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IRS Updates Rate

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The Internal Revenue Service has come out with a revenue ruling that sets the current rates to be used in a variety of federal income tax calculations.

One section of the document, IRS Revenue Ruling 2008-49, concerns the federal rate for determining the present value of an annuity, an interest for life or a term of years, or a remainder or reversionary interest.

Starting in October, the rate will be 3.8%, the IRS says.


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