August 08, 1989
Interest Rates for the Quarter to Decrease
The Internal Revenue Service today announced that interest
rates for the calendar quarter beginning Oct. 1, 1989, will decrease
to ten percent for overpayments and eleven percent for
Under the Tax Reform Act of 1986, the rate of interest is
determined on a quarterly basis, and the rate on underpayments is
one percent higher than the rate on overpayments. The rate
announced today is computed from the federal short-term rate based
on daily compounding determined during July 1989.
Revenue Ruling 89-99, announcing the new rates of interest is
attached and will appear in Internal Revenue Bulletin No. 1989-35,
dated Aug. 28, 1989.
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