Source: http://unclefed.com/Tax-News/2002/nr02-29.html
Timestamp: 2013-06-18 21:43:37
Document Index: 407749082

Matched Legal Cases: ['§ 6621', '§ 6621', '§ 6601', '§ 6621', '§ 6621', '§ 301', '§ 301', '§ 6621', '§ 6654']

IRS News Releases > 2002 > IRS News Release #IR-2002-29
No Change in Interest Rates for theSecond Quarter of 2002
WASHINGTON - The Internal Revenue Service today announced that interest rates for the calendar quarter beginning April 1, 2002, will remain the same as the first quarter of 2002. The interest rates are as follows:
The interest rates announced today are computed from the federal short-term rate based on daily compounding determined during January 2002.
Rev. Rul. 2002-13, announcing the new rates of interest, is attached and will appear in Internal Revenue Bulletin No. 2002-12, dated March 25, 2002.
Rev. Rul. 2002-13
Part I: Section 6621.-- Determination of Interest Rate - 26 CFR 301.6621-1: Interest rate.
Section 6621 of the Internal Revenue Code establishes the rates for interest on tax overpayments and tax underpayments. Under § 6621(a)(1), the overpayment rate beginning April 1, 2002, 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 § 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 § 6601 on any large corporate underpayment, the underpayment rate under § 6621(a)(2) is determined by substituting iu5 percentage pointsla for io3 percentage points.lg See § 6621(c) and § 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 § 301.6621-3 are generally effective for periods after December 31, 1990.
Section 6621(b)(2)(A) provides that the federal short-term rate determined under § 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 § 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.
Rounded to the nearest full percent, the federal short-term rate based on daily compounding determined during the month of January 2001 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, 2002. The overpayment rate for the portion of a corporate overpayment exceeding $10,000 for the calendar quarter beginning April 1, 2002, is 3.5 percent. The underpayment rate for large corporate underpayments for the calendar quarter beginning April 1, 2002, is 8 percent. These rates apply to amounts bearing interest during that calendar quarter.
The 6 percent rate that applies to estimated tax underpayments for the first calendar quarter in 2002, as provided in Rev. Rul. 2001-63, 2001-52 I.R.B. 607, also applies to such underpayments for the first 15 days in April 2002.
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.
PERIOD                        RATE DAILY RATE TBL
Before Jul. 1, 1975            6% Table 2, pg. 557
Jul. 1, 1975--Jan. 31, 1976    9% Table 4, pg. 559
Feb. 1, 1976--Jan. 31, 1978    7% Table 3, pg. 558
Feb. 1, 1978--Jan. 31, 1980    6% Table 2, pg. 557
Feb. 1, 1980--Jan. 31, 1982   12% Table 5, pg. 560
Feb. 1, 1982--Dec. 31, 1982   20% Table 6, pg. 560
Jan. 1, 1983--Jun. 30, 1983   16% Table 37, pg. 591
Jul. 1, 1983--Dec. 31, 1983   11% Table 27, pg. 581
Jan. 1, 1984--Jun. 30, 1984   11% Table 75, pg. 629
Jul. 1, 1984--Dec. 31, 1984   11% Table 75, pg. 629
Jan. 1, 1985--Jun. 30, 1985   13% Table 31, pg. 585
Jul. 1, 1985--Dec. 31, 1985   11% Table 27, pg. 581
Jan. 1, 1986--Jun. 30, 1986   10% Table 25, pg. 579
Jul. 1, 1986--Dec. 31, 1986    9% Table 23, pg. 577
OVERPAYMENTS � UNDERPAYMENTS
--------------�--------------
1995-1 C.B. � 1995-1 C.B.
RATE TABLE PG � RATE TABLE PG
Jan. 1, 1987--Mar. 31, 1987    8% 21 575   9% 23 577
Apr. 1, 1987--Jun. 30, 1987    8% 21 575   9% 23 577
Jul. 1, 1987--Sep. 30, 1987    8% 21 575   9% 23 577
Oct. 1, 1987--Dec. 31, 1987    9% 23 577  10% 25 579
Jan. 1, 1988--Mar. 31, 1988   10% 73 627  11% 75 629
Apr. 1, 1988--Jun. 30, 1988    9% 71 625  10% 73 627
Jul. 1, 1988--Sep. 30, 1988    9% 71 625  10% 73 627
Oct. 1, 1988--Dec. 31, 1988   10% 73 627  11% 75 629
Jan. 1, 1989--Mar. 31, 1989   10% 25 579  11% 27 581
Apr. 1, 1989--Jun. 30, 1989   11% 27 581  12% 29 583
Jul. 1, 1989--Sep. 30, 1989   11% 27 581  12% 29 583
Oct. 1, 1989--Dec. 31, 1989   10% 25 579  11% 27 581
Jan. 1, 1990--Mar. 31, 1990   10% 25 579  11% 27 581
Apr. 1, 1990--Jun. 30, 1990   10% 25 579  11% 27 581
Jul. 1, 1990--Sep. 30, 1990   10% 25 579  11% 27 581
Oct. 1, 1990--Dec. 31, 1990   10% 25 579  11% 27 581
Jan. 1, 1991--Mar. 31, 1991   10% 25 579  11% 27 581
Apr. 1, 1991--Jun. 30, 1991    9% 23 577  10% 25 579
Jul. 1, 1991--Sep. 30, 1991    9% 23 577  10% 25 579
Oct. 1, 1991--Dec. 31, 1991    9% 23 577  10% 25 579
Jan. 1, 1992--Mar. 31, 1992    8% 69 623   9% 71 625
Apr. 1, 1992--Jun. 30, 1992    7% 67 621   8% 69 623
Jul. 1, 1992--Sep. 30, 1992    7% 67 621   8% 69 623
Oct. 1, 1992--Dec. 31, 1992    6% 65 619   7% 67 621
Jan. 1, 1993--Mar. 31, 1993    6% 17 571   7% 19 573
Apr. 1, 1993--Jun. 30, 1993    6% 17 571   7% 19 573
Jul. 1, 1993--Sep. 30, 1993    6% 17 571   7% 19 573
Oct. 1, 1993--Dec. 31, 1993    6% 17 571   7% 19 573
Jan. 1, 1994--Mar. 31, 1994    6% 17 571   7% 19 573
Apr. 1, 1994--Jun. 30, 1994    6% 17 571   7% 19 573
Jul. 1, 1994--Sep. 30, 1994    7% 19 573   8% 21 575
Oct. 1, 1994--Dec. 31, 1994    8% 21 575   9% 23 577
Jan. 1, 1995--Mar. 31, 1995    8% 21 575   9% 23 577
Apr. 1, 1995--Jun. 30, 1995    9% 23 577  10% 25 579
Jul. 1, 1995--Sep. 30, 1995    8% 21 575   9% 23 577
Oct. 1, 1995--Dec. 31, 1995    8% 21 575   9% 23 577
Jan. 1, 1996--Mar. 31, 1996    8% 69 623   9% 71 625
Apr. 1, 1996--Jun. 30, 1996    7% 67 621   8% 69 623
Jul. 1, 1996--Sep. 30, 1996    8% 69 623   9% 71 625
Oct. 1, 1996--Dec. 31, 1996    8% 69 623   9% 71 625
Jan. 1, 1997--Mar. 31, 1997    8% 21 575   9% 23 577
Apr. 1, 1997--Jun. 30, 1997    8% 21 575   9% 23 577
Jul. 1, 1997--Sep. 30, 1997    8% 21 575   9% 23 577
Oct. 1, 1997--Dec. 31, 1997    8% 21 575   9% 23 577
Jan. 1, 1998--Mar. 31, 1998    8% 21 575   9% 23 577
Apr. 1, 1998--Jun. 30, 1998    7% 19 573   8% 21 575
Jul. 1, 1998--Sep. 30, 1998    7% 19 573   8% 21 575
Oct. 1, 1998--Dec. 31, 1998    7% 19 573   8% 21 575
FROM JANUARY 1, 1999 �PRESENT
RATE TBL PG
Jan. 1, 1999--Mar. 31, 1999    7%  19  573
Apr. 1, 1999--Jun. 30, 1999    8%  21  575
Jul. 1, 1999--Sep. 30, 1999    8%  21  575
Oct. 1, 1999--Dec. 31, 1999    8%  21  575
Jan. 1, 2000--Mar. 31, 2000    8%  69  623
Apr. 1, 2000--Jun. 30, 2000    9%  71  625
Jul. 1, 2000--Sep. 30, 2000    9%  71  625
Oct. 1, 2000--Dec 31, 2000     9%  71  625
Jan. 1, 2001--Mar. 31, 2001    9%  23  577
Apr. 1, 2001--Jun. 30, 2001    8%  21  575
Jul. 1, 2001--Sep. 30, 2001    7%  19  573
Oct. 1, 2001--Dec. 31, 2001    7%  19  573
Jan. 1, 2002--Mar. 31, 2002    6%  17  571
Apr. 1, 2002--Jun. 30, 2002    6%  17  571
FROM JANUARY 1, 1999 � PRESENT
OVERPAYMENTS  UNDERPAYMENTS
1995-1 C.B.   1995-1 C.B.
RATE TBL PG   RATE TBL PG
Jan. 1, 1999--Mar. 31, 1999  6%  17  571   7%  19  573
Apr. 1, 1999--Jun. 30, 1999  7%  19  573   8%  21  575
Jul. 1, 1999--Sep. 30, 1999  7%  19  573   8%  21  575
Oct. 1, 1999--Dec. 31, 1999  7%  19  573   8%  21  575
Jan. 1, 2000--Mar. 31, 2000  7%  67  621   8%  69  623
Apr. 1, 2000--Jun. 30, 2000  8%  69  623   9%  71  625
Jul. 1, 2000--Sep. 30, 2000  8%  69  623   9%  71  625
Oct. 1, 2000--Dec. 31, 2000  8%  69  623   9%  71  625
Jan. 1, 2001--Mar. 31, 2001  8%  21  575   9%  23  577
Apr. 1, 2001--Jun. 30, 2001  7%  19  573   8%  21  575
Jul. 1, 2001--Sep. 30, 2001  6%  17  571   7%  19  573
Oct. 1, 2001--Dec. 31, 2001  6%  17  571   7%  19  573
Jan. 1, 2002--Mar. 31, 2002  5%  15  569   6%  17  571
Apr. 1, 2002--Jun. 30, 2002  5%  15  569   6%  17  571
FROM JANUARY 1, 1991 � PRESENT
Jan. 1, 1991--Mar. 31, 1991   13%  31  585
Apr. 1, 1991--Jun. 30, 1991   12%  29  583
Jul. 1, 1991--Sep. 30, 1991   12%  29  583
Oct. 1, 1991--Dec. 31, 1991   12%  29  583
Jan. 1, 1992--Mar. 31, 1992   11%  75  629
Apr. 1, 1992--Jun. 30, 1992   10%  73  627
Jul. 1, 1992--Sep. 30, 1992   10%  73  627
Oct. 1, 1992--Dec. 31, 1992    9%  71  625
Jan. 1, 1993--Mar. 31, 1993    9%  23  577
Apr. 1, 1993--Jun. 30, 1993    9%  23  577
Jul. 1, 1993--Sep. 30, 1993    9%  23  577
Oct. 1, 1993--Dec. 31, 1993    9%  23  577
Jan. 1, 1994--Mar. 31, 1994    9%  23  577
Apr. 1, 1994--Jun. 30, 1994    9%  23  577
Jul. 1, 1994--Sep. 30, 1994   10%  25  579
Oct. 1, 1994--Dec. 31, 1994   11%  27  581
Jan. 1, 1995--Mar. 31, 1995   11%  27  581
Apr. 1, 1995--Jun. 30, 1995   12%  29  583
Jul. 1, 1995--Sep. 30, 1995   11%  27  581
Oct. 1, 1995--Dec. 31, 1995   11%  27  581
Jan. 1, 1996--Mar. 31, 1996   11%  75  629
Apr. 1, 1996--Jun. 30, 1996   10%  73  627
Jul. 1, 1996--Sep. 30, 1996   11%  75  629
Oct. 1, 1996--Dec. 31, 1996   11%  75  629
Jan. 1, 1997--Mar. 31, 1997   11%  27  581
Apr. 1, 1997--Jun. 30, 1997   11%  27  581
Jul. 1, 1997--Sep. 30, 1997   11%  27  581
Oct. 1, 1997--Dec. 31, 1997   11%  27  581
Jan. 1, 1998--Mar. 31, 1998   11%  27  581
Apr. 1, 1998--Jun. 30, 1998   10%  25  579
Jul. 1, 1998--Sep. 30, 1998   10%  25  579
Oct. 1, 1998--Dec. 31, 1998   10%  25  579
Jan. 1, 1999--Mar. 31, 1999    9%  23  577
Apr. 1, 1999--Jun. 30, 1999   10%  25  579
Jul. 1, 1999--Sep. 30, 1999   10%  25  579
Oct. 1, 1999--Dec. 31, 1999   10%  25  579
Jan. 1, 2000--Mar. 31, 2000   10%  73  627
Apr. 1, 2000--Jun. 30, 2000   11%  75  629
Jul. 1, 2000--Sep. 30, 2000   11%  75  629
Oct. 1, 2000--Dec. 31, 2000   11%  75  629
Jan. 1, 2001--Mar. 31, 2001   11%  27  581
Apr. 1, 2001--Jun. 30, 2001   10%  25  579
Jul. 1, 2001--Sep. 30, 2001    9%  23  577
Oct. 1, 2001--Dec. 31, 2001    9%  23  577
Jan. 1, 2002--Mar. 31, 2002    8%  21  575
Apr. 1, 2002--Jun. 30, 2002    8%  21  575
FROM JANUARY 1, 1995 � PRESENT
RATE  TBL PG
Jan. 1, 1995--Mar. 31, 1995  6.5%  18  572
Apr. 1, 1995--Jun. 30, 1995  7.5%  20  574
Jul. 1, 1995--Sep. 30, 1995  6.5%  18  572
Oct. 1, 1995--Dec. 31, 1995  6.5%  18  572
Jan. 1, 1996--Mar. 31, 1996  6.5%  66  620
Apr. 1, 1996--Jun. 30, 1996  5.5%  64  618
Jul. 1, 1996--Sep. 30, 1996  6.5%  66  620
Oct. 1, 1996--Dec. 31, 1996  6.5%  66  620
Jan. 1, 1997--Mar. 31, 1997  6.5%  18  572
Apr. 1, 1997--Jun. 30, 1997  6.5%  18  572
Jul. 1, 1997--Sep. 30, 1997  6.5%  18  572
Oct. 1, 1997--Dec. 31, 1997  6.5%  18  572
Jan. 1, 1998--Mar. 31, 1998  6.5%  18  572
Apr. 1, 1998--Jun. 30, 1998  5.5%  16  570
Jul. 1. 1998--Sep. 30, 1998  5.5%  16  570
Oct. 1, 1998--Dec. 31, 1998  5.5%  16  570
Jan. 1, 1999--Mar. 31, 1999  4.5%  14  568
Apr. 1, 1999--Jun. 30, 1999  5.5%  16  570
Jul. 1, 1999--Sep. 30, 1999  5.5%  16  570
Oct. 1, 1999--Dec. 31, 1999  5.5%  16  570
Jan. 1, 2000--Mar. 31, 2000  5.5%  64  618
Apr. 1, 2000--Jun. 30, 2000  6.5%  66  620
Jul. 1, 2000--Sep. 30, 2000  6.5%  66  620
Oct. 1, 2000--Dec. 31, 2000  6.5%  66  620
Jan. 1, 2001--Mar. 31, 2001  6.5%  18  572
Apr. 1, 2001--Jun. 30, 2001  5.5%  16  570
Jul. 1, 2001--Sep. 30, 2001  4.5%  14  568
Oct. 1, 2001--Dec. 31, 2001  4.5%  14  568
Jan. 1, 2002--Mar. 31, 2002  3.5%  12  566
Apr. 1, 2002--Jun. 30, 2002  3.5%  12  566