The IRS has announced that the interest rates applicable to overpayments and underpayments of federal taxes is lower in the third quarter of 2019 compared with the rates in the second quarter of the year (Rev. Rul. 2019-15). The rates are:
Note: The IRS also announced the blended rate for 2019, which is used to figure imputed interest on below market demand loans outstanding for the entire year (Rev. Rul. 2019-16). The blended rate is 2.42%.
An arrangement under which one person transfers legal ownership of assets to another person or corporation (the trustee) for the benefit of one or more third persons (beneficiaries).