Rev. Rul. 84-66

Rev. Rul. 84-66 [FN1]

                       Internal Revenue Service
                                 Revenue Ruling

                           Published: April 30, 1984

Section 6621. - -Determination of Rate of Interest, 26 CFR 301.6621-1:  Interest rate.

  Section 6621(b) of the Internal Revenue Code provides for semiannual adjustment of the interest rate and requires that any change in the rate be established by October 15 and April 15 and be based on the average prime interest rate for the six-month period ending September 30 and March 31, respectively.  The Federal Reserve System has determined that the average prime rate for the period ending March 31, 1984, was 11.03 percent.  When rounded to 11 percent, there is no change in the average prime rate from the last determination made.  See Rev. Rul. 83-171, 1983-47 I.R.B. 7. Accordingly, the interest rate established under section 6621 will continue to be 11 percent through December 31, 1984.

  Daily rates for compound interest for 11 percent for leap years were published in Table 41 of Rev. Proc. 83-7, 1983-1 C.B. 583, 625.

FN1. Also released as News Release IR-84-53, dated April 12, 1984.

Rev. Rul. 84-66, 1984-1 C.B. 260, 1984-18 I.R.B. 6.