile rates applicable for the period during which the flight was taken by the appropriate aircraft multiple provided in section 1.61-21(g)(7) and then adding the applicable terminal charge. The SIFL cents-per-mile rates in the formula and the terminal charge are calculated by the Department of Transportation and are reviewed semi-annually.
 The following chart sets forth the terminal charges and SIFL mileage rates:
——————————————————————————-
Period During Which the       Terminal      SIFL Mileage Rates
 Flight Is Taken               Charge
1/1/05 - 6/30/05Â Â Â Â Â Â Â Â Â Â Â Â Â Â $35.49Â Â Â Â Â Â Â Â Up to 500 miles = $.1942 per mile
                                             501-1500 miles = $.1480 per mile
                                             Over 1500 miles = $.1423 per mile
——————————————————————————-
DRAFTING INFORMATION
 The principal author of this revenue ruling is Kathleen Edmondson of the Office of Division Counsel/Associate Chief Counsel (Tax Exempt and Government Entities). For further information regarding this revenue ruling, contact Ms. Edmondson at (202) 622-0047 (not a toll-free call).
 Rev. Rul. 2005-14, 2005-12 I.R.B. 749
Revenue Ruling 2005-11
Rev. Rul. 2005-11
Rev. Rul. 2005-11, 2005-14 I.R.B. 816
                      Internal Revenue Service (I.R.S.)
                                Revenue Ruling
             ALTERNATIVE MINIMUM TAX; REFINANCED MORTGAGE INTEREST
                           Released: March 17, 2005
                           Published: April 4, 2005
 Section 56.–Adjustments in Computing Alternative Minimum Taxable Income
 Is interest paid on a home mortgage that has been refinanced more than one time deductible as qualified housing interest for purposes of the alternative minimum tax?
Section 163.–Interest, 26 CFR 1.163-10T: Qualified residence interest (temporary).
 Is interest paid on a home mortgage that has been refinanced more than one time deductible as qualified housing interest for purposes of the alternative minimum tax?
Section 55.–Alternative Minimum Tax Imposed, 26 CFR 1.55-1: Alternative minimum taxable income.
 Alternative minimum tax; refinanced mortgage interest. Interest paid on a home mortgage that has been refinanced more than one time is deductible as qualified housing interest for purposes of the alternative minimum tax to the extent the interest on the mortgage that was refinanced is qualified housing interest and the amount of the mortgage indebtedness is not increased.
 Alternative minimum tax; refinanced mortgage interest. Interest paid on a home mortgage that has been refinanced more than one time is deductible as qualified housing interest for purposes of the alternative minimum tax to the extent the interest on the mortgage that was refinanced is qualified housing interest and the amount of the mortgage indebtedness is not increased.
ISSUE
 Is interest paid on a home mortgage that has been refinanced more than one time deductible as qualified housing interest for purposes of the alternative minimum tax?
FACTS
 In 1990, A borrowed $100x to purchase a principal residence (the 1990 mortgage). In 2000, the outstanding principal balance on the 1990 mortgage was $90x, and A refinanced the $90x balance of the 1990 mortgage (the 2000 mortgage). In 2004, the outstanding principal balance on the 2000 mortgage was $80x. A refinanced the $80x balance of the 2000 mortgage and borrowed an additional $30x. Thus, the total amount of A’s mortgage in 2004 was $110x (the 2004 mortgage). A did not use the $30x to acquire, construct, or substantially improve any property that was a principal residence or a qualified residence. At no time did A’s indebtedness to acquire his principal residence or a qualified residence exceed $1,000,000. A is not a married individual filing a separate return.
LAW AND ANALYSIS
 Section 55 of the Internal Revenue Code provides that the alternative minimum tax is a tax equal to the excess (if any) of the tentative minimum tax for the taxable year over the regular tax (defined in s 55(c)) for the taxable year.
 Tentative minimum tax is defined in s 55(b)(1)(A) for noncorporate taxpayers as the sum of 26 percent of so much of the taxable excess as does not exceed $175,000, plus 28 percent of so much of the taxable excess as exceeds $175,000.
 The term “taxable excess” is defined in s 55(b)(1)(ii) as so much of the alternative minimum taxable income for the taxable year as exceeds the exemption amount provided for in s 55(d).
 Alternative minimum taxable income is defined in s 55(b)(2) as the taxable income of the taxpayer for the taxable year determined with the adjustments provided in ss 56 and 58, and increased by the amount of the items of tax preference described in s 57.
 Section 56(b) contains the adjustments applicable to individuals, which include the adjustment for interest in s 56(b)(1)(C). Section 56(b)(1)(C) provides that, in determining the amount allowable as a deduction for interest, s 163(d), which provides limitations on investment interest, and s 163(h), which disallows deductions for personal interest, shall apply, except that in lieu of the exception under s 163(h)(2)(D) for qualified residence interest, the term “personal interest” shall not include any qualified housing interest.
 Qualified housing interest is defined in s 56(e)(1) as interest that is qualified residence interest (as defined in s 163(h)(3)) and is paid or accrued during the taxable year on indebtedness that is incurred in acquiring, constructing, or substantially improving any property that is the principal residence (within the meaning of s 121) of the taxpayer at the time such interest accrues, or is a qualified dwelling that is a qualified residence (within the meaning of s 163(h)(4)). In addition, the last sentence of s 56(e)(1) provides that qualified housing interest includes interest on any indebtedness resulting from the refinancing of indebtedness meeting the requirements of qualified housing interest, but only to the extent that the amount of the indebtedness resulting from such refinancing does not exceed the amount of the refinanced indebtedness immediately before the refinancing.
 The legislative history to the enactment of s 56 as part of the Tax Reform Act of 1986 states “It is clarified that, for minimum tax purposes, upon a refinancing of a loan that gives rise to qualified housing interest, interest paid on the loan is treated as qualified housing interest to the extent that (1) it so qualified under the prior loan, and (2) the amount of the loan was not increased.” H.R. Conf. Rep. No. 841, 99th Cong., 2d Sess., vol. II, at 259 (1986).
 Section 163(h) of the Code provides that, in the case of a taxpayer other than a corporation, no deduction shall be allowed for personal interest paid or accrued during the taxable year. Under s 163(h)(2)(D), personal interest does not include qualified residence interest.
 Qualified residence interest is defined in s 163(h)(3) as any interest that is paid or accrued during the taxable year on acquisition indebtedness or home equity indebtedness with respect to any qualified residence of the taxpayer. Section 163(h)(3)(B) defines acquisition indebtedness as any indebtedness that is incurred in acquiring, constructing, or substantially improving any
qualified residence of the taxpayer and is secured by such residence. Section 163(h)(3)(B) also provides that acquisition indebtedness includes any indebtedness secured by such residence resulting from the refinancing of indebtedness meeting the requirements of acquisition indebtedness, or refinancing of acquisition indebtedness, but only to the extent the amount of the indebtedness resulting from such refinancing does not exceed the amount of the refinanced indebtedness. Under s 163(h)(3)(B)(ii), the aggregate amount of acquisition indebtedness for any period cannot exceed $1,000,000 (or $500,000 in the case of a married individual filing a separate return).
 The term “qualified residence” is defined in s 163(h)(4)(A) as the principal residence (within the meaning of s 121) of the taxpayer and one other residence of the taxpayer that is selected by the taxpayer for the taxable year and that is used by the taxpayer as a residence (within the meaning of s 280A(d)(1)).
 The 1990 mortgage is indebtedness incurred in acquiring A’s principal residence. The interest paid or accrued on the 1990 mortgage meets the requirements of qualified residence interest under s 163(h)(3). Thus, the interest paid or accrued by A on the 1990 mortgage is qualified housing interest for purposes of the alternative minimum tax.
 The last sentence of s 56(e)(1), as clarified by the legislative history, indicates that when s 56(b)(1)(C) was enacted as part of the alternative minimum tax provisions, Congress intended that interest with respect to a refinancing of a loan that gives rise to qualified housing interest would be deductible for alternative minimum tax purposes to the extent the amount of the loan was not increased. When A refinanced the 1990 mortgage in 2000, the refinanced amount equaled the amount of the outstanding principal. Thus, the interest paid or accrued on the 2000 mortgage is deductible as qualified housing interest for purposes of the alternative minimum tax because the interest on the 1990 mortgage is qualified housing interest and the amount of the loan is not increased.
 Similarly, when A refinanced the 2000 mortgage in 2004, the interest on the 2004 mortgage is qualified housing interest to the extent of the outstanding principal balance of the 2000 mortgage at the time of the refinancing because the interest on the 2000 mortgage is qualified housing interest. However, as part of the 2004 refinancing A borrowed an additional $30x, and A did not use the $30x to acquire, construct, or substantially improve any property that was a principal residence or a qualified residence. Accordingly, for alternative minimum tax purposes A may deduct only the interest paid or incurred on $80x and not the interest attributable to the additional $30x of the $110x of the 2004 mortgage.
HOLDING
 Interest paid on a home mortgage that has been refinanced more than one time is deductible as qualified housing interest for purposes of the alternative minimum tax to the extent the interest on the mortgage that was refinanced is qualified housing interest and the amount of the mortgage indebtedness is not increased.
DRAFTING INFORMATION
 The principal author of this revenue ruling is Martin Scully, Jr. of the Office of Associate Chief Counsel (Income Tax & Accounting). For further information regarding this revenue ruling, contact Mr. Scully at (202) 622- 4960 (not a toll-free call).
 Rev. Rul. 2005-11, 2005-14 I.R.B. 816
Revenue Ruling 2005-23
Rev. Rul. 2005-23
Rev. Rul. 2005-23, 2005-15 I.R.B. 864
                      Internal Revenue Service (I.R.S.)
                                Revenue Ruling
     FEDERAL RATES; ADJUSTED FEDERAL RATES; ADJUSTED FEDERAL LONG-TERM RATE
                         AND THE LONG-TERM EXEMPT RATE
                           Released: March 17, 2005
                           Published: April 11, 2005
 Section 280G.–Golden Parachute Payments
 Federal short-term, mid-term, and long-term rates are set forth for the month of April 2005.
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 April 2005.
Section 412.–Minimum Funding Standards
 The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of April 2005.
Section 467.–Certain Payments for the Use of Property or Services
 The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of April 2005.
Section 468.–Special Rules for Mining and Solid Waste Reclamation and Closing Costs
 The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of April 2005.
Section 482.–Allocation of Income and Deductions Among Taxpayers
 Federal short-term, mid-term, and long-term rates are set forth for the month of April 2005.
Section 483.–Interest on Certain Deferred Payments
 The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of April 2005.
Section 642.–Special Rules for Credits and Deductions
 Federal short-term, mid-term, and long-term rates are set forth for the month of April 2005.
Section 807.–Rules for Certain Reserves
 The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of April 2005.
Section 846.–Discounted Unpaid Losses Defined
 The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of April 2005.
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 April 2005.
Section 7520.–Valuation Tables
 The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of April 2005.
Section 7872.–Treatment of Loans With Below-Market Interest Rates
 The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of April 2005.
Section 1274.–Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property
(Also Section 42)
 Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for April 2005.
 Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for April 2005.
 This revenue ruling provides various prescribed rates for federal income tax purposes for April 2005 (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.
—————————————————–
             REV. RUL. 2005-23 TABLE 1
   Applicable Federal Rates (AFR) for April 2005
              Period for Compounding
           Annual   Semiannual Quarterly Monthly
Short-term
      AFR 3.35%    3.32%      3.31%     3.30%
 110% AFR 3.68%    3.65%      3.63%     3.62%
 120% AFR 4.02%    3.98%      3.96%     3.95%
 130% AFR 4.37%    4.32%      4.30%     4.28%
—————————————————–
——————————————————————
                   REV. RUL. 2005-23 TABLE 1
   Applicable Federal Rates (AFR) for April 2005 — Continued
                     Period for Compounding
             Annual       Semiannual   Quarterly   Monthly
   Mid-term
        AFR 4.09%        4.05%        4.03%       4.02%
   110% AFR 4.51%        4.46%        4.44%       4.42%
   120% AFR 4.92%        4.86%        4.83%       4.81%
   130% AFR 5.34%        5.27%        5.24%       5.21%
   150% AFR 6.17%        6.08%        6.03%       6.00%
   175% AFR 7.22%        7.09%        7.03%       6.99%
  Long-term
        AFR 4.68%        4.63%        4.60%       4.59%
   110% AFR 5.15%        5.09%        5.06%       5.04%
   120% AFR 5.64%        5.56%        5.52%       5.50%
   130% AFR 6.11%        6.02%        5.98%       5.95%
——————————————————————
————————————————————-
                 REV. RUL. 2005-23 TABLE 2
                Adjusted AFR for April 2005
                  Period for Compounding
                      Annual Semiannual Quarterly Monthly
Short-term adjusted
AFRÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2.40%Â Â 2.39%Â Â Â Â Â Â 2.38%Â Â Â Â Â 2.38%
Mid-term adjusted AFRÂ 3.03%Â Â 3.01%Â Â Â Â Â Â 3.00%Â Â Â Â Â 2.99%
Long-term adjusted
AFRÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4.19%Â Â 4.15%Â Â Â Â Â Â 4.13%Â Â Â Â Â 4.11%
————————————————————-
——————————————————————————-
                          REV. RUL. 2005-23 TABLE 3
                   Rates Under Section 382 for April 2005
Adjusted federal long-term rate for the current month                    4.19%
Long-term tax-exempt rate for ownership changes during the current month 4.20%
 (the highest of the adjusted federal long-term rates for the current
 month and the prior two months.)
——————————————————————————-
——————————————————————————-
                          REV. RUL. 2005-23 TABLE 4
        Appropriate Percentages Under Section 42(b)(2) for April 2005
Appropriate percentage for the 70% present value low-income housing      8.02%
 credit
Appropriate percentage for the 30% present value low-income housing      3.44%
 credit
——————————————————————————-
——————————————————————————-
                          REV. RUL. 2005-23 TABLE 5
                   Rate Under Section 7520 for April 2005
Applicable federal rate for determining the present value of an annuity, 5.00%
 an interest for life or a term of years, or a remainder or
 reversionary interest
——————————————————————————-
 Rev. Rul. 2005-23, 2005-15 I.R.B. 864
Revenue Ruling 2005-17
Rev. Rul. 2005-17
Rev. Rul. 2005-17, 2005-14 I.R.B. 823
                      Internal Revenue Service (I.R.S.)
                                Revenue Ruling
                 FRIVOLOUS TAX RETURNS; SOCIAL SECURITY REFUND
                           Released: March 14, 2005
                           Published: April 4, 2005
 Section 6673.–Sanctions and Costs Awarded by Courts
(Also Sections 6662, 6663, and 6702.)
 Frivolous tax returns; Social Security refund. This ruling emphasizes to taxpayers and to promoters and return preparers that there is no right to a refund of, or a deduction for, Social Security taxes paid based on arguments that a taxpayer has waived the right to receive Social Security benefits or has donated Social Security taxes or benefits to the government. These arguments have no merit and are frivolous.
 Frivolous tax returns; Social Security refund. This ruling emphasizes to taxpayers and to promoters and return preparers that there is no right to a refund of, or a deduction for, Social Security taxes paid based on arguments that a taxpayer has waived the right to receive Social Security benefits or has donated Social Security taxes or benefits to the government. These arguments have no merit and are frivolous.
PURPOSE
 The Service is aware that some taxpayers are filing claims for refund of the Social Security taxes paid on wages pursuant to the Federal Insurance Contributions Act (FICA) on the basis that they have waived their right to receive Social Security benefits. The Service also is aware that some taxpayers are attempting to reduce or eliminate their federal tax liability by taking similar frivolous return positions, including reporting as a charitable contribution deduction the amount of Social Security taxes paid, on the basis that they are donating these amounts to the government. Some promoters market a package, kit, or other materials, that claim to show taxpayers how they can obtain a refund or avoid paying income taxes based on these and other meritless arguments. This revenue ruling does not apply to individuals who have satisfied the requirements of the religious exemption from FICA provided in section 3127 of the Internal Revenue Code.
 This revenue ruling emphasizes to taxpayers and to promoters and return preparers that there is no right to a refund of, or a deduction for, Social Security taxes paid based on arguments that a taxpayer has waived the right to receive Social Security benefits or has donated Social Security taxes or benefits to the government. These arguments have no merit and are frivolous.
 The Service is committed to identifying taxpayers who attempt to avoid their tax obligations by taking frivolous positions, including frivolous positions based on arguments regarding waiver of Social Security benefits. The Service will take vigorous enforcement action against these taxpayers and against promoters and return preparers who assist taxpayers in taking these frivolous positions. Frivolous returns and other similar documents submitted to the Service are processed through its Frivolous Return Program. As part of this program, the Service confirms whether taxpayers who take frivolous positions have filed all of their required tax returns, computes the correct amount of tax and interest due, and determines whether civil and criminal penalties should apply. The Service also determines whether civil or criminal penalties should apply to return preparers, promoters, and others who assist taxpayers in taking frivolous positions, and recommends whether a court injunction should be sought to halt these activities. Other information about frivolous tax positions is available on the Service’s website at www.irs.gov.
ISSUES
 1. Whether taxpayers are entitled to a refund of Social Security taxes paid on the theory that they have waived the right to receive Social Security benefits?
 2. Whether taxpayers are entitled to a charitable contribution deduction for Social Security taxes paid on the theory that those amounts have been donated by them to the government?
FACTS
 This plan includes claims for refund of Social Security taxes paid on wages under FICA, on the theory that the taxpayer has waived the right to receive Social Security benefits. Additionally, some taxpayers claim a charitable contribution deduction on the theory that they have donated their Social Security taxes, or their right to receive Social Security benefits, to the government.
LAW AND ANALYSIS
 Social Security taxes are imposed on wages as defined in section 3121. There is no authority under the Internal Revenue Code (other than the narrow exception to the application of FICA tax provided in the religious exemption under section 3127) or any other applicable law that supports the claim that taxpayers may waive their right to receive Social Security benefits and thereby receive a refund of Social Security taxes paid. Similarly, there is no provision of law that would allow a taxpayer to claim a charitable contribution deduction as a result of the donation or gift to the government of the taxpayer’s right to receive Social Security benefits or of Social Security taxes paid.
 In Crouch v. Commissioner, T.C. Memo. 1990-309, the taxpayers did not pay self-employment tax based on a claim that they had withdrawn from the Social Security system. The taxpayers also claimed a charitable contribution deduction based on a purported lump-sum gift to the government of Social Security benefits. The Tax Court rejected these positions, characterizing the taxpayers’ failure to pay self-employment tax as negligent and sustaining the Service’s disallowance of the charitable contribution deduction. See also Derksen v. Commissioner, 84 T.C. 355, 360 (1985) (”There are some specific exemptions from the [social security] tax but the desire not to be a part of the social security system, standing alone, is not one of them.”)
 A refund claim must be based on a valid argument that the taxpayer has overpaid the tax that is lawfully due and owing. See,
e.g., Lewis v. Reynolds, 284 U.S. 281, 283 (1932) (”[T]he taxpayer is not entitled to a refund unless he has overpaid his tax.”). Further, it is a well settled principle of law that deductions and credits are a matter of legislative grace. See INDOPCO, Inc. v. Commissioner, 503 U.S. 79, 84 (1992); New Colonial Ice Co. v. Helvering, 292 U.S. 435, 440 (1934). Unless specifically provided for in the Internal Revenue Code, no deduction or credit is allowed. Neither section 3121, nor any other provision of the Internal Revenue Code, allows for a refund of Social Security taxes paid on the grounds that a taxpayer has purportedly waived all rights to receive Social Security benefits. Similarly, no provision of the Internal Revenue Code allows for a charitable contribution deduction based on the purported gift or donation of Social Security taxes or benefits to the government.
CIVIL AND CRIMINAL PENALTIES
 The Service will disallow any claim for refund of Social Security taxes based on the frivolous argument that a taxpayer has waived the right to receive Social Security benefits. The Service will also disallow any deduction that is based on the theory that a taxpayer has given or donated the taxpayer’s Social Security taxes or Social Security benefits to the government. In addition to liability for tax due plus statutory interest, individuals who claim tax benefits on their returns based on these and similar frivolous arguments face substantial civil and criminal penalties. Potentially applicable civil penalties include, but are not limited to the following: (1) the section 6662 accuracy-related penalty, which is equal to 20 percent of the amount of taxes the taxpayer should have paid; (2) the section 6663 penalty for civil fraud, which is equal to 75 percent of the amount of taxes the taxpayer should have paid; (3) a $500 penalty under section 6702 for filing a frivolous income tax return; and (4) a penalty of up to $25,000 under section 6673 if the taxpayer makes frivolous arguments in the United States Tax Court.
 Taxpayers relying on these frivolous positions also may face criminal prosecution for: (1) attempting to evade or defeat tax under section 7201, for which the penalty is a significant fine and imprisonment for up to 5 years; or (2) making false statements on a return, statement, or other document under section 7206, for which the penalty is a significant fine and imprisonment for up to 3 years.
 Persons, including return preparers, who promote these frivolous positions and those who assist taxpayers in claiming tax benefits based on these frivolous positions also may face penalties and may be enjoined by a court pursuant to sections 7407 and 7408. Potential penalties include: (1) a $250 penalty under section 6694 for each return or claim for refund prepared by an income tax return preparer who knew or should have known that the taxpayer’s position was frivolous (or $1,000 for each return or claim for refund if the return preparer’s actions were willful, intentional or reckless); (2) a penalty under section 6700 for promoting abusive tax shelters; (3) a $1,000 penalty under section 6701 for aiding and abetting the understatement of tax; and (4) criminal prosecution under section 7206, for which the penalty is a significant fine and imprisonment for up to 3 years for assisting or advising about the preparation of a false return, statement, or other document under the internal revenue laws.
HOLDING
 Taxpayers are not entitled to a refund of the Social Security taxes paid based on the position that they have waived the right to receive Social Security benefits. Moreover, a taxpayer is not entitled to a charitable contribution deduction based on the purported gift or donation of Social Security taxes or benefits to the government. Claims or deductions based on these positions are frivolous and have no merit.
DRAFTING INFORMATION
 This revenue ruling was authored by the Office of Associate Chief Counsel (Procedure and Administration), Administrative Provisions and Judicial Practice Division. For further information regarding this revenue ruling, contact that office at (202) 622-7950 (not a toll-free call).
 Rev. Rul. 2005-17, 2005-14 I.R.B. 823
Revenue Ruling 2005-19
Rev. Rul. 2005-19
Rev. Rul. 2005-19, 2005-14 I.R.B. 819
                      Internal Revenue Service (I.R.S.)
                                Revenue Ruling
            FRIVOLOUS TAX RETURNS; CONSTITUTIONALLY BASED ARGUMENTS
                           Released: March 14, 2005
                           Published: April 4, 2005
 Section 6651.–Failure to File Tax Return or to Pay Tax
(Also Sections 6662, 6663, 6673, 6702, 7201, 7203, 7206, and 7408.)
 Frivolous tax returns; constitutionally based arguments. This ruling emphasizes to taxpayers and to promoters and return preparers that a taxpayer cannot avoid income tax by making frivolous constitutionally based arguments.
 Frivolous tax returns; constitutionally based arguments. This ruling emphasizes to taxpayers and to promoters and return preparers that a taxpayer cannot avoid income tax by making frivolous constitutionally based arguments.
PURPOSE
 The Service is aware that some taxpayers are attempting to reduce their federal tax liability by claiming that the federal income tax is unlawful because it violates one or more provisions of the United States Constitution, or that they have a constitutional right not to comply with the federal tax laws. The Service is also aware that promoters, including return preparers, are advising or recommending that taxpayers take frivolous positions based on these arguments. Some promoters market a package, kit, or other materials that claim to show taxpayers how they can avoid paying income taxes based on these and other meritless arguments.
 This revenue ruling emphasizes to taxpayers and to promoters and return preparers that a taxpayer cannot avoid income tax by making frivolous constitutionally based arguments.
 The Service is committed to identifying individuals who attempt to avoid or evade their federal tax obligations by taking frivolous positions, including frivolous constitutional positions. The Service will take vigorous enforcement action against these taxpayers and against promoters and return preparers who assist taxpayers in taking these frivolous positions. Frivolous returns and other similar documents submitted to the Service are processed through its Frivolous Return Program. As part of this program, the Service confirms whether taxpayers who take frivolous positions have filed all of their required tax returns, computes the correct amount of tax and interest due, and determines whether civil and criminal penalties should apply. The Service also determines whether civil or criminal penalties should apply to return preparers, promoters, and others who assist taxpayers in taking frivolous positions, and recommends whether a court injunction should be sought to halt these activities. Other information about frivolous tax positions is available on the Service website at www.irs.gov.
ISSUES
 1. Whether a taxpayer may refuse to file a federal income tax return, or to pay federal income tax, based on claims that the federal income tax is unconstitutional?
 2. Whether a taxpayer may refuse to file a federal income tax return based on the claim that the requirement to do so violates the prohibition against self-incrimination contained in the Fifth Amendment to the U.S. Constitution?
FACTS
 1. Taxpayer A is a United States citizen who resides in state X. A attended seminars on the federal tax system sponsored by S, an attorney. S made claims at these seminars that the federal income tax is unconstitutional because: (a) the Sixteenth Amendment to the U.S. Constitution, which authorizes a federal income tax, was not properly ratified by the states; (b) the federal income tax violates the due process clause of the Fifth Amendment to the U.S. Constitution; and (c) the payment of taxes is a form of involuntary servitude or slavery prohibited by the Thirteenth Amendment to the U.S. Constitution. Based on these constitutionally-based positions promoted by S, A filed a Form W-4, Employee’s Withholding Allowance Certificate, with A’s employer that claimed excess exemptions so that little or no federal income tax would be withheld from A’s wages in 2004. Taxpayer A earned $40,000 of taxable income in 2004. Relying on these constitutionally-based positions promoted by S, A did not file a federal income tax return for 2004.
 2. Taxpayer B is a United States citizen who earned $40,000 in taxable income in 2004. On B’s 2004 Form 1040, federal income tax return, B wrote “Fifth Amendment privilege” on each line and did not report any taxable income for the year.
LAW AND ANALYSIS
 The Sixteenth Amendment provides that Congress shall have the power to lay and collect taxes on income, from whatever source derived, without apportionment among the several states and without regard to any census or enumeration. U.S. CONST. amend. XVI. The United States Supreme Court has upheld the constitutionality of the income tax laws enacted subsequent to ratification of the Sixteenth Amendment. See, e.g., Brushaber v. Union Pac. R.R. Co., 240 U.S. 1 (1916) (relying on the Sixteenth Amendment in holding that the income tax provisions of the Tariff Act of 1913 were not unconstitutional).
 Promoters who claim that the federal income tax is unconstitutional often make frivolous arguments that there were defects in the ratification of the Sixteenth Amendment by the states. There are a number of variations on these frivolous arguments: (i) versions of the Amendment ratified by the states contained defects in spelling, punctuation, wording, or capitalization; (ii) state legislatures did not follow proper procedures in ratifying the amendment; (iii) state governors did not sign the amendment; (iv) one or more of the states that ratified the Amendment was not legally a state; and (v) the Amendment does not contain an enabling clause. These arguments have no merit, and courts have consistently rejected all challenges to the constitutionality of the federal income tax following enactment of the Sixteenth Amendment. See Knoblauch v. Commissioner, 749 F.2d 200, 201 (5th Cir. 1984) (”Every court that has considered this argument has rejected it.”). Arguments to the contrary are frivolous.
 The Fifth Amendment prevents the federal government from taking property without due process of law. U.S. CONST. amend. V. Due
process generally includes a right to notice and an opportunity to be heard. The Supreme Court has held that the procedures contained in the Internal Revenue Code fully satisfy the due process rights of taxpayers. See Phillips v. Commissioner, 283 U.S. 589, 595-99 (1931) (”The right of the United States to collect its internal revenue by summary administrative proceedings has long been settled. Where, as here, adequate opportunity is afforded for a later judicial determination of the legal rights, summary proceedings to secure prompt performance of pecuniary obligations to the government have been consistently sustained.”). The argument that due process requires a hearing before tax has to be paid or can be withheld from wages is frivolous.
 The federal income tax only requires payment of taxes on a person’s income. It does not force a person to labor involuntarily, or to labor at all. The Thirteenth Amendment prohibits slavery and involuntary servitude, except as punishment when convicted of a crime. U.S. CONST. amend. XIII. The Thirteenth Amendment does not proscribe taxation. See Abney v. Campbell, 206 F.2d 836, 841 (5th Cir. 1953) (The specification, that the act violates the Thirteenth Amendment by imposing involuntary servitude upon an employer of domestic servants, seems to us far-fetched, indeed frivolous.”). Moreover, a prison sentence for failing to file a federal income tax return is not prohibited by the Thirteenth Amendment. See United States v. Drefke, 707 F.2d 978, 983 (8th Cir. 1983) (”The Thirteenth Amendment, however, is inapplicable where involuntary servitude is imposed as punishment for a crime.”). Failing to file a federal income tax return or to pay federal income tax based on the argument that it would constitute involuntary servitude is frivolous.
 The Fifth Amendment provides that in a criminal case a person may not be compelled to be a witness against himself. U.S. CONST. amend. V. This generally means that a person cannot be forced to answer a question if the answer will be used against that person in a criminal prosecution. Courts have routinely held, however, that the Fifth Amendment provides no basis for failing or refusing to file a tax return. United States v. Stillhammer, 706 F.2d 1072, 1076-77 (10th Cir.1983) (”[T]he Fifth Amendment does not serve as a defense for failing to make any tax return, and a return containing no information but a general objection based on the Fifth Amendment does not constitute a return as required by the Code.”). The remote possibility that a taxpayer’s statement on a tax return might be used as evidence in a future criminal prosecution will not relieve a taxpayer from the obligation to file a tax return and properly report income and pay tax due. See California v. Byers, 402 U.S. 424, 427-29 (1971) (”[T]he remote possibility of incrimination is insufficient to defeat strong policies of disclosure called for by” government regulatory scheme.). Additionally, involvement in illegal activities will not relieve a person of the duty to file a federal income tax return because income earned from illegal activities is subject to the federal income tax. United States v. Sullivan, 274 U.S. 259, 263-64 (1927) (”It would be an extreme if not an extravagant application of the Fifth Amendment to say that it authorized a man to refuse to state the amount of his income because it had been made in crime.”).
CIVIL AND CRIMINAL PENALTIES
 In determining the correct amount of tax due, the Service will include income that taxpayers attempt to exclude based on frivolous constitutional arguments. In addition to liability for tax due plus statutory interest, individuals who claim tax benefits on their returns based on these and other frivolous arguments face substantial civil and criminal penalties. Potentially applicable civil penalties include: (1) the section 6651 additions to tax for failure to file a return, failure to pay the tax owed, and fraudulent failure to file a return; (2) the section 6662 accuracy-related penalty, which is equal to 20 percent of the amount of taxes the taxpayer should have paid; (3) the section 6663 penalty for civil fraud, which is equal to 75 percent of the amount of taxes the taxpayer should have paid; (4) a $500 penalty under section 6702 for filing a frivolous return; and (5) a penalty of up to $25,000 under section 6673 if the taxpayer makes frivolous arguments in the United States Tax Court.
 Taxpayers relying on these positions also may face criminal prosecution for: (1) attempting to evade or defeat tax under section 7201, for which the penalty is a significant fine and imprisonment for up to 5 years; (2) willful failure to make a return or pay tax under section 7203, for which the penalty is a significant fine and imprisonment of up to 1 year; or (3) making false statements on a return under section 7206, for which the penalty is a significant fine and imprisonment for up to 3 years.
 Persons, including return preparers, who promote these frivolous positions and those who assist taxpayers in claiming tax benefits based on these frivolous arguments may face penalties and may be enjoined by a court pursuant to sections 7407 and 7408. Potential penalties include: (1) a $250 penalty under section 6694 for each return prepared by an income tax preparer who knew or should have known that the taxpayer’s argument was frivolous (or $1,000 for each return if the return preparer’s actions were willful, intentional or reckless); (2) a penalty under section 6700 for promoting abusive tax shelters; (3) a $1,000 penalty under section 6701 for aiding and abetting the understatement of tax; and (4) criminal prosecution under section 7206, for which the penalty is a significant fine and imprisonment for up to 3 years for assisting or advising about the preparation of a false return or other document under the internal revenue laws.
HOLDINGS
 1. The Sixteenth Amendment to the U.S. Constitution was properly ratified and authorizes the federal income tax. Filing a federal income tax return and paying federal income tax does not constitute the taking of property without due process of law under the Fifth Amendment to the U.S. Constitution. Filing a federal income tax return, paying federal income tax, and incarceration for failure to comply with federal income tax obligations is not involuntary servitude or slavery prohibited by the Thirteenth Amendment to the U.S. Constitution. Arguments to the contrary are frivolous.
 2. A taxpayer may not properly refuse to file a federal income tax return based on the claim that the requirement to do so violates the prohibition against self-incrimination of the Fifth Amendment to the U.S. Constitution. Arguments to the contrary are frivolous.
DRAFTING INFORMATION
 This revenue ruling was drafted by the Office of Associate Chief Counsel (Procedure and Administration), Administrative Provisions and Judicial Practice Division. For further information regarding this revenue ruling, contact that office at (202) 622-7950 (not a toll-free call).
 Rev. Rul. 2005-19, 2005-14 I.R.B. 819
Revenue Ruling 2005-20
Rev. Rul. 2005-20
Rev. Rul. 2005-20, 2005-14 I.R.B. 821
                      Internal Revenue Service (I.R.S.)
                                Revenue Ruling
       FRIVOLOUS TAX RETURNS; PROTESTING GOVERNMENT PROGRAMS OR POLICIES
                           Released: March 14, 2005
                           Published: April 4, 2005
 (Also Sections 6662-6664, 6702.)
 Frivolous tax returns; protesting government programs or policies. This ruling emphasizes to taxpayers and to promoters and return preparers that liability for federal taxes does not depend on whether the taxpayer agrees with the government programs or policies that are funded with tax receipts. Any argument that taxpayers may refuse to report income or claim deductions because they oppose particular government programs or policies is frivolous and has no merit.
 Frivolous tax returns; protesting government programs or policies. This ruling emphasizes to taxpayers and to promoters and return preparers that liability for federal taxes does not depend on whether the taxpayer agrees with the government programs or policies that are funded with tax receipts. Any argument that taxpayers may refuse to report income or claim deductions because they oppose particular government programs or policies is frivolous and has no merit.
PURPOSE
 The Service is aware that some taxpayers are attempting to reduce or eliminate their federal tax liability by taking the position that they are not required to pay taxes if those taxes might be used to support government programs or policies with which they disagree. Common examples include moral, ethical, or religious opposition to government spending for weapons programs, military operations, or medical research. The Service is also aware that promoters, including return preparers, are advising or recommending that taxpayers take frivolous positions based on these arguments. Some promoters market a package, kit, or other materials that claim to show taxpayers how they can avoid paying taxes based on these and other meritless arguments.
 This revenue ruling emphasizes to taxpayers and to promoters and return preparers that liability for federal taxes does not depend on whether the taxpayer agrees with the government programs or policies that are funded with tax receipts. Any argument that taxpayers may refuse to report income or claim deductions because they oppose particular government programs or policies is frivolous and has no merit.
 The Service is committed to identifying taxpayers who attempt to avoid their tax obligations by taking frivolous positions, including frivolous positions based on opposition to government programs or policies. The Service will take vigorous enforcement action against these taxpayers and against promoters and return preparers who assist taxpayers in taking these frivolous positions. Frivolous returns and other similar documents submitted to the Service are processed through its Frivolous Return Program. As part of this program, the Service confirms whether taxpayers who take frivolous positions have filed all of their required tax returns, computes the correct amount of tax and interest due, and determines whether civil and criminal penalties should apply. The Service also determines whether civil or criminal penalties should apply to return preparers, promoters, and others who assist taxpayers in taking frivolous positions, and recommends whether a court injunction should be sought to halt these activities. Other information about frivolous tax positions is available on the Service website at www.irs.gov.
ISSUE
 Whether a taxpayer’s disagreement with government programs or policies on moral, ethical, religious or other grounds allows the taxpayer to refuse to file federal tax returns or to refuse to pay part or all of the taxpayer’s federal tax liability?
LAW AND ANALYSIS
 Section 1 of the Internal Revenue Code imposes a tax on all taxable income. There is no authority under the Internal Revenue Code or any other applicable law that allows taxpayers to refuse to file tax returns because they do not agree with government programs or policies. Further, it is well settled that deductions and credits are a matter of legislative grace and are not allowed unless specifically provided for in the Internal Revenue Code. INDOPCO, Inc. v. Commissioner, 503 U.S. 79, 84 (1992). There is no provision in the Internal Revenue Code that permits taxpayers to file returns claiming deductions or credits that reduce their taxable income by the percentage they estimate the government spends on programs or policies with which they disagree.
 These frivolous positions are variations of arguments taxpayers have made about religion and taxation that have been repeatedly rejected by the courts. In United States v. Lee, 455 U.S. 252 (1982), a member of a religious denomination claimed that the payment of social security taxes violated his First Amendment right to free exercise of religion. The United States Supreme Court rejected this argument, stating that “the tax system could not function if denominations were allowed to challenge the tax system because tax payments were spent in a manner that violates their religious belief.” Id. at 260. The Court held that religious or moral beliefs that conflict with the payment of tax provide no basis for resisting the tax. Id.
 Courts repeatedly have rejected these and similar arguments that a taxpayer’s religious or moral beliefs permit the avoidance of federal taxes, and have imposed penalties against taxpayers who make these arguments. See Schehl v. Commissioner, 855 F.2d 364, 367 (6th Cir. 1988) (”Alleged vocal opposition to taxes for a particular reason, and refusal to pay taxes, even if all assertions were taken as true … are simply not a basis to challenge an assessment of taxes.”); Nelson v. United States, 796 F.2d 164 (6th Cir. 1986) (upholding the applicability and constitutionality of a frivolous return penalty imposed against a taxpayer who claimed a deduction based on religious objection to war expenditures); Randall v. Commissioner, 733 F.2d 1565, 1567 (11th Cir. 1984) (”[A]rguments involving objections to the Government’s military expenditures as a basis for non-payment of taxes have been raised by taxpayers many times, and in each instance the courts have rejected them.”).
CIVIL AND CRIMINAL PENALTIES
 The Service will disallow deductions or other claimed tax benefits, including the exclusion of income, based on frivolous
arguments regarding opposition to government programs or expenditures. In addition to liability for tax due plus statutory interest, individuals who claim tax benefits on their returns based on these and other frivolous arguments may face substantial civil and criminal penalties. Potentially applicable civil penalties include: (1) the section 6662 accuracy-related penalty, which is equal to 20 percent of the amount of taxes the taxpayer should have paid; (2) the section 6663 penalty for civil fraud, which is equal to 75 percent of the amount of taxes the taxpayer should have paid; (3) a $500 penalty under section 6702 for filing a frivolous return; and (4) a penalty of up to $25,000 under section 6673 if the taxpayer makes frivolous arguments in the United States Tax Court.
 Taxpayers relying on these frivolous positions also may face criminal prosecution for: (1) attempting to evade or defeat tax under section 7201, for which the penalty is a significant fine and imprisonment for up to 5 years; or (2) making false statements on a return under section 7206, for which the penalty is a significant fine and imprisonment for up to 3 years.
 Persons who promote these frivolous positions and those who assist taxpayers in claiming tax benefits based on these positions may be enjoined by a court pursuant to sections 7407 and 7408 and also may face potential civil and criminal penalties. Potential penalties include: (1) a $250 penalty under section 6694 for each return prepared by an income tax return preparer who knew or should have known that the taxpayer’s argument was frivolous (or $1,000 for each return if the return preparer’s actions were willful, intentional, or reckless); (2) a penalty under section 6700 for promoting abusive tax shelters; (3) a $1,000 penalty under section 6701 for aiding and abetting the understatement of tax; and (4) criminal prosecution under section 7206, for which the penalty is a significant fine and imprisonment for up to 3 years, for assisting or advising about the preparation of a false return or other document under the internal revenue laws.
HOLDING
 Taxpayers may not refuse to file tax returns and may not claim deductions or credits on their tax returns based on their opposition to government programs or policies. Any claim that individuals may reduce their federal tax liability based on objections to the use of the taxes to support government programs or policies is frivolous and has no merit.
DRAFTING INFORMATION
 The principal author of this revenue ruling is the Office of the Associate Chief Counsel (Procedure & Administration) Administrative Provisions and Judicial Practice Division. For further information regarding this revenue ruling, contact that office at (202) 622-7950 (not a toll-free call).
 Rev. Rul. 2005-20, 2005-14 I.R.B. 821
Revenue Ruling 2005-21
Rev. Rul. 2005-21
Rev. Rul. 2005-21, 2005-14 I.R.B. 822
                      Internal Revenue Service (I.R.S.)
                                Revenue Ruling
            FRIVOLOUS TAX RETURNS; USE OF “STRAW MAN” TO AVOID TAX
                           Released: March 14, 2005
                           Published: April 4, 2005
 Section 6662.–Imposition of Accuracy-Related Penalty on Underpayments
(Also Section 6664.)
 Frivolous tax returns; use of “straw man” to avoid tax. This ruling emphasizes to taxpayers and to promoters and return preparers that a taxpayer cannot avoid income tax on the erroneous theory that the government has created a separate and distinct entity or “straw man,” in place of the taxpayer and that the taxpayer is not responsible for the tax obligations of the “straw man”. This argument has no merit and is frivolous.
 Frivolous tax returns; use of “straw man” to avoid tax. This ruling emphasizes to taxpayers and to promoters and return preparers that a taxpayer cannot avoid income tax on the erroneous theory that the government has created a separate and distinct entity or “straw man,” in place of the taxpayer and that the taxpayer is not responsible for the tax obligations of the “straw man”. This argument has no merit and is frivolous.
PURPOSE
 The Service is aware that some taxpayers are attempting to reduce their federal tax liability by taking the incorrect position that their incomes are not subject to tax based on a theory that the government has created a separate and distinct entity, or “straw man,” in place of the taxpayer and that the taxpayer is not responsible for the tax obligations of the “straw man.” Some promoters market a package, kit, or other materials that claim to show taxpayers how they can avoid paying income taxes based on these and other meritless arguments.
 This revenue ruling emphasizes to taxpayers and to promoters and return preparers that a taxpayer cannot avoid income tax on the erroneous theory that the government has created a “straw man.” This argument has no merit and is frivolous.
 The Service is committed to identifying taxpayers who attempt to avoid their tax obligations by taking frivolous positions, including frivolous positions based on meritless “straw man” or similar arguments. The Service will take vigorous enforcement action against these taxpayers and against promoters and return preparers who assist taxpayers in taking these frivolous positions. Frivolous returns and other similar documents submitted to the Service are processed through its Frivolous Return Program. As part of this program, the Service confirms whether taxpayers who take frivolous positions have filed all of their required tax returns, computes the correct amount of tax and interest due, and determines whether civil and criminal penalties should apply. The Service also determines whether civil or criminal penalties should apply to return preparers, promoters, and others who assist taxpayers in taking frivolous positions, and recommends whether a court injunction should be sought to halt these activities. Other information about frivolous tax positions is available on the Service website at www.irs.gov.
ISSUE
 Whether the government’s use of different forms of a taxpayer’s name (e.g., different capitalization formats, spellings) creates a “straw man,” which is a separate and distinct legal entity from the taxpayer to allow the taxpayer to avoid federal tax obligations?
DISCUSSION OF THE “STRAW MAN” CLAIM
 The “straw man” claim is premised on the erroneous theory that most government documents do not actually refer to individuals. Users of the “straw man” theory falsely claim that only documents using an individual’s name with “standard” capitalization, i.e., lower-case with only the beginning letters of each name capitalized, are legitimate. These individuals erroneously argue that the use of the individual’s name in all upper-case letters, which is common in some government documents, refers to a separate legal entity, called a “straw man.” These individuals also erroneously argue that, as a result of the creation of a “straw man,” they are not liable for the debts, including the tax debts, of their “straw man,” that taxing the “straw man” is illegal because the “straw man” is a debt instrument based upon the labor of a real person and is, therefore, a form of slavery, or that no tax is owed by the real individual because it can be satisfied, or offset, by money in a “Treasury Direct Account” held in the name of the “straw man.”
 All individuals are subject to the provisions of the Internal Revenue Code. Section 1 imposes a tax on all taxable income. Section 61 provides that gross income includes all income from whatever source derived, including compensation for services. Adjustments to income, deductions, and credits must be claimed in accordance with the provisions of the Internal Revenue Code, the
accompanying Treasury regulations, and other applicable federal law. Section 6011 provides that any person liable for any tax imposed by the Internal Revenue Code shall make a return when required by Treasury regulations, and that returns must be filed in accordance with Treasury regulations and IRS forms. Section 6012 identifies the persons who are required to file income tax returns. Section 6151 requires that taxpayers pay their tax when the return is due. Section 6311 requires payment of taxes by commercially acceptable means as prescribed by Treasury regulations.
 There is no authority under the Internal Revenue Code or any other applicable law that supports the claim that taxpayers may avoid their federal tax obligations based on “straw man” arguments, as described in this revenue ruling, or on similar arguments. The formatting of a taxpayer’s name in all upper-case letters on government documents or elsewhere has no significance whatsoever for federal tax purposes. Courts have rejected as frivolous “straw man” arguments. United States v. Furman, 168 F.Supp.2d 609 (E.D. La. 2001) (rejecting criminal defendant’s contention that he was not properly identified in federal government documents that misspelled his name or used his properly spelled name in all capital letters). In addition, courts repeatedly have rejected similar arguments based on frivolous claims that purport to provide a basis for avoiding taxes, and have penalized taxpayers who have made
these arguments. See, e.g., Lovell v. United States, 755 F.2d 517, 519 (7th Cir. 1984) (”[A]ll individuals, natural or unnatural, must pay federal income tax on their wages ….”); United States v. Romero, 640 F.2d 1014, 1017 (9th Cir. 1981) (”[I]n our system of government, one is free to speak out in open opposition to the provisions of the tax laws, but such opposition does not relieve a citizen of his obligation to pay taxes.”).
CIVIL AND CRIMINAL PENALTIES
 The Service will challenge the claims of individuals who attempt to avoid or evade their federal tax liability by refusing to file returns and pay tax, and will disallow deductions or other claimed tax benefits, including the exclusion of income, based on frivolous “straw man” arguments. In addition to liability for the tax due plus statutory interest, individuals who claim tax benefits on their returns, or fail to file returns, based on these and other frivolous arguments face substantial civil and criminal penalties. Potentially applicable civil penalties include: (1) the section 6651 additions to tax for failure to file a return, failure to pay the tax owed, and fraudulent failure to file a return; (2) the section 6662 accuracy-related penalty, which is equal to 20 percent of the amount of taxes the taxpayer should have paid; (3) the section 6663 penalty for civil fraud, which is equal to 75 percent of the amount of taxes the taxpayer should have paid; (4) a $500 penalty under section 6702 for filing a frivolous return; and (5) a penalty of up to $25,000 under section 6673 if the taxpayer makes frivolous arguments in the United States Tax Court.
 Taxpayers relying on these theories also may face criminal prosecution for: (1) attempting to evade or defeat tax under section 7201, for which there is a significant fine and imprisonment for up to 5 years; (2) willful failure to file a return under section 7203, for which there is a significant fine and imprisonment for up to one year; or (3) making false statements on a return, statement, or other document under section 7206, for which there is a significant fine and imprisonment for up to 3 years.
 Persons, including return preparers, who promote these theories and those who assist taxpayers in claiming tax benefits based on these frivolous arguments may face penalties and also may be enjoined by courts pursuant to sections 7407 and 7408. Potential penalties include: (1) a $250 penalty under section 6694 for each return or claim for refund prepared by an income tax return preparer who knew or should have known that the taxpayer’s argument was frivolous (or $1,000 for each return or claim for refund if the return preparer’s actions were willful, intentional or reckless); (2) a penalty under section 6700 for promoting abusive tax shelters; (3) a $1,000 penalty under section 6701 for aiding and abetting the understatement of tax; and (4) criminal prosecution under section 7206, for which there is a significant fine and imprisonment for up to 3 years for assisting or advising about the preparation of a false return, statement or other document under the internal revenue laws.
HOLDING
 The use of different forms of a taxpayer’s name (different spellings, capitalization, etc.) does not create a “straw man” that allows taxpayers to avoid their federal tax obligations. Claims based on “straw man” arguments or on similar arguments, to avoid federal tax obligations, are frivolous and have no merit.
DRAFTING INFORMATION
 The author of this ruling is the Office of Associate Chief Counsel (Procedure and Administration), Administrative Provisions and Judicial Practice Division. For further information regarding this ruling, contact that office at (202) 622-7950 (not a toll-free call).
Revenue Ruling 2005-13
Rev. Rul. 2005-13
Rev. Rul. 2005-13, 2005-10 I.R.B. 664
                      Internal Revenue Service (I.R.S.)
                                Revenue Ruling
     FEDERAL RATES; ADJUSTED FEDERAL RATES; ADJUSTED FEDERAL LONG-TERM RATE
                         AND THE LONG-TERM EXEMPT RATE
                          Released: February 17, 2005
                           Published: March 7, 2005
 Section 42.–Low-Income Housing Credit
 The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of March 2005.
Section 280G.–Golden Parachute Payments
 Federal short-term, mid-term, and long-term rates are set forth for the month of March 2005.
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 March 2005.
Section 412.–Minimum Funding Standards
 The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of March 2005.
Section 467.–Certain Payments for the Use of Property or Services
 The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of March 2005.
Section 468.–Special Rules for Mining and Solid Waste Reclamation and Closing Costs
 The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of March 2005.
Section 482.–Allocation of Income and Deductions Among Taxpayers
 Federal short-term, mid-term, and long-term rates are set forth for the month of March 2005.
Section 483.–Interest on Certain Deferred Payments
 The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of March 2005.
Section 642.–Special Rules for Credits and Deductions
 Federal short-term, mid-term, and long-term rates are set forth for the month of March 2005.
Section 807.–Rules for Certain Reserves
 The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of March 2005.
Section 846.–Discounted Unpaid Losses Defined
 The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of March 2005.
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 March 2005.
Section 7520.–Valuation Tables
 The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of March 2005.
Section 7872.–Treatment of Loans With Below-Market Interest Rates
 The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of March 2005.
Section 1274.–Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property
 Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for March 2005.
 Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for March 2005.
 This revenue ruling provides various prescribed rates for federal income tax purposes for March 2005 (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.
—————————————————–
             REV. RUL. 2005-13 TABLE 1
   Applicable Federal Rates (AFR) for March 2005
              Period for Compounding
           Annual   Semiannual Quarterly Monthly
Short-term
      AFR 3.08%    3.06%      3.05%     3.04%
 110% AFR 3.40%    3.37%      3.36%     3.35%
 120% AFR 3.70%    3.67%      3.65%     3.64%
 130% AFR 4.02%    3.98%      3.96%     3.95%
 Mid-term
      AFR 3.83%    3.79%      3.77%     3.76%
 110% AFR 4.21%    4.17%      4.15%     4.13%
 120% AFR 4.60%    4.55%      4.52%     4.51%
 130% AFR 4.99%    4.93%      4.90%     4.88%
 150% AFR 5.77%    5.69%      5.65%     5.62%
 175% AFR 6.74%    6.63%      6.58%     6.54%
 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. 2005-13 TABLE 2
                 Adjusted AFR for March 2005
                   Period for Compounding
                        Annual Semiannual Quarterly Monthly
Short-term adjusted AFRÂ 2.23%Â Â 2.22%Â Â Â Â Â Â 2.21%Â Â Â Â Â 2.21%
Mid-term adjusted AFRÂ Â Â 2.91%Â Â 2.89%Â Â Â Â Â Â 2.88%Â Â Â Â Â 2.87%
Long-term adjusted AFRÂ Â 4.09%Â Â 4.05%Â Â Â Â Â Â 4.03%Â Â Â Â Â 4.02%
—————————————————————
——————————————————————————-
                          REV. RUL. 2005-13 TABLE 3
                   Rates Under Section 382 for March 2005
Adjusted federal long-term rate for the current month                    4.09%
Long-term tax-exempt rate for ownership changes during the current month 4.27%
 (the highest of the adjusted federal long-term rates for the current
 month and the prior two months.)
——————————————————————————-
——————————————————————————-
                          REV. RUL. 2005-13 TABLE 4
        Appropriate Percentages Under Section 42(b)(2) for March 2005
Appropriate percentage for the 70% present value low-income housing      7.97%
 credit
Appropriate percentage for the 30% present value low-income housing      3.42%
 credit
——————————————————————————-
——————————————————————————-
                          REV. RUL. 2005-13 TABLE 5
                   Rate Under Section 7520 for March 2005
Applicable federal rate for determining the present value of an annuity, 4.60%
 an interest for life or a term of years, or a remainder or
 reversionary interest
——————————————————————————-
 Rev. Rul. 2005-13, 2005-10 I.R.B. 664
Revenue Ruling 2005-15
Rev. Rul. 2005-15
Rev. Rul. 2005-15, 2005-11 I.R.B. 720
                      Internal Revenue Service (I.R.S.)
                                Revenue Ruling
                INTEREST RATES; UNDERPAYMENTS AND OVERPAYMENTS
                            Released: March 2, 2005
                           Published: March 14, 2005
 Section 6621.–Determination of Rate of Interest, 26 CFR 301.6621-1: Interest rate.
 Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning April 1, 2005, will be 6 percent for overpayments (5 percent in the case of a corporation), 6 percent for underpayments, and 8 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 3.5 percent.
 Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning April 1, 2005, will be 6 percent for overpayments (5 percent in the case of a corporation), 6 percent for underpayments, and 8 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 3.5 percent.
 Section 6621 of the Internal Revenue Code establishes the rates for interest on tax overpayments and tax underpayments. Under section 6621(a)(1), the overpayment rate is the sum of the federal short-term rate plus 3 percentage points (2 percentage points in the case of a corporation), except the rate for the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the sum of the federal short-term rate plus 0.5 of a percentage point for interest computations made after December 31, 1994. Under section 6621(a)(2), the underpayment rate is the sum of the federal short-term rate plus 3 percentage points.
 Section 6621(c) provides that for purposes of interest payable under section 6601 on any large corporate underpayment, the underpayment rate under section 6621(a)(2) is determined by substituting “5 percentage points” for “3 percentage points.” See section 6621(c) and section 301.6621-3 of the Regulations on Procedure and Administration for the definition of a large corporate underpayment and for the rules for determining the applicable date. Section 6621(c) and section 301.6621-3 are generally effective for periods after December 31, 1990.
 Section 6621(b)(1) provides that the Secretary will determine the federal short-term rate for the first month in each calendar quarter.
 Section 6621(b)(2)(A) provides that the federal short-term rate determined under section 6621(b)(1) for any month applies during the first calendar quarter beginning after such month.
 Section 6621(b)(2)(B) provides that in determining the addition to tax under section 6654 for failure to pay estimated tax for any taxable year, the federal short-term rate that applies during the third month following such taxable year also applies during the first 15 days of the fourth month following such taxable year.
 Section 6621(b)(3) provides that the federal short-term rate for any month is the federal short-term rate determined during such month by the Secretary in accordance with s 1274(d), rounded to the nearest full percent (or, if a multiple of 1/2 of 1 percent, the rate is increased to the next highest full percent).
 Notice 88-59, 1988-1 C.B. 546, announced that, in determining the quarterly interest rates to be used for overpayments and underpayments of tax under section 6621, the Internal Revenue Service will use the federal short-term rate based on daily compounding because that rate is most consistent with section 6621 which, pursuant to section 6622, is subject to daily compounding.
 Rounded to the nearest full percent, the federal short-term rate based on daily compounding determined during the month of January 2005 is 3 percent. Accordingly, an overpayment rate of 6 percent (5 percent in the case of a corporation) and an underpayment rate of 6 percent are established for the calendar quarter beginning April 1, 2005. The overpayment rate for the portion of a corporate overpayment exceeding $10,000 for the calendar quarter beginning April 1, 2005, is 3.5 percent. The underpayment rate for large corporate underpayments for the calendar quarter beginning April 1, 2005, is 8 percent. These rates apply to amounts bearing interest during that calendar quarter.
 Under section 6621(b)(2)(B), the 5 percent rate that applies to estimated tax underpayments for the first calendar quarter in 2005, as provided by Rev. Rul. 2004-111, 2004-51 I.R.B. 989, also applies to such underpayments for the first 15 days in April 2005.
 Interest factors for daily compound interest for annual rates of 3.5 percent, 5 percent, 6 percent, and 8 percent are published in Tables 12, 15, 17, and 21 of Rev. Proc. 95-17, 1995-1 C.B. 556, 566, 569, 571, and 575.
 Annual interest rates to be compounded daily pursuant to section 6622 that apply for prior periods are set forth in the tables accompanying this revenue ruling.
DRAFTING INFORMATION
 The principal author of this revenue ruling is Crystal Foster of the Office of Associate Chief Counsel (Procedure & Administration). For further information regarding this revenue ruling, contact Ms. Foster at (202) 622- 7326 (not a toll-free call).
—————————————————————
                   TABLE OF INTEREST RATES
 PERIODS BEFORE JUL. 1, 1975 — PERIODS ENDING DEC. 31, 1986
               OVERPAYMENTS AND UNDERPAYMENTS
                                              In 1995-1 C.B.
PERIODÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â RATEÂ Â Â Â Â Â Â DAILY RATE TABLE
Before Jul. 1, 1975Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 6%Â Â Table 2, pg. 557
Jul. 1, 1975–Jan. 31, 1976Â Â Â Â Â Â Â Â Â Â Â Â Â Â 9%Â Â Table 4, pg. 559
Feb. 1, 1976–Jan. 31, 1978Â Â Â Â Â Â Â Â Â Â Â Â Â Â 7%Â Â Table 3, pg. 558
Feb. 1, 1978–Jan. 31, 1980Â Â Â Â Â Â Â Â Â Â Â Â Â Â 6%Â Â Table 2, pg. 557
Feb. 1, 1980–Jan. 31, 1982Â Â Â Â Â Â Â Â Â Â Â Â Â 12%Â Â Table 5, pg. 560
Feb. 1, 1982–Dec. 31, 1982Â Â Â Â Â Â Â Â Â Â Â Â Â 20%Â Â Table 6, pg. 560
Jan. 1, 1983–Jun. 30, 1983Â Â Â Â Â Â Â Â Â Â Â Â Â 16%Â Table 37, pg. 591
Jul. 1, 1983–Dec. 31, 1983Â Â Â Â Â Â Â Â Â Â Â Â Â 11%Â Table 27, pg. 581
Jan. 1, 1984–Jun. 30, 1984Â Â Â Â Â Â Â Â Â Â Â Â Â 11%Â Table 75, pg. 629
Jul. 1, 1984–Dec. 31, 1984Â Â Â Â Â Â Â Â Â Â Â Â Â 11%Â Table 75, pg. 629
Jan. 1, 1985–Jun. 30, 1985Â Â Â Â Â Â Â Â Â Â Â Â Â 13%Â Table 31, pg. 585
Jul. 1, 1985–Dec. 31, 1985Â Â Â Â Â Â Â Â Â Â Â Â Â 11%Â Table 27, pg. 581
Jan. 1, 1986–Jun. 30, 1986Â Â Â Â Â Â Â Â Â Â Â Â Â 10%Â Table 25, pg. 579
Jul. 1, 1986–Dec. 31, 1986Â Â Â Â Â Â Â Â Â Â Â Â Â Â 9%Â Table 23, pg. 577
—————————————————————
—————————————————————————
                         TABLE OF INTEREST RATES
                   FROM JAN. 1, 1987 — Dec. 31, 1998
                                 OVERPAYMENTS          UNDERPAYMENTS
                            ———————————————-
                                  1995-1 C.B.            1995-1 C.B.
                            RATE    TABLE    PG  RATE    TABLE    PG
Jan. 1, 1987–Mar. 31, 1987Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â 575Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â 577
Apr. 1, 1987–Jun. 30, 1987Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â 575Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â 577
Jul. 1, 1987–Sep. 30, 1987Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â 575Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â 577
Oct. 1, 1987–Dec. 31, 1987Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â 577Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â 579
Jan. 1, 1988–Mar. 31, 1988Â Â 10%Â Â Â Â Â Â Â Â Â Â 73Â 627Â Â 11%Â Â Â Â Â Â Â Â Â Â 75Â 629
Apr. 1, 1988–Jun. 30, 1988Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 71Â 625Â Â 10%Â Â Â Â Â Â Â Â Â Â 73Â 627
Jul. 1, 1988–Sep. 30, 1988Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 71Â 625Â Â 10%Â Â Â Â Â Â Â Â Â Â 73Â 627
Oct. 1, 1988–Dec. 31, 1988Â Â 10%Â Â Â Â Â Â Â Â Â Â 73Â 627Â Â 11%Â Â Â Â Â Â Â Â Â Â 75Â 629
Jan. 1, 1989–Mar. 31, 1989Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â 579Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â 581
Apr. 1, 1989–Jun. 30, 1989Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â 581Â Â 12%Â Â Â Â Â Â Â Â Â Â 29Â 583
Jul. 1, 1989–Sep. 30, 1989Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â 581Â Â 12%Â Â Â Â Â Â Â Â Â Â 29Â 583
Oct. 1, 1989–Dec. 31, 1989Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â 579Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â 581
Jan. 1, 1990–Mar. 31, 1990Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â 579Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â 581
Apr. 1, 1990–Jun. 30, 1990Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â 579Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â 581
Jul. 1, 1990–Sep. 30, 1990Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â 579Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â 581
Oct. 1, 1990–Dec. 31, 1990Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â 579Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â 581
Jan. 1, 1991–Mar. 31, 1991Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â 579Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â 581
Apr. 1, 1991–Jun. 30, 1991Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â 577Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â 579
Jul. 1, 1991–Sep. 30, 1991Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â 577Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â 579
Oct. 1, 1991–Dec. 31, 1991Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â 577Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â 579
Jan. 1, 1992–Mar. 31, 1992Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 69Â 623Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 71Â 625
Apr. 1, 1992–Jun. 30, 1992Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 67Â 621Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 69Â 623
Jul. 1, 1992–Sep. 30, 1992Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 67Â 621Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 69Â 623
Oct. 1, 1992–Dec. 31, 1992Â Â Â 6%Â Â Â Â Â Â Â Â Â Â 65Â 619Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 67Â 621
Jan. 1, 1993–Mar. 31, 1993Â Â Â 6%Â Â Â Â Â Â Â Â Â Â 17Â 571Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 19Â 573
Apr. 1, 1993–Jun. 30, 1993Â Â Â 6%Â Â Â Â Â Â Â Â Â Â 17Â 571Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 19Â 573
Jul. 1, 1993–Sep. 30, 1993Â Â Â 6%Â Â Â Â Â Â Â Â Â Â 17Â 571Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 19Â 573
Oct. 1, 1993–Dec. 31, 1993Â Â Â 6%Â Â Â Â Â Â Â Â Â Â 17Â 571Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 19Â 573
Jan. 1, 1994–Mar. 31, 1994Â Â Â 6%Â Â Â Â Â Â Â Â Â Â 17Â 571Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 19Â 573
Apr. 1, 1994–Jun. 30, 1994Â Â Â 6%Â Â Â Â Â Â Â Â Â Â 17Â 571Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 19Â 573
Jul. 1, 1994–Sep. 30, 1994Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 19Â 573Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â 575
Oct. 1, 1994–Dec. 31, 1994Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â 575Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â 577
Jan. 1, 1995–Mar. 31, 1995Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â 575Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â 577
Apr. 1, 1995–Jun. 30, 1995Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â 577Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â 579
Jul. 1, 1995–Sep. 30, 1995Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â 575Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â 577
Oct. 1, 1995–Dec. 31, 1995Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â 575Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â 577
Jan. 1, 1996–Mar. 31, 1996Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 69Â 623Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 71Â 625
Apr. 1, 1996–Jun. 30, 1996Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 67Â 621Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 69Â 623
Jul. 1, 1996–Sep. 30, 1996Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 69Â 623Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 71Â 625
Oct. 1, 1996–Dec. 31, 1996Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 69Â 623Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 71Â 625
Jan. 1, 1997–Mar. 31, 1997Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â 575Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â 577
Apr. 1, 1997–Jun. 30, 1997Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â 575Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â 577
Jul. 1, 1997–Sep. 30, 1997Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â 575Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â 577
Oct. 1, 1997–Dec. 31, 1997Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â 575Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â 577
Jan. 1, 1998–Mar. 31, 1998Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â 575Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â 577
Apr. 1, 1998–Jun. 30, 1998Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 19Â 573Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â 575
Jul. 1, 1998–Sep. 30, 1998Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 19Â 573Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â 575
Oct. 1, 1998–Dec. 31, 1998Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 19Â 573Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â 575
—————————————————————————
—————————————————
             TABLE OF INTEREST RATES
         FROM JANUARY 1, 1999 — PRESENT
   NONCORPORATE OVERPAYMENTS AND UNDERPAYMENTS
                                  1995-1 C.B.
                            RATE    TABLE    PG
Jan. 1, 1999–Mar. 31, 1999Â Â 7%Â Â Â Â Â Â 19Â Â Â Â Â Â 573
Apr. 1, 1999–Jun. 30, 1999Â Â 8%Â Â Â Â Â Â 21Â Â Â Â Â Â 575
Jul. 1, 1999–Sep. 30, 1999Â Â 8%Â Â Â Â Â Â 21Â Â Â Â Â Â 575
Oct. 1, 1999–Dec. 31, 1999Â Â 8%Â Â Â Â Â Â 21Â Â Â Â Â Â 575
Jan. 1, 2000–Mar. 31, 2000Â Â 8%Â Â Â Â Â Â 69Â Â Â Â Â Â 623
Apr. 1, 2000–Jun. 30, 2000Â Â 9%Â Â Â Â Â Â 71Â Â Â Â Â Â 625
Jul. 1, 2000–Sep. 30, 2000 Â Â 9%Â Â Â Â Â Â 71Â Â Â Â Â Â 625
Oct. 1, 2000–Dec. 31, 2000Â Â 9%Â Â Â Â Â Â 71Â Â Â Â Â Â 625
Jan. 1, 2001–Mar. 31, 2001Â Â 9%Â Â Â Â Â Â 23Â Â Â Â Â Â 577
Apr. 1, 2001–Jun. 30, 2001Â Â 8%Â Â Â Â Â Â 21Â Â Â Â Â Â 575
Jul. 1, 2001–Sep. 30, 2001Â Â 7%Â Â Â Â Â Â 19Â Â Â Â Â Â 573
Oct. 1, 2001–Dec. 31, 2001Â Â 7%Â Â Â Â Â Â 19Â Â Â Â Â Â 573
Jan. 1, 2002–Mar. 31, 2002Â Â 6%Â Â Â Â Â Â 17Â Â Â Â Â Â 571
Apr. 1, 2002–Jun. 30, 2002Â Â 6%Â Â Â Â Â Â 17Â Â Â Â Â Â 571
Jul. 1, 2002–Sep. 30, 2002Â Â 6%Â Â Â Â Â Â 17Â Â Â Â Â Â 571
Oct. 1, 2002–Dec. 31, 2002Â Â 6%Â Â Â Â Â Â 17Â Â Â Â Â Â 571
Jan. 1, 2003–Mar. 31, 2003Â Â 5%Â Â Â Â Â Â 15Â Â Â Â Â Â 569
Apr. 1, 2003–Jun. 30, 2003Â Â 5%Â Â Â Â Â Â 15Â Â Â Â Â Â 569
Jul. 1, 2003–Sep. 30, 2003Â Â 5%Â Â Â Â Â Â 15Â Â Â Â Â Â 569
Oct. 1, 2003–Dec. 31, 2003Â Â 4%Â Â Â Â Â Â 13Â Â Â Â Â Â 567
Jan. 1, 2004–Mar. 31, 2004Â Â 4%Â Â Â Â Â Â 61Â Â Â Â Â Â 615
Apr. 1, 2004–Jun. 30, 2004Â Â 5%Â Â Â Â Â Â 63Â Â Â Â Â Â 617
Jul. 1, 2004–Sep. 30, 2004Â Â 4%Â Â Â Â Â Â 61Â Â Â Â Â Â 615
Oct. 1, 2004–Dec. 31, 2004Â Â 5%Â Â Â Â Â Â 63Â Â Â Â Â Â 617
Jan. 1, 2005–Mar. 31, 2005Â Â 5%Â Â Â Â Â Â 15Â Â Â Â Â Â 569
Apr. 1, 2005–Jun. 30, 2005Â Â 6%Â Â Â Â Â Â 17Â Â Â Â Â Â 571
—————————————————
—————————————————————————
                         TABLE OF INTEREST RATES
                     FROM JANUARY 1, 1999 — PRESENT
                CORPORATE OVERPAYMENTS AND UNDERPAYMENTS
                                 OVERPAYMENTS          UNDERPAYMENTS
                            ———————————————-
                                  1995-1 C.B.            1995-1 C.B.
                            RATE    TABLE    PG  RATE    TABLE    PG
Jan. 1, 1999–Mar. 31, 1999Â Â 6%Â Â Â Â Â Â 17Â Â Â Â Â Â 571Â Â 7%Â Â Â Â Â Â 19Â Â Â Â Â Â 573
Apr. 1, 1999–Jun. 30, 1999Â Â 7%Â Â Â Â Â Â 19Â Â Â Â Â Â 573Â Â 8%Â Â Â Â Â Â 21Â Â Â Â Â Â 575
Jul. 1, 1999–Sep. 30, 1999Â Â 7%Â Â Â Â Â Â 19Â Â Â Â Â Â 573Â Â 8%Â Â Â Â Â Â 21Â Â Â Â Â Â 575
Oct. 1, 1999–Dec. 31, 1999Â Â 7%Â Â Â Â Â Â 19Â Â Â Â Â Â 573Â Â 8%Â Â Â Â Â Â 21Â Â Â Â Â Â 575
Jan. 1, 2000–Mar. 31, 2000Â Â 7%Â Â Â Â Â Â 67Â Â Â Â Â Â 621Â Â 8%Â Â Â Â Â Â 69Â Â Â Â Â Â 623
Apr. 1, 2000–Jun. 30, 2000Â Â 8%Â Â Â Â Â Â 69Â Â Â Â Â Â 623Â Â 9%Â Â Â Â Â Â 71Â Â Â Â Â Â 625
Jul. 1, 2000–Sep. 30, 2000Â Â 8%Â Â Â Â Â Â 69Â Â Â Â Â Â 623Â Â 9%Â Â Â Â Â Â 71Â Â Â Â Â Â 625
Oct. 1, 2000–Dec. 31, 2000Â Â 8%Â Â Â Â Â Â 69Â Â Â Â Â Â 623Â Â 9%Â Â Â Â Â Â 71Â Â Â Â Â Â 625
Jan. 1, 2001–Mar. 31, 2001Â Â 8%Â Â Â Â Â Â 21Â Â Â Â Â Â 575Â Â 9%Â Â Â Â Â Â 23Â Â Â Â Â Â 577
Apr. 1, 2001–Jun. 30, 2001Â Â 7%Â Â Â Â Â Â 19Â Â Â Â Â Â 573Â Â 8%Â Â Â Â Â Â 21Â Â Â Â Â Â 575
Jul. 1, 2001–Sep. 30, 2001Â Â 6%Â Â Â Â Â Â 17Â Â Â Â Â Â 571Â Â 7%Â Â Â Â Â Â 19Â Â Â Â Â Â 573
Oct. 1, 2001–Dec. 31, 2001Â Â 6%Â Â Â Â Â Â 17Â Â Â Â Â Â 571Â Â 7%Â Â Â Â Â Â 19Â Â Â Â Â Â 573
Jan. 1, 2002–Mar. 31, 2002Â Â 5%Â Â Â Â Â Â 15Â Â Â Â Â Â 569Â Â 6%Â Â Â Â Â Â 17Â Â Â Â Â Â 571
Apr. 1, 2002–Jun. 30, 2002Â Â 5%Â Â Â Â Â Â 15Â Â Â Â Â Â 569Â Â 6%Â Â Â Â Â Â 17Â Â Â Â Â Â 571
Jul. 1, 2002–Sep. 30, 2002Â Â 5%Â Â Â Â Â Â 15Â Â Â Â Â Â 569Â Â 6%Â Â Â Â Â Â 17Â Â Â Â Â Â 571
Oct. 1, 2002–Dec. 31, 2002Â Â 5%Â Â Â Â Â Â 15 Â Â Â Â Â Â 569Â Â 6%Â Â Â Â Â Â 17Â Â Â Â Â Â 571
Jan. 1, 2003–Mar. 31, 2003Â Â 4%Â Â Â Â Â Â 13Â Â Â Â Â Â 567Â Â 5%Â Â Â Â Â Â 15Â Â Â Â Â Â 569
Apr. 1, 2003–Jun. 30, 2003Â Â 4%Â Â Â Â Â Â 13Â Â Â Â Â Â 567Â Â 5%Â Â Â Â Â Â 15Â Â Â Â Â Â 569
Jul. 1, 2003–Sep. 30, 2003Â Â 4%Â Â Â Â Â Â 13Â Â Â Â Â Â 567Â Â 5%Â Â Â Â Â Â 15Â Â Â Â Â Â 569
Oct. 1, 2003–Dec. 31, 2003Â Â 3%Â Â Â Â Â Â 11Â Â Â Â Â Â 565Â Â 4%Â Â Â Â Â Â 13Â Â Â Â Â Â 567
Jan. 1, 2004–Mar. 31, 2004Â Â 3%Â Â Â Â Â Â 59Â Â Â Â Â Â 613Â Â 4%Â Â Â Â Â Â 61Â Â Â Â Â Â 615
Apr. 1, 2004–Jun. 30, 2004Â Â 4%Â Â Â Â Â Â 61Â Â Â Â Â Â 615Â Â 5%Â Â Â Â Â Â 63Â Â Â Â Â Â 617
Jul. 1, 2004–Sep. 30, 2004Â Â 3%Â Â Â Â Â Â 59Â Â Â Â Â Â 613Â Â 4%Â Â Â Â Â Â 61Â Â Â Â Â Â 615
Oct. 1, 2004–Dec. 31, 2004Â Â 4%Â Â Â Â Â Â 61Â Â Â Â Â Â 615Â Â 5%Â Â Â Â Â Â 63Â Â Â Â Â Â 617
Jan. 1, 2005–Mar. 31, 2005Â Â 4%Â Â Â Â Â Â 13Â Â Â Â Â Â 567Â Â 5%Â Â Â Â Â Â 15Â Â Â Â Â Â 569
Apr. 1, 2005–Jun. 30, 2005Â Â 5%Â Â Â Â Â Â 15Â Â Â Â Â Â 569Â Â 6%Â Â Â Â Â Â 17Â Â Â Â Â Â 571
—————————————————————————
—————————————————————
  TABLE OF INTEREST RATES FOR LARGE CORPORATE UNDERPAYMENTS
               FROM JANUARY 1, 1991 — PRESENT
                                        1995-1 C.B.
                               RATE       TABLE       PG
Jan. 1, 1991–Mar. 31, 1991Â Â Â Â Â Â Â Â 13%Â Â Â Â Â Â Â Â Â Â 31Â Â Â Â Â Â Â 585
Apr. 1, 1991–Jun. 30, 1991Â Â Â Â Â Â Â Â 12%Â Â Â Â Â Â Â Â Â Â 29Â Â Â Â Â Â Â 583
Jul. 1, 1991–Sep. 30, 1991Â Â Â Â Â Â Â Â 12%Â Â Â Â Â Â Â Â Â Â 29Â Â Â Â Â Â Â 583
Oct. 1, 1991–Dec. 31, 1991Â Â Â Â Â Â Â Â 12%Â Â Â Â Â Â Â Â Â Â 29Â Â Â Â Â Â Â 583
Jan. 1, 1992–Mar. 31, 1992Â Â Â Â Â Â Â Â 11%Â Â Â Â Â Â Â Â Â Â 75Â Â Â Â Â Â Â 629
Apr. 1, 1992–Jun. 30, 1992Â Â Â Â Â Â Â Â 10%Â Â Â Â Â Â Â Â Â Â 73Â Â Â Â Â Â Â 627
Jul. 1, 1992–Sep. 30, 1992Â Â Â Â Â Â Â Â 10%Â Â Â Â Â Â Â Â Â Â 73Â Â Â Â Â Â Â 627
Oct. 1, 1992–Dec. 31, 1992Â Â Â Â Â Â Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 71Â Â Â Â Â Â Â 625
Jan. 1, 1993–Mar. 31, 1993Â Â Â Â Â Â Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â Â Â Â Â Â Â 577
Apr. 1, 1993–Jun. 30, 1993Â Â Â Â Â Â Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â Â Â Â Â Â Â 577
Jul. 1, 1993–Sep. 30, 1993Â Â Â Â Â Â Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â Â Â Â Â Â Â 577
Oct. 1, 1993–Dec. 31, 1993Â Â Â Â Â Â Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â Â Â Â Â Â Â 577
Jan. 1, 1994–Mar. 31, 1994Â Â Â Â Â Â Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â Â Â Â Â Â Â 577
Apr. 1, 1994–Jun. 30, 1994Â Â Â Â Â Â Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â Â Â Â Â Â Â 577
Jul. 1, 1994–Sep. 30, 1994Â Â Â Â Â Â Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â Â Â Â Â Â Â 579
Oct. 1, 1994–Dec. 31, 1994Â Â Â Â Â Â Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â Â Â Â Â Â Â 581
Jan. 1, 1995–Mar. 31, 1995Â Â Â Â Â Â Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â Â Â Â Â Â Â 581
Apr. 1, 1995–Jun. 30, 1995Â Â Â Â Â Â Â Â 12%Â Â Â Â Â Â Â Â Â Â 29Â Â Â Â Â Â Â 583
Jul. 1, 1995–Sep. 30, 1995Â Â Â Â Â Â Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â Â Â Â Â Â Â 581
Oct. 1, 1995–Dec. 31, 1995Â Â Â Â Â Â Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â Â Â Â Â Â Â 581
Jan. 1, 1996–Mar. 31, 1996Â Â Â Â Â Â Â Â 11%Â Â Â Â Â Â Â Â Â Â 75Â Â Â Â Â Â Â 629
Apr. 1, 1996–Jun. 30, 1996Â Â Â Â Â Â Â Â 10%Â Â Â Â Â Â Â Â Â Â 73Â Â Â Â Â Â Â 627
Jul. 1, 1996–Sep. 30, 1996Â Â Â Â Â Â Â Â 11%Â Â Â Â Â Â Â Â Â Â 75Â Â Â Â Â Â Â 629
Oct. 1, 1996–Dec. 31, 1996Â Â Â Â Â Â Â Â 11%Â Â Â Â Â Â Â Â Â Â 75Â Â Â Â Â Â Â 629
Jan. 1, 1997–Mar. 31, 1997Â Â Â Â Â Â Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â Â Â Â Â Â Â 581
Apr. 1, 1997–Jun. 30, 1997Â Â Â Â Â Â Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â Â Â Â Â Â Â 581
Jul. 1, 1997–Sep. 30, 1997Â Â Â Â Â Â Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â Â Â Â Â Â Â 581
Oct. 1, 1997–Dec. 31, 1997Â Â Â Â Â Â Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â Â Â Â Â Â Â 581
Jan. 1, 1998–Mar. 31, 1998Â Â Â Â Â Â Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â Â Â Â Â Â Â 581
Apr. 1, 1998–Jun. 30, 1998Â Â Â Â Â Â Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â Â Â Â Â Â Â 579
Jul. 1, 1998–Sep. 30, 1998Â Â Â Â Â Â Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â Â Â Â Â Â Â 579
Oct. 1, 1998–Dec. 31, 1998Â Â Â Â Â Â Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â Â Â Â Â Â Â 579
Jan. 1, 1999–Mar. 31, 1999Â Â Â Â Â Â Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â Â Â Â Â Â Â 577
Apr. 1, 1999–Jun. 30, 1999Â Â Â Â Â Â Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â Â Â Â Â Â Â 579
Jul. 1, 1999–Sep. 30, 1999Â Â Â Â Â Â Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â Â Â Â Â Â Â 579
Oct. 1, 1999–Dec. 31, 1999Â Â Â Â Â Â Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â Â Â Â Â Â Â 579
Jan. 1, 2000–Mar. 31, 2000Â Â Â Â Â Â Â Â 10%Â Â Â Â Â Â Â Â Â Â 73Â Â Â Â Â Â Â 627
Apr. 1, 2000–Jun. 30, 2000Â Â Â Â Â Â Â Â 11%Â Â Â Â Â Â Â Â Â Â 75Â Â Â Â Â Â Â 629
Jul. 1, 2000–Sep. 30, 2000Â Â Â Â Â Â Â Â 11%Â Â Â Â Â Â Â Â Â Â 75Â Â Â Â Â Â Â 629
Oct. 1, 2000–Dec. 31, 2000Â Â Â Â Â Â Â Â 11%Â Â Â Â Â Â Â Â Â Â 75Â Â Â Â Â Â Â 629
Jan. 1, 2001–Mar. 31, 2001Â Â Â Â Â Â Â Â 11%Â Â Â Â Â Â Â Â Â Â 27Â Â Â Â Â Â Â 581
Apr. 1, 2001–Jun. 30, 2001Â Â Â Â Â Â Â Â 10%Â Â Â Â Â Â Â Â Â Â 25Â Â Â Â Â Â Â 579
Jul. 1, 2001–Sep. 30, 2001Â Â Â Â Â Â Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â Â Â Â Â Â Â 577
Oct. 1, 2001–Dec. 31, 2001Â Â Â Â Â Â Â Â Â 9%Â Â Â Â Â Â Â Â Â Â 23Â Â Â Â Â Â Â 577
Jan. 1, 2002–Mar. 31, 2002Â Â Â Â Â Â Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â Â Â Â Â Â Â 575
Apr. 1, 2002–Jun. 30, 2002Â Â Â Â Â Â Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â Â Â Â Â Â Â 575
Jul. 1, 2002–Sep. 30, 2002Â Â Â Â Â Â Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â Â Â Â Â Â Â 575
Oct. 1, 2002–Dec. 30, 2002Â Â Â Â Â Â Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â Â Â Â Â Â Â 575
Jan. 1, 2003–Mar. 31, 2003Â Â Â Â Â Â Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 19Â Â Â Â Â Â Â 573
Apr. 1, 2003–Jun. 30, 2003Â Â Â Â Â Â Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 19Â Â Â Â Â Â Â 573
Jul. 1, 2003–Sep. 30, 2003Â Â Â Â Â Â Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 19Â Â Â Â Â Â Â 573
Oct. 1, 2003–Dec. 31, 2003Â Â Â Â Â Â Â Â Â 6%Â Â Â Â Â Â Â Â Â Â 17Â Â Â Â Â Â Â 571
Jan. 1, 2004–Mar. 31, 2004Â Â Â Â Â Â Â Â Â 6%Â Â Â Â Â Â Â Â Â Â 65Â Â Â Â Â Â Â 619
Apr. 1, 2004–Jun. 30, 2004Â Â Â Â Â Â Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 67Â Â Â Â Â Â Â 621
Jul. 1, 2004–Sep. 30, 2004Â Â Â Â Â Â Â Â Â 6%Â Â Â Â Â Â Â Â Â Â 65Â Â Â Â Â Â Â 619
Oct. 1, 2004–Dec. 31, 2004Â Â Â Â Â Â Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 67Â Â Â Â Â Â Â 621
Jan. 1, 2005–Mar. 31, 2005Â Â Â Â Â Â Â Â Â 7%Â Â Â Â Â Â Â Â Â Â 19Â Â Â Â Â Â Â 573
Apr. 1, 2005–Jun. 30, 2005Â Â Â Â Â Â Â Â Â 8%Â Â Â Â Â Â Â Â Â Â 21Â Â Â Â Â Â Â 575
—————————————————————
—————————————————
      TABLE OF INTEREST RATES FOR CORPORATE
         OVERPAYMENTS EXCEEDING $10,000
         FROM JANUARY 1, 1995 — PRESENT
                                  1995-1 C.B.
                            RATE    TABLE    PG
Jan. 1, 1995–Mar. 31, 1995Â 6.5%Â Â Â Â Â 18Â Â Â Â Â Â 572
Apr. 1, 1995–Jun. 30, 1995Â 7.5%Â Â Â Â Â 20Â Â Â Â Â Â 574
Jul. 1, 1995–Sep. 30, 1995Â 6.5%Â Â Â Â Â 18Â Â Â Â Â Â 572
Oct. 1, 1995–Dec. 31, 1995Â 6.5%Â Â Â Â Â 18Â Â Â Â Â Â 572
Jan. 1, 1996–Mar. 31, 1996Â 6.5%Â Â Â Â Â 66Â Â Â Â Â Â 620
Apr. 1, 1996–Jun. 30, 1996Â 5.5%Â Â Â Â Â 64Â Â Â Â Â Â 618
Jul. 1, 1996–Sep. 30, 1996Â 6.5%Â Â Â Â Â 66Â Â Â Â Â Â 620
Oct. 1, 1996–Dec. 31, 1996Â 6.5%Â Â Â Â Â 66Â Â Â Â Â Â 620
Jan. 1, 1997–Mar. 31, 1997Â 6.5%Â Â Â Â Â 18Â Â Â Â Â Â 572
Apr. 1, 1997–Jun. 30, 1997Â 6.5%Â Â Â Â Â 18Â Â Â Â Â Â 572
Jul. 1, 1997–Sep. 30, 1997Â 6.5%Â Â Â Â Â 18Â Â Â Â Â Â 572
Oct. 1, 1997–Dec. 31, 1997Â 6.5%Â Â Â Â Â 18Â Â Â Â Â Â 572
Jan. 1, 1998–Mar. 31, 1998Â 6.5%Â Â Â Â Â 18Â Â Â Â Â Â 572
Apr. 1, 1998–Jun. 30, 1998Â 5.5%Â Â Â Â Â 16Â Â Â Â Â Â 570
Jul. 1, 1998–Sep. 30, 1998Â 5.5%Â Â Â Â Â 16Â Â Â Â Â Â 570
Oct. 1, 1998–Dec. 31, 1998Â 5.5%Â Â Â Â Â 16Â Â Â Â Â Â 570
Jan. 1, 1999–Mar. 31, 1999Â 4.5%Â Â Â Â Â 14Â Â Â Â Â Â 568
Apr. 1, 1999–Jun. 30, 1999Â 5.5%Â Â Â Â Â 16Â Â Â Â Â Â 570
Jul. 1, 1999–Sep. 30, 1999Â 5.5%Â Â Â Â Â 16Â Â Â Â Â Â 570
Oct. 1, 1999–Dec. 31, 1999Â 5.5%Â Â Â Â Â 16Â Â Â Â Â Â 570
Jan. 1, 2000–Mar. 31, 2000Â 5.5%Â Â Â Â Â 64Â Â Â Â Â Â 618
Apr. 1, 2000–Jun. 30, 2000Â 6.5%Â Â Â Â Â 66Â Â Â Â Â Â 620
Jul. 1, 2000–Sep. 30, 2000Â 6.5%Â Â Â Â Â 66Â Â Â Â Â Â 620
Oct. 1, 2000–Dec. 31, 2000Â 6.5%Â Â Â Â Â 66Â Â Â Â Â Â 620
Jan. 1, 2001–Mar. 31, 2001Â 6.5%Â Â Â Â Â 18Â Â Â Â Â Â 572
Apr. 1, 2001–Jun. 30, 2001Â 5.5%Â Â Â Â Â 16Â Â Â Â Â Â 570
Jul. 1, 2001–Sep. 30, 2001Â 4.5%Â Â Â Â Â 14Â Â Â Â Â Â 568
Oct. 1, 2001–Dec. 31, 2001Â 4.5%Â Â Â Â Â 14Â Â Â Â Â Â 568
Jan. 1, 2002–Mar. 31, 2002Â 3.5%Â Â Â Â Â 12Â Â Â Â Â Â 566
Apr. 1, 2002–Jun. 30, 2002Â 3.5%Â Â Â Â Â 12Â Â Â Â Â Â 566
Jul. 1, 2002–Sep. 30, 2002Â 3.5%Â Â Â Â Â 12Â Â Â Â Â Â 566
Oct. 1, 2002–Dec. 31, 2002Â 3.5%Â Â Â Â Â 12Â Â Â Â Â Â 566
Jan. 1, 2003–Mar. 31, 2003Â 2.5%Â Â Â Â Â 10Â Â Â Â Â Â 564
Apr. 1, 2003–Jun. 30, 2003Â 2.5%Â Â Â Â Â 10Â Â Â Â Â Â 564
Jul. 1, 2003–Sep. 30, 2003Â 2.5%Â Â Â Â Â 10Â Â Â Â Â Â 564
Oct. 1, 2003–Dec. 31, 2003Â 1.5%Â Â Â Â Â Â 8Â Â Â Â Â Â 562
Jan. 1, 2004–Mar. 31, 2004Â 1.5%Â Â Â Â Â 56Â Â Â Â Â Â 610
Apr. 1, 2004–Jun. 30, 2004Â 2.5%Â Â Â Â Â 58Â Â Â Â Â Â 612
Jul. 1, 2004–Sep. 30, 2004Â 1.5%Â Â Â Â Â 56Â Â Â Â Â Â 610
Oct. 1, 2004–Dec. 31, 2004Â 2.5%Â Â Â Â Â 58Â Â Â Â Â Â 612
Jan. 1, 2005–Mar. 31, 2005Â 2.5%Â Â Â Â Â 10Â Â Â Â Â Â 564
Apr. 1, 2005–Jun. 30, 2005Â 3.5%Â Â Â Â Â 12Â Â Â Â Â Â 566
—————————————————
 Rev. Rul. 2005-15, 2005-11 I.R.B. 720
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