Bulletin No. 2022–23

Agency decision

Ask Donna

What actually matters in this document.

Text

HIGHLIGHTS

OF THIS ISSUE

Bulletin No. 2022–23

June 6, 2022

These synopses are intended only as aids to the reader in

identifying the subject matter covered. They may not be

relied upon as authoritative interpretations.

ADMINISTRATIVE

Rev. Rul. 2022-11, page 1159.

Interest rates: underpayments and overpayments. The

rates for interest determined under Section 6621 of the

code for the calendar quarter beginning July 1, 2022,

will be 5 percent for overpayments (4 percent in the

case of a corporation), 5 percent for underpayments,

and 7 percent for large corporate underpayments. The

rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 2.5 percent.

ADMINISTRATIVE, INCOME TAX

Notice 2022-28, page 1182.

Notice 2022-28 provides guidance under the Internal

Revenue Code (Code) to employees and employers

using employer leave-based donation programs on the

federal income and employment tax treatment of cash

payments made by employers under such programs

to aid victims of the further invasion of Ukraine by the

Russian Federation beginning on February 24, 2022

(further Russian invasion of Ukraine). Under employer

leave-based donation programs, employees may elect

Finding Lists begin on page ii.

to forgo their accumulated leave and employers make

cash donations up to the dollar amount of the forgone

leave to tax-exempt entities described in section 170(c)

of the Code (section 170(c) organizations) that provide

aid to victims of the further Russian invasion of Ukraine.

EMPLOYEE PLANS

Notice 2022-25, page 1178.

This notice sets forth updates on the corporate bond

monthly yield curve, the corresponding spot segment

rates for May 2022 used under § 417(e)(3)(D), the

24-month average segment rates applicable for May

2022, and the 30-year Treasury rates, as reflected by

the application of § 430(h)(2)(C)(iv).

INCOME TAX

Rev. Rul. 2022-10, page 1157.

Federal rates; adjusted federal rates; adjusted federal

long-term rate, and the long-term tax exempt rate. For

purposes of sections 382, 1274, 1288, 7872 and

other sections of the Code, tables set forth the rates

for June 2022.

The IRS Mission

Provide America’s taxpayers top-quality service by helping

them understand and meet their tax responsibilities and

enforce the law with integrity and fairness to all.

Introduction

The Internal Revenue Bulletin is the authoritative instrument

of the Commissioner of Internal Revenue for announcing official rulings and procedures of the Internal Revenue Service

and for publishing Treasury Decisions, Executive Orders, Tax

Conventions, legislation, court decisions, and other items of

general interest. It is published weekly.

It is the policy of the Service to publish in the Bulletin all substantive rulings necessary to promote a uniform application

of the tax laws, including all rulings that supersede, revoke,

modify, or amend any of those previously published in the

Bulletin. All published rulings apply retroactively unless otherwise indicated. Procedures relating solely to matters of internal management are not published; however, statements of

internal practices and procedures that affect the rights and

duties of taxpayers are published.

Revenue rulings represent the conclusions of the Service

on the application of the law to the pivotal facts stated in

the revenue ruling. In those based on positions taken in rulings to taxpayers or technical advice to Service field offices,

identifying details and information of a confidential nature are

deleted to prevent unwarranted invasions of privacy and to

comply with statutory requirements.

Rulings and procedures reported in the Bulletin do not have the

force and effect of Treasury Department Regulations, but they

may be used as precedents. Unpublished rulings will not be

relied on, used, or cited as precedents by Service personnel in

the disposition of other cases. In applying published rulings and

procedures, the effect of subsequent legislation, regulations,

court decisions, rulings, and procedures must be considered,

and Service personnel and others concerned are cautioned

against reaching the same conclusions in other cases unless

the facts and circumstances are substantially the same.

The Bulletin is divided into four parts as follows:

Part I.—1986 Code.

This part includes rulings and decisions based on provisions

of the Internal Revenue Code of 1986.

Part II.—Treaties and Tax Legislation.

This part is divided into two subparts as follows: Subpart A,

Tax Conventions and Other Related Items, and Subpart B,

Legislation and Related Committee Reports.

Part III.—Administrative, Procedural, and Miscellaneous.

To the extent practicable, pertinent cross references to these

subjects are contained in the other Parts and Subparts. Also

included in this part are Bank Secrecy Act Administrative

Rulings. Bank Secrecy Act Administrative Rulings are issued

by the Department of the Treasury’s Office of the Assistant

Secretary (Enforcement).

Part IV.—Items of General Interest.

This part includes notices of proposed rulemakings, disbarment and suspension lists, and announcements.

The last Bulletin for each month includes a cumulative index

for the matters published during the preceding months. These

monthly indexes are cumulated on a semiannual basis, and are

published in the last Bulletin of each semiannual period.

The contents of this publication are not copyrighted and may be reprinted freely. A citation of the Internal Revenue Bulletin as the source would be appropriate.

June 6, 2022

Bulletin No. 2022–23

Part I

Section 1274.—

Determination of Issue

Price in the Case of Certain

Debt Instruments Issued for

Property

(Also Sections 42, 280G, 382, 467, 468, 482, 483,

1288, 7520, 7872.)

Rev. Rul. 2022-10

This revenue ruling provides various prescribed rates for federal income

Annual

AFR

110% AFR

120% AFR

130% AFR

2.21%

2.43%

2.66%

2.88%

AFR

110% AFR

120% AFR

130% AFR

150% AFR

175% AFR

2.93%

3.23%

3.52%

3.82%

4.42%

5.15%

AFR

110% AFR

120% AFR

130% AFR

3.11%

3.43%

3.74%

4.06%

Short-term adjusted AFR

Mid-term adjusted AFR

Long-term adjusted AFR

Bulletin No. 2022–23

tax purposes for June 2022 (the current

month). Table 1 contains the shortterm, mid-term, and long-term applicable federal rates (AFR) for the current

month for purposes of section 1274(d)

of the Internal Revenue Code. Table 2

contains the short-term, mid-term, and

long-term adjusted applicable federal

rates (adjusted AFR) for the current

month for purposes of section 1288(b).

Table 3 sets forth the adjusted federal long-term rate and the long-term

tax-exempt rate described in section

382(f). Table 4 contains the appropriate

percentages for determining the low-income housing credit described in section 42(b)(1) for buildings placed in

service during the current month. However, under section 42(b)(2), the applicable percentage for non-federally subsidized new buildings placed in service

after July 30, 2008, shall not be less

than 9%. Finally, Table 5 contains the

federal rate for determining the present

value of an annuity, an interest for life

or for a term of years, or a remainder or

a reversionary interest for purposes of

section 7520.

REV. RUL. 2022-10 TABLE 1

Applicable Federal Rates (AFR) for June 2022

Period for Compounding

Semiannual

Quarterly

Short-term

2.20%

2.19%

2.42%

2.41%

2.64%

2.63%

2.86%

2.85%

Mid-term

2.91%

2.90%

3.20%

3.19%

3.49%

3.47%

3.78%

3.76%

4.37%

4.35%

5.09%

5.06%

Long-term

3.09%

3.08%

3.40%

3.39%

3.71%

3.69%

4.02%

4.00%

Annual

1.68%

2.22%

2.36%

REV. RUL. 2022-10 TABLE 2

Adjusted AFR for June 2022

Period for Compounding

Semiannual

1.67%

2.21%

2.35%

1157

Quarterly

1.67%

2.20%

2.34%

Monthly

2.19%

2.41%

2.63%

2.84%

2.89%

3.18%

3.46%

3.75%

4.33%

5.04%

3.07%

3.38%

3.68%

3.99%

Monthly

1.66%

2.20%

2.34%

June 6, 2022

REV. RUL. 2022-10 TABLE 3

Rates Under Section 382 for June 2022

Adjusted federal long-term rate for the current month

Long-term tax-exempt rate for ownership changes during the current month (the highest of the adjusted federal

long-term rates for the current month and the prior two months.)

2.36%

REV. RUL. 2022-10 TABLE 4

Appropriate Percentages Under Section 42(b)(1) for June 2022

Note: Under section 42(b)(2), the applicable percentage for non-federally subsidized new buildings placed in service after July

30, 2008, shall not be less than 9%.

Appropriate percentage for the 70% present value low-income housing credit

7.70%

Appropriate percentage for the 30% present value low-income housing credit

3.30%

REV. RUL. 2022-10 TABLE 5

Rate Under Section 7520 for June 2022

Applicable 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

Section 42.—Low-Income

Housing Credit

The applicable federal short-term, mid-term,

and long-term rates are set forth for the month of

June 2022. See Rev. Rul. 2022-10, page 1157.

Section 280G.—Golden

Parachute Payments

The applicable federal short-term, mid-term,

and long-term rates are set forth for the month of

June 2022. See Rev. Rul. 2022-10 page 1157.

Section 382.—Limitation

on Net Operating Loss

Carryforwards and

Certain Built-In Losses

Following Ownership

Change

The adjusted applicable federal long-term rate

is set forth for the month of June 2022. See Rev.

Rul. 2022-10, page 1157.

Section 467.—Certain

Payments for the Use of

Property or Services

The applicable federal short-term, mid-term,

and long-term rates are set forth for the month of

June 2022. See Rev. Rul. 2022-10, page 1157.

Section 468.—Special

Rules for Mining and Solid

Waste Reclamation and

Closing Costs

The applicable federal short-term rates are set

forth for the month of June 2022. See Rev. Rul.

2022-10, page 1157.

Section 482.—Allocation

of Income and Deductions

Among Taxpayers

The applicable federal short-term, mid-term,

and long-term rates are set forth for the month of

June 2022. See Rev. Rul. 2022-10, page 1157.

3.60%

Section 483.—Interest on

Certain Deferred Payments

The applicable federal short-term, mid-term,

and long-term rates are set forth for the month of

June 2022. See Rev. Rul. 2022-10, page 1157.

Section 1288.—Treatment

of Original Issue Discount

on Tax-Exempt Obligations

The adjusted applicable federal short-term, midterm, and long-term rates are set forth for the month of

June 2022. See Rev. Rul. 2022-10, page 1157.

Section 7520.—Valuation

Tables

The applicable federal mid-term rates are set

forth for the month of June 2022. See Rev. Rul.

2022-10, page 1157.

Section 7872.—Treatment

of Loans With BelowMarket Interest Rates

The applicable federal short-term, mid-term,

and long-term rates are set forth for the month of

June 2022. See Rev. Rul. 2022-10, page 1157.

June 6, 2022

1158

Bulletin No. 2022–23

Section 6621.—

Determination of Rate of

Interest

26 CFR 301.6621-1: Interest rate.

Rev. Rul. 2022-11

Section 6621 of the Internal Revenue Code establishes the interest rates

on overpayments and underpayments of

tax. Under section 6621(a)(1), the overpayment rate 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. Under section 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 section

6601 on any large corporate underpayment, the underpayment rate under section 6621(a)(2) is determined by substituting “5 percentage points” for “3

percentage points.” See section 6621(c)

and section 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 section 301.6621-3 are generally effective for periods after December 31, 1990.

Bulletin No. 2022–23

Section 6621(b)(1) provides that the

Secretary will determine the federal shortterm rate for the first month in each calendar quarter. Section 6621(b)(2)(A)

provides that the federal short-term rate

determined under section 6621(b)(1) for

any month applies during the first calendar

quarter beginning after that month. Section 6621(b)(3) provides that the federal

short-term rate for any month is the federal short-term rate determined during

that month by the Secretary in accordance

with section 1274(d), rounded to the nearest full percent (or, if a multiple of 1/2 of

1 percent, the rate is increased to the next

highest full percent).

Notice 88-59, 1988-1 C.B. 546,

announced that in determining the quarterly interest rates to be used for overpayments and underpayments of tax under

section 6621, the Internal Revenue Service will use the federal short-term rate

based on daily compounding because that

rate is most consistent with section 6621

which, pursuant to section 6622, is subject

to daily compounding.

The federal short-term rate determined

in accordance with section 1274(d) during

April 2022 is the rate published in Revenue Ruling 2022-09, 2022-18 IRB 1041,

to take effect beginning May 1, 2022.

The federal short-term rate, rounded to the

nearest full percent, based on daily compounding determined during the month

of April 2022 is 2 percent. Accordingly,

an overpayment rate of 5 percent (4 percent in the case of a corporation) and an

underpayment rate of 5 percent are established for the calendar quarter beginning

July 1, 2022. The overpayment rate for

1159

the portion of a corporate overpayment

exceeding $10,000 for the calendar quarter beginning July 1, 2022, is 2.5 percent.

The underpayment rate for large corporate

underpayments for the calendar quarter

beginning July 1, 2022, is 7 percent. These

rates apply to amounts bearing interest

during that calendar quarter.

Sections 6654(a)(1) and 6655(a)(1)

provide that the underpayment rate established under section 6621 applies in determining the addition to tax under sections

6654 and 6655 for failure to pay estimated

tax for any taxable year. Thus, the 5 percent rate also applies to estimated tax

underpayments for the third calendar quarter beginning July 1, 2022. In addition,

pursuant to section 6603(d)(4), the rate of

interest on section 6603 deposits is 2 percent for the third calendar quarter in 2022.

Interest factors for daily compound

interest for annual rates of 2.5 percent, 4

percent, 5 percent and 7 percent are published in Tables 10, 13, 15 and 19 of Rev.

Proc. 95-17, 1995-1 C.B. 564, 567, 569,

and 573.

Annual interest rates to be compounded

daily pursuant to section 6622 that apply

for prior periods are set forth in the tables

accompanying this revenue ruling.

DRAFTING INFORMATION

The principal author of this revenue

ruling is Casey R. Conrad of the Office of

the Associate Chief Counsel (Procedure

and Administration). For further information regarding this revenue ruling, contact

Mr. Conrad at (202) 317-6844 (not a tollfree number).

June 6, 2022

APPENDIX A

Days

June 6, 2022

Factor

0.000013699

0.000027397

0.000041096

0.000054796

0.000068495

0.000082195

0.000095894

0.000109594

0.000123294

0.000136995

0.000150695

0.000164396

0.000178097

0.000191798

0.000205499

0.000219201

0.000232902

0.000246604

0.000260306

0.000274008

0.000287711

0.000301413

0.000315116

0.000328819

0.000342522

0.000356225

0.000369929

0.000383633

0.000397336

0.000411041

0.000424745

0.000438449

0.000452154

0.000465859

0.000479564

0.000493269

0.000506974

0.000520680

0.000534386

0.000548092

0.000561798

365 Day Year

0.5% Compound Rate 184 Days

Days

Factor

0.000863380

0.000877091

0.000890801

0.000904512

0.000918223

0.000931934

0.000945646

0.000959357

0.000973069

0.000986781

0.001000493

0.001014206

0.001027918

0.001041631

0.001055344

0.001069057

0.001082770

0.001096484

0.001110197

0.001123911

0.001137625

0.001151339

0.001165054

0.001178768

0.001192483

0.001206198

0.001219913

0.001233629

0.001247344

0.001261060

0.001274776

0.001288492

0.001302208

0.001315925

0.001329641

0.001343358

0.001357075

100

0.001370792

101

0.001384510

102

0.001398227

103

0.001411945

1160

Days

125

126

127

128

129

130

131

132

133

134

135

136

137

138

139

140

141

142

143

144

145

146

147

148

149

150

151

152

153

154

155

156

157

158

159

160

161

162

163

164

165

Factor

0.001713784

0.001727506

0.001741228

0.001754951

0.001768673

0.001782396

0.001796119

0.001809843

0.001823566

0.001837290

0.001851013

0.001864737

0.001878462

0.001892186

0.001905910

0.001919635

0.001933360

0.001947085

0.001960811

0.001974536

0.001988262

0.002001988

0.002015714

0.002029440

0.002043166

0.002056893

0.002070620

0.002084347

0.002098074

0.002111801

0.002125529

0.002139257

0.002152985

0.002166713

0.002180441

0.002194169

0.002207898

0.002221627

0.002235356

0.002249085

0.002262815

Bulletin No. 2022–23

0.000575504

0.000589211

0.000602917

0.000616624

0.000630331

0.000644039

0.000657746

0.000671454

0.000685161

0.000698869

0.000712578

0.000726286

0.000739995

0.000753703

0.000767412

0.000781121

0.000794831

0.000808540

0.000822250

0.000835960

0.000849670

Bulletin No. 2022–23

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

121

122

123

124

0.001425663

0.001439381

0.001453100

0.001466818

0.001480537

0.001494256

0.001507975

0.001521694

0.001535414

0.001549133

0.001562853

0.001576573

0.001590293

0.001604014

0.001617734

0.001631455

0.001645176

0.001658897

0.001672619

0.001686340

0.001700062

1161

166

167

168

169

170

171

172

173

174

175

176

177

178

179

180

181

182

183

184

0.002276544

0.002290274

0.002304004

0.002317734

0.002331465

0.002345195

0.002358926

0.002372657

0.002386388

0.002400120

0.002413851

0.002427583

0.002441315

0.002455047

0.002468779

0.002482511

0.002496244

0.002509977

0.002523710

June 6, 2022

Days

June 6, 2022

Factor

0.000013661

0.000027323

0.000040984

0.000054646

0.000068308

0.000081970

0.000095632

0.000109295

0.000122958

0.000136620

0.000150283

0.000163947

0.000177610

0.000191274

0.000204938

0.000218602

0.000232266

0.000245930

0.000259595

0.000273260

0.000286924

0.000300590

0.000314255

0.000327920

0.000341586

0.000355252

0.000368918

0.000382584

0.000396251

0.000409917

0.000423584

0.000437251

0.000450918

0.000464586

0.000478253

0.000491921

0.000505589

0.000519257

0.000532925

0.000546594

0.000560262

0.000573931

366 Day Year

0.5% Compound Rate 184 Days

Days

Factor

0.000861020

0.000874693

0.000888366

0.000902040

0.000915713

0.000929387

0.000943061

0.000956735

0.000970409

0.000984084

0.000997758

0.001011433

0.001025108

0.001038783

0.001052459

0.001066134

0.001079810

0.001093486

0.001107162

0.001120839

0.001134515

0.001148192

0.001161869

0.001175546

0.001189223

0.001202900

0.001216578

0.001230256

0.001243934

0.001257612

0.001271291

0.001284969

0.001298648

0.001312327

0.001326006

0.001339685

0.001353365

100

0.001367044

101

0.001380724

102

0.001394404

103

0.001408085

104

0.001421765

1162

Days

125

126

127

128

129

130

131

132

133

134

135

136

137

138

139

140

141

142

143

144

145

146

147

148

149

150

151

152

153

154

155

156

157

158

159

160

161

162

163

164

165

166

Factor

0.001709097

0.001722782

0.001736467

0.001750152

0.001763837

0.001777522

0.001791208

0.001804893

0.001818579

0.001832265

0.001845951

0.001859638

0.001873324

0.001887011

0.001900698

0.001914385

0.001928073

0.001941760

0.001955448

0.001969136

0.001982824

0.001996512

0.002010201

0.002023889

0.002037578

0.002051267

0.002064957

0.002078646

0.002092336

0.002106025

0.002119715

0.002133405

0.002147096

0.002160786

0.002174477

0.002188168

0.002201859

0.002215550

0.002229242

0.002242933

0.002256625

0.002270317

Bulletin No. 2022–23

0.000587600

0.000601269

0.000614939

0.000628608

0.000642278

0.000655948

0.000669618

0.000683289

0.000696959

0.000710630

0.000724301

0.000737972

0.000751643

0.000765315

0.000778986

0.000792658

0.000806330

0.000820003

0.000833675

0.000847348

Bulletin No. 2022–23

105

106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

121

122

123

124

0.001435446

0.001449127

0.001462808

0.001476489

0.001490170

0.001503852

0.001517533

0.001531215

0.001544897

0.001558580

0.001572262

0.001585945

0.001599628

0.001613311

0.001626994

0.001640678

0.001654361

0.001668045

0.001681729

0.001695413

1163

167

168

169

170

171

172

173

174

175

176

177

178

179

180

181

182

183

184

0.002284010

0.002297702

0.002311395

0.002325087

0.002338780

0.002352473

0.002366167

0.002379860

0.002393554

0.002407248

0.002420942

0.002434636

0.002448331

0.002462025

0.002475720

0.002489415

0.002503110

0.002516806

June 6, 2022

TABLE OF INTEREST RATES

PERIODS BEFORE JUL. 1, 1975 - PERIODS ENDING DEC. 31, 1986

OVERPAYMENTS AND UNDERPAYMENTS

PERIOD

Before

Jul.

Feb.

Jan.

Jul.

Jan.

Jul.

Jan.

Jul.

Jan.

Jul.

1975–Jan.

1976–Jan.

1978–Jan.

1980–Jan.

1982–Dec.

1983–Jun.

1983–Dec.

1984–Jun.

1984–Dec.

1985–Jun.

1985–Dec.

1986–Jun.

1986–Dec.

RATE

31,

30,

31,

30,

31,

30,

31,

30,

31,

1975

1976

1978

1980

1982

1983

1984

1985

1986

12%

20%

16%

11%

13%

11%

10%

Table

In 1995-1 C.B.

DAILY RATE TABLE

pg.

37,

pg.

27,

pg.

75,

pg.

75,

pg.

31,

pg.

27,

pg.

25,

pg.

23,

pg.

557

559

558

557

560

591

581

629

585

581

579

577

TABLE OF INTEREST RATES

FROM JAN. 1, 1987 – Dec. 31, 1998

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

June 6, 2022

1987–Mar.

1987–Jun.

1987–Sep.

1987–Dec.

1988–Mar.

1988–Jun.

1988–Sep.

1988–Dec.

1989–Mar.

1989–Jun.

1989–Sep.

1989–Dec.

1990–Mar.

1990–Jun.

1990–Sep.

1990–Dec.

1991–Mar.

1991–Jun.

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

1987

1988

1989

1990

1991

RATE

10%

11%

10%

1164

OVERPAYMENTS

1995-1 C.B.

TABLE

575

577

627

625

627

579

581

579

577

UNDERPAYMENTS

1995-1 C.B. RATE

RATE

TABLE

577

10%

579

11%

629

10%

627

10%

627

11%

629

11%

581

12%

583

12%

583

11%

581

11%

581

11%

581

11%

581

11%

581

11%

581

10%

579

Bulletin No. 2022–23

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

1991–Sep.

1991–Dec.

1992–Mar.

1992–Jun.

1992–Sep.

1992–Dec.

1993–Mar.

1993–Jun.

1993–Sep.

1993–Dec.

1994–Mar.

1994–Jun.

1994–Sep.

1994–Dec.

1995–Mar.

1995–Jun.

1995–Sep.

1995–Dec.

1996–Mar.

1996–Jun.

1996–Sep.

1996–Dec.

1997–Mar.

1997–Jun.

1997–Sep.

1997–Dec.

1998–Mar.

1998–Jun.

1998–Sep.

1998–Dec.

Bulletin No. 2022–23

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

1991

1992

1993

1994

1995

1996

1997

1998

1165

577

623

621

619

571

573

575

577

575

623

621

623

575

573

10%

579

625

623

621

573

575

577

579

577

625

623

625

577

575

June 6, 2022

TABLE OF INTEREST RATES

FROM JANUARY 1, 1999 - PRESENT

NONCORPORATE OVERPAYMENTS AND UNDERPAYMENTS

1995-1 C.B.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

June 6, 2022

1999–Mar.

1999–Jun.

1999–Sep.

1999–Dec.

2000–Mar.

2000–Jun.

2000–Sep.

2000–Dec.

2001–Mar.

2001–Jun.

2001–Sep.

2001–Dec.

2002–Mar.

2002–Jun.

2002–Sep.

2002–Dec.

2003–Mar.

2003–Jun.

2003–Sep.

2003–Dec.

2004–Mar.

2004–Jun.

2004–Sep.

2004–Dec.

2005–Mar.

2005–Jun.

2005–Sep.

2005–Dec.

2006–Mar.

2006–Jun.

2006–Sep.

2006–Dec.

2007–Mar.

2007–Jun.

2007–Sep.

2007–Dec.

2008–Mar.

2008–Jun.

2008–Sep.

2008–Dec.

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

1166

RATE

TABLE

PAGE

573

575

623

625

577

575

573

571

569

567

615

617

615

617

569

571

573

575

621

619

617

619

Bulletin No. 2022–23

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Bulletin No. 2022–23

2009–Mar.

2009–Jun.

2009–Sep.

2009–Dec.

2010–Mar.

2010–Jun.

2010–Sep.

2010–Dec.

2011–Mar.

2011–Jun.

2011–Sep.

2011–Dec.

2012–Mar.

2012–Jun.

2012–Sep.

2012–Dec.

2013–Mar.

2013–Jun.

2013–Sep.

2013–Dec.

2014–Mar.

2014–Jun.

2014–Sep.

2014–Dec.

2015–Mar.

2015–Jun.

2015–Sep.

2015–Dec.

2016–Mar.

2016–Jun.

2016–Sep.

2016–Dec.

2017–Mar.

2017–Jun.

2017–Sep.

2017–Dec.

2018–Mar.

2018–Jun.

2018–Sep.

2018–Dec.

2019–Mar.

2019–Jun.

2019–Sep.

2019–Dec.

2020–Mar.

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

1167

569

567

565

567

565

613

565

613

615

567

569

571

569

617

June 6, 2022

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

June 6, 2022

2020–Jun.

2020–Sep.

2020–Dec.

2021–Mar.

2021–Jun.

2021–Sep.

2021–Dec.

2022–Mar.

2022–Jun.

2022–Sep.

30,

31,

30,

31,

30,

2020

2021

2022

1168

617

613

565

567

569

Bulletin No. 2022–23

TABLE OF INTEREST RATES

FROM JANUARY 1, 1999 - PRESENT

CORPORATE OVERPAYMENTS AND UNDERPAYMENTS

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

1999–Mar.

1999–Jun.

1999–Sep.

1999–Dec.

2000–Mar.

2000–Jun.

2000–Sep.

2000–Dec.

2001–Mar.

2001–Jun.

2001–Sep.

2001–Dec.

2002–Mar.

2002–Jun.

2002–Sep.

2002–Dec.

2003–Mar.

2003–Jun.

2003–Sep.

2003–Dec.

2004–Mar.

2004–Jun.

2004–Sep.

2004–Dec.

2005–Mar.

2005–Jun.

2005–Sep.

2005–Dec.

2006–Mar.

2006–Jun.

2006–Sep.

2006–Dec.

2007–Mar.

2007–Jun.

2007–Sep.

2007–Dec.

2008–Mar.

2008–Jun.

2008–Sep.

2008–Dec.

Bulletin No. 2022–23

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

OVERPAYMENTS

1995-1 C.B.

RATE

TABLE

571

573

621

623

575

573

571

569

567

565

613

615

613

615

567

569

571

573

619

617

615

617

1169

UNDERPAYMENTS

1995-1 C.B.

RATE

TABLE

573

575

623

625

577

575

573

571

569

567

615

617

615

617

569

571

573

575

621

619

617

619

June 6, 2022

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

June 6, 2022

2009–Mar.

2009–Jun.

2009–Sep.

2009–Dec.

2010–Mar.

2010–Jun.

2010–Sep.

2010–Dec.

2011–Mar.

2011–Jun.

2011–Sep.

2011–Dec.

2012–Mar.

2012–Jun.

2012–Sep.

2012–Dec.

2013–Mar.

2013–Jun.

2013–Sep.

2013–Dec.

2014–Mar.

2014–Jun.

2014–Sep.

2014–Dec.

2015–Mar.

2015–Jun.

2015–Sep.

2015–Dec.

2016–Mar.

2016–Jun.

2016–Sep.

2016–Dec.

2017–Mar.

2017–Jun.

2017–Sep.

2017–Dec.

2018–Mar.

2018–Jun.

2018–Sep.

2018–Dec.

2019–Mar.

2019–Jun.

2019–Sep.

2019–Dec.

2020–Mar.

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,,

31,

30,

31,

30,

31,

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

1170

567

565

563

565

563

611

563

611

613

565

567

569

567

615

569

567

565

567

565

613

565

613

615

567

569

571

569

617

Bulletin No. 2022–23

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

2020–Jun.

2020–Sep.

2020–Dec.

2021–Mar.

2021–Jun.

2021–Sep.

2021–Dec.

2022–Mar.

2022–Jun.

2022–Sep.

Bulletin No. 2022–23

30,

31,

30,

31,

30,

2020

2021

2022

1171

615

611

563

565

567

617

613

565

567

569

June 6, 2022

TABLE OF INTEREST RATES

FOR LARGE CORPORATE UNDERPAYMENTS

FROM JANUARY 1, 1991 - PRESENT

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

June 6, 2022

1991–Mar.

1991–Jun.

1991–Sep.

1991–Dec.

1992–Mar.

1992–Jun.

1992–Sep.

1992–Dec.

1993–Mar.

1993–Jun.

1993–Sep.

1993–Dec.

1994–Mar.

1994–Jun.

1994–Sep.

1994–Dec.

1995–Mar.

1995–Jun.

1995–Sep.

1995–Dec.

1996–Mar.

1996–Jun.

1996–Sep.

1996–Dec.

1997–Mar.

1997–Jun.

1997–Sep.

1997–Dec.

1998–Mar.

1998–Jun.

1998–Sep.

1998–Dec.

1999–Mar.

1999–Jun.

1999–Sep.

1999–Dec.

2000–Mar.

2000–Jun.

2000–Sep.

2000–Dec.

2001–Mar.

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

1172

RATE

13%

12%

11%

10%

11%

12%

11%

10%

11%

10%

11%

1995-1 C.B.

TABLE

585

583

629

627

625

577

579

581

583

581

629

627

629

581

579

577

579

627

629

581

Bulletin No. 2022–23

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Bulletin No. 2022–23

2001–Jun.

2001–Sep.

2001–Dec.

2002–Mar.

2002–Jun.

2002–Sep.

2002–Dec.

2003–Mar.

2003–Jun.

2003–Sep.

2003–Dec.

2004–Mar.

2004–Jun.

2004–Sep.

2004–Dec.

2005–Mar.

2005–Jun.

2005–Sep.

2005–Dec.

2006–Mar.

2006–Jun.

2006–Sep.

2006–Dec.

2007–Mar.

2007–Jun.

2007–Sep.

2007–Dec.

2008–Mar.

2008–Jun.

2008–Sep.

2008–Dec.

2009–Mar.

2009–Jun.

2009–Sep.

2009–Dec.

2010–Mar.

2010–Jun.

2010–Sep.

2010–Dec.

2011–Mar.

2011–Jun.

2011–Sep.

2011–Dec.

2012–Mar.

2012–Jun.

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

1173

10%

579

577

575

573

571

619

621

619

621

573

575

577

579

625

623

621

623

573

571

569

571

569

617

June 6, 2022

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

Oct.

Jan.

Apr.

Jul.

June 6, 2022

2012–Sep.

2012–Dec.

2013–Mar.

2013–Jun.

2013–Sep.

2013–Dec.

2014–Mar.

2014–Jun.

2014–Sep.

2014–Dec.

2015–Mar.

2015–Jun.

2015–Sep.

2015–Dec.

2016–Mar.

2016–Jun.

2016–Sep.

2016–Dec.

2017–Mar.

2017–Jun.

2017–Sep.

2017–Dec.

2018–Mar.

2018–Jun.

2018–Sep.

2018–Dec.

2019–Mar.

2019–Jun.

2019–Sep.

2019–Dec.

2020–Mar.

2020–Jun.

2020–Sep.

2020–Dec.

2021–Mar.

2021–Jun.

2021–Sep.

2021–Dec.

2022–Mar.

2022–Jun.

2022–Sep.

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

31,

30,

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

1174

617

569

617

619

571

573

575

573

621

617

569

571

573

Bulletin No. 2022–23

TABLE OF INTEREST RATES FOR CORPORATE

OVERPAYMENTS EXCEEDING $10,000

FROM JANUARY 1, 1995 – PRESENT

1995-1 C.B.

RATE

TABLE

Jan.

1995–Mar.

31,

1995

6.5%

572

Apr.

1995–Jun.

30,

1995

7.5%

574

Jul.

1995–Sep.

30,

1995

6.5%

572

Oct.

1995–Dec.

31,

1995

6.5%

572

Jan.

1996–Mar.

31,

1996

6.5%

620

Apr.

1996–Jun.

30,

1996

5.5%

618

Jul.

1996–Sep.

30,

1996

6.5%

620

Oct.

1996–Dec.

31,

1996

6.5%

620

Jan.

1997–Mar.

31,

1997

6.5%

572

Apr.

1997–Jun.

30,

1997

6.5%

572

Jul.

1997–Sep.

30,

1997

6.5%

572

Oct.

1997–Dec.

31,

1997

6.5%

572

Jan.

1998–Mar.

31,

1998

6.5%

572

Apr.

1998–Jun.

30,

1998

5.5%

570

Jul.

1998–Sep.

30,

1998

5.5%

570

Oct.

1998–Dec.

31,

1998

5.5%

570

Jan.

1999–Mar.

31,

1999

4.5%

568

Apr.

1999–Jun.

30,

1999

5.5%

570

Jul.

1999–Sep.

30,

1999

5.5%

570

Oct.

1999–Dec.

31,

1999

5.5%

570

Jan.

2000–Mar.

31,

2000

5.5%

618

Apr.

2000–Jun.

30,

2000

6.5%

620

Jul.

2000–Sep.

30,

2000

6.5%

620

Oct.

2000–Dec.

31,

2000

6.5%

620

Jan.

2001–Mar.

31,

2001

6.5%

572

Apr.

2001–Jun.

30,

2001

5.5%

570

Jul.

2001–Sep.

30,

2001

4.5%

568

Oct.

2001–Dec.

31,

2001

4.5%

568

Jan.

2002–Mar.

31,

2002

3.5%

566

Apr.

2002–Jun.

30,

2002

3.5%

566

Jul.

2002–Sep.

30,

2002

3.5%

566

Oct.

2002–Dec.

31,

2002

3.5%

566

Jan.

2003–Mar.

31,

2003

2.5%

564

Apr.

2003–Jun.

30,

2003

2.5%

564

Jul.

2003–Sep.

30,

2003

2.5%

564

Oct.

2003–Dec.

31,

2003

1.5%

562

Jan.

2004–Mar.

31,

2004

1.5%

610

Apr.

2004–Jun.

30,

2004

2.5%

612

Bulletin No. 2022–23

1175

June 6, 2022

Jul.

2004–Sep.

30,

2004

1.5%

610

Oct.

2004–Dec.

31,

2004

2.5%

612

Jan.

2005–Mar.

31,

2005

2.5%

564

Apr.

2005–Jun.

30,

2005

3.5%

566

Jul.

2005–Sep.

30,

2005

3.5%

566

Oct.

2005–Dec.

31,

2005

4.5%

568

Jan.

2006–Mar.

31,

2006

4.5%

568

Apr.

2006–Jun.

30,

2006

4.5%

568

Jul.

2006–Sep.

30,

2006

5.5%

570

Oct.

2006–Dec.

31,

2006

5.5%

570

Jan.

2007–Mar.

31,

2007

5.5%

570

Apr.

2007–Jun.

30,

2007

5.5%

570

Jul.

2007–Sep.

30,

2007

5.5%

570

Oct.

2007–Dec.

31,

2007

5.5%

570

Jan.

2008–Mar.

31,

2008

4.5%

616

Apr.

2008–Jun.

30,

2008

3.5%

614

Jul.

2008–Sep.

30,

2008

2.5%

612

Oct.

2008–Dec.

31,

2008

3.5%

614

Jan.

2009–Mar.

31,

2009

2.5%

564

Apr.

2009–Jun.

30,

2009

1.5%

562

Jul.

2009–Sep.

30,

2009

1.5%

562

Oct.

2009–Dec.

31,

2009

1.5%

562

Jan.

2010–Mar.

31,

2010

1.5%

562

Apr.

2010–Jun.

30,

2010

1.5%

562

Jul.

2010–Sep.

30,

2010

1.5%

562

Oct.

2010–Dec.

31,

2010

1.5%

562

Jan.

2011–Mar.

31,

2011

0.5%*

Apr.

2011–Jun.

30,

2011

1.5%

562

Jul.

2011–Sep.

30,

2011

1.5%

562

Oct.

2011–Dec.

31,

2011

0.5%*

Jan.

2012–Mar.

31,

2012

0.5%*

Apr.

2012–Jun.

30,

2012

0.5%*

Jul.

2012–Sep.

30,

2012

0.5%*

Oct.

2012–Dec.

31,

2012

0.5%*

Jan.

2013–Mar.

31,

2013

0.5%*

Apr.

2013–Jun.

30,

2013

0.5%*

Jul.

2013–Sep.

30,

2013

0.5%*

Oct.

2013–Dec.

31,

2013

0.5%*

Jan.

2014–Mar.

31,

2014

0.5%*

Apr.

2014–Jun.

30,

2014

0.5%*

Jul.

2014–Sep.

30,

2014

0.5%*

Oct.

2014–Dec.

31,

2014

0.5%*

June 6, 2022

1176

Bulletin No. 2022–23

Jan.

2015–Mar.

31,

2015

0.5%*

Apr.

2015–Jun.

30,

2015

0.5%*

Jul.

2015–Sep.

30,

2015

0.5%*

Oct.

2015–Dec.

31,

2015

0.5%*

Jan.

2016–Mar.

31,

2016

0.5%*

Apr.

2016–Jun.

30,

2016

1.5%

610

Jul.

2016–Sep.

30,

2016

1.5%

610

Oct.

2016–Dec.

31,

2016

1.5%

610

Jan.

2017–Mar.

31,

2017

1.5%

562

Apr.

2017–Jun.

30,

2017

1.5%

562

Jul.

2017–Sep.

30,

2017

1.5%

562

Oct.

2017–Dec.

31,

2017

1.5%

562

Jan.

2018–Mar.

31,

2018

1.5%

562

Apr.

2018–Jun.

30,

2018

2.5%

564

Jul.

2018–Sep.

30,

2018

2.5%

564

Oct.

2018–Dec.

31,

2018

2.5%

564

Jan.

2019–Mar.

31,

2019

3.5%

566

Apr.

2019–Jun.

30,

2019

3.5%

566

Jul.

2019–Sep.

30,

2019

2.5%

564

Oct.

2019–Dec.

31,

2019

2.5%

564

Jan.

2020–Mar.

31,

2020

2.5%

612

Apr.

2020–Jun.

30,

2020

2.5%

612

Jul.

2020–Sep.

30,

2020

0.5%*

Oct.

2020–Dec.

31,

2020

0.5%*

Jan.

2021–Mar.

31,

2021

0.5%*

Apr.

2021–Jun.

30,

2021

0.5%*

Jul.

2021–Sep.

30,

2021

0.5%*

Oct.

2021–Dec.

31,

2021

0.5%*

Jan.

2022–Mar.

31,

2022

0.5%*

Apr.

2022–Jun.

30,

2022

1.5%

562

Jul.

2022–Sep.

30,

2022

2.5%

564

* The asterisk reflects the interest factors for daily compound interest for annual rates of 0.5 percent published in Appendix A of

this Revenue Ruling.

Bulletin No. 2022–23

1177

June 6, 2022

Part III

Update for Weighted

Average Interest Rates,

Yield Curves, and Segment

Rates

Notice 2022-25

This notice provides guidance on the

corporate bond monthly yield curve, the

corresponding spot segment rates used

under § 417(e)(3), and the 24-month average segment rates under § 430(h)(2) of the

Internal Revenue Code. In addition, this

notice provides guidance as to the interest rate on 30-year Treasury securities

under § 417(e)(3)(A)(ii)(II) as in effect for

plan years beginning before 2008 and the

30-year Treasury weighted average rate

under § 431(c)(6)(E)(ii)(I).

YIELD CURVE AND SEGMENT RATES

Section 430 specifies the minimum

funding requirements that apply to

Applicable Month

May 2022

single-employer plans (except for CSEC

plans under § 414(y)) pursuant to § 412.

Section 430(h)(2) specifies the interest rates that must be used to determine

a plan’s target normal cost and funding

target. Under this provision, present

value is generally determined using three

24-month average interest rates (“segment rates”), each of which applies to

cash flows during specified periods. To

the extent provided under § 430(h)(2)(C)

(iv), these segment rates are adjusted by

the applicable percentage of the 25-year

average segment rates for the period ending September 30 of the year preceding

the calendar year in which the plan year

begins.1 However, an election may be

made under § 430(h)(2)(D)(ii) to use the

monthly yield curve in place of the segment rates.

Notice 2007-81, 2007-44 I.R.B. 899,

provides guidelines for determining the

monthly corporate bond yield curve, and

the 24-month average corporate bond segment rates used to compute the target normal cost and the funding target. Consistent

with the methodology specified in Notice

2007-81, the monthly corporate bond

yield curve derived from April 2022 data

is in Table 2022-4 at the end of this notice.

The spot first, second, and third segment

rates for the month of April 2022 are,

respectively, 3.00, 4.22, and 4.17

The 24-month average segment rates

determined under § 430(h)(2)(C)(i)

through (iii) must be adjusted pursuant to §

430(h)(2)(C)(iv) to be within the applicable minimum and maximum percentages

of the corresponding 25-year average segment rates. The 25-year average segment

rates for plan years beginning in 2021 and

2022 were published in Notice 2020-72,

2020-40 I.R.B. 789, and Notice 2021-54,

2021-41 I.R.B. 457, respectively.

24-MONTH AVERAGE CORPORATE

BOND SEGMENT RATES

The three 24-month average corporate

bond segment rates applicable for May

2022 without adjustment for the 25-year

average segment rate limits are as follows:

24-Month Average Segment Rates Without 25-Year Average Adjustment

First Segment

Second Segment

Third Segment

0.93

2.72

3.32

25-YEAR AVERAGE SEGMENT

RATES

Section 9706(a) of the American Rescue Plan Act of 2021, Pub. L. 117-2 (the

ARP), which was enacted on March 11,

2021, changed the 25-year average segment rates and the applicable minimum

and maximum percentages used under

§ 430(h)(2)(C)(iv) of the Code to adjust

the 24-month average segment rates.2

Prior to this change, the applicable minimum and maximum percentages were

85% and 115% for a plan year beginning

in 2021, and 80% and 120% for a plan

year beginning in 2022, respectively. After

this change, the applicable minimum and

maximum percentages are 95% and 105%

for a plan year beginning in 2021 or 2022.

In addition, pursuant to this change, any

25-year average segment rate that is less

than 5% is deemed to be 5%.3

Pursuant to § 9706(c)(1) of the ARP,

these changes apply with respect to plan

years beginning on or after January 1,

2020. However, § 9706(c)(2) of the ARP

provides that a plan sponsor may elect not

to have these changes apply to any plan

year beginning before January 1, 2022.4

The adjusted 24-month average segment rates set forth in the chart below

reflect § 430(h)(2)(C)(iv) of the Code

as amended by § 9706(a) of the ARP.

These adjusted 24-month average segment rates apply only for plan years

for which an election under § 9706(c)

(2) of the ARP is not in effect. For a

plan year for which such an election

does not apply, the 24-month averages

Pursuant to § 433(h)(3)(A), the third segment rate determined under § 430(h)(2)(C) is used to determine the current liability of a CSEC plan (which is used to calculate the minimum amount

of the full funding limitation under § 433(c)(7)(C)).

Section 80602 of the Infrastructure Investment and Jobs Act, Pub. L. 117-58, makes further changes to the time periods for which specified applicable minimum and maximum percentages

apply.

Pursuant to this change, the 25-year averages of the first segment rate for 2021 and 2022 are increased to 5.00% because those 25-year averages as originally published are below 5.00%.

This election may be made either for all purposes for which the amendments under § 9706 of the ARP apply or solely for purposes of determining the adjusted funding target attainment

percentage under § 436 of the Code for the plan year.

June 6, 2022

1178

Bulletin No. 2022–23

applicable for May 2022, adjusted to

be within the applicable minimum and

For Plan Years

Beginning In

maximum percentages of the corresponding 25-year average segment rates

in accordance with § 430(h)(2)(C)(iv) of

the Code, are as follows:

Adjusted 24-Month Average Segment Rates

Applicable

First

Second

Month

Segment

Third

Segment

2021

May 2022

4.75

5.36

6.11

2022

May 2022

4.75

5.18

5.92

The adjusted 24-month average segment rates set forth in the chart below do

not reflect the changes to § 430(h)(2)(C)

(iv) of the Code made by § 9706(a) of the

ARP. These adjusted 24-month average

For Plan Years

Beginning In

2021

segment rates apply only for plan years

for which an election under § 9706(c)(2)

of the ARP is in effect. For a plan year

for which such an election applies, the

24-month averages applicable for May

2022, adjusted to be within the applicable

minimum and maximum percentages of

the corresponding 25-year average segment rates in accordance with § 430(h)(2)

(C)(iv) of the Code, are as follows:

Pre-ARP Adjusted 24-Month Average Segment Rates

Applicable

First

Second

Month

Segment

May 2022

30-YEAR TREASURY SECURITIES

INTEREST RATES

3.32

Third

Segment

4.79

5.47

Section 431 specifies the minimum

funding requirements that apply to multiemployer plans pursuant to § 412. Section 431(c)(6)(B) specifies a minimum

amount for the full-funding limitation

described in § 431(c)(6)(A), based on the

plan’s current liability. Section 431(c)(6)

(E)(ii)(I) provides that the interest rate

used to calculate current liability for this

purpose must be no more than 5 percent

above and no more than 10 percent below

the weighted average of the rates of interest on 30-year Treasury securities during

the four-year period ending on the last

day before the beginning of the plan year.

Notice 88-73, 1988-2 C.B. 383, provides

guidelines for determining the weighted

average interest rate. The rate of interest

on 30-year Treasury securities for April

For Plan Years

Beginning In

Treasury Weighted Average Rates

30-Year Treasury

Weighted Average

Permissible Range

90% to 105%

May 2022

2.11

1.90 to 2.21

under § 417(e)(3)(D) are segment rates

computed without regard to a 24-month

average. Notice 2007-81 provides guidelines for determining the minimum

present value segment rates. Pursuant to

that notice, the minimum present value

segment rates determined for April 2022

are as follows:

MINIMUM PRESENT VALUE

SEGMENT RATES

In general, the applicable interest rates

Month

April 2022

Bulletin No. 2022–23

2022 is 2.81 percent. The Service determined this rate as the average of the daily

determinations of yield on the 30-year

Treasury bond maturing in February 2052.

For plan years beginning in May 2022, the

weighted average of the rates of interest

on 30-year Treasury securities and the

permissible range of rates used to calculate current liability are as follows:

Minimum Present Value Segment Rates

First Segment

Second Segment

3.00

4.22

1179

Third Segment

4.17

June 6, 2022

DRAFTING INFORMATION

The principal author of this notice is

Tom Morgan of the Office of the Associate Chief Counsel (Employee Benefits,

June 6, 2022

Exempt Organizations, and Employment

Taxes). However, other personnel from

the IRS participated in the development

of this guidance. For further information

regarding this notice, contact Mr. Morgan

1180

at 202-317-6700 or Osmundo Bernabe at

626-927-1344 (not toll-free numbers).

Bulletin No. 2022–23

Table 2022-1

Monthly Yield Curve for January 2022

Derived from January 2022 Data

Maturity

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

11.5

12.0

12.5

13.0

13.5

14.0

14.5

15.0

15.5

16.0

16.5

17.0

17.5

18.0

18.5

19.0

19.5

20.0

Yield

1.72

2.24

2.68

3.01

3.21

3.33

3.39

3.44

3.48

3.53

3.58

3.64

3.71

3.79

3.86

3.94

4.01

4.08

4.14

4.20

4.25

4.29

4.33

4.36

4.38

4.40

4.41

4.42

4.43

4.42

4.41

4.40

4.39

4.38

4.37

4.36

4.35

Maturity

20.5

21.0

21.5

22.0

22.5

23.0

23.5

24.0

24.5

25.0

25.5

26.0

26.5

27.0

27.5

28.0

28.5

29.0

29.5

30.0

30.5

31.0

31.5

32.0

32.5

33.0

33.5

34.0

34.5

35.0

35.5

36.0

36.5

37.0

37.5

38.0

38.5

39.0

39.5

40.0

Bulletin No. 2022–23

Yield

4.34

4.33

4.32

4.31

4.30

4.29

4.28

4.27

4.26

4.25

4.24

4.23

4.22

4.21

4.20

4.19

4.18

4.17

4.16

4.15

Maturity

40.5

41.0

41.5

42.0

42.5

43.0

43.5

44.0

44.5

45.0

45.5

46.0

46.5

47.0

47.5

48.0

48.5

49.0

49.5

50.0

50.5

51.0

51.5

52.0

52.5

53.0

53.5

54.0

54.5

55.0

55.5

56.0

56.5

57.0

57.5

58.0

58.5

59.0

59.5

60.0

Yield

4.15

4.14

4.13

4.12

4.11

4.10

4.09

1181

Maturity

60.5

61.0

61.5

62.0

62.5

63.0

63.5

64.0

64.5

65.0

65.5

66.0

66.5

67.0

67.5

68.0

68.5

69.0

69.5

70.0

70.5

71.0

71.5

72.0

72.5

73.0

73.5

74.0

74.5

75.0

75.5

76.0

76.5

77.0

77.5

78.0

78.5

79.0

79.5

80.0

Yield

4.09

4.08

4.07

4.06

Maturity

80.5

81.0

81.5

82.0

82.5

83.0

83.5

84.0

84.5

85.0

85.5

86.0

86.5

87.0

87.5

88.0

88.5

89.0

89.5

90.0

90.5

91.0

91.5

92.0

92.5

93.0

93.5

94.0

94.5

95.0

95.5

96.0

96.5

97.0

97.5

98.0

98.5

99.0

99.5

100.0

Yield

4.06

4.05

June 6, 2022

Treatment of Amounts

Paid to Section 170(c)

Organizations under

Employer Leave-Based

Donation Programs to

Aid Victims of the Further

Russian Invasion of Ukraine

Notice 2022-28

The further invasion of Ukraine by the

Russian Federation beginning on February 24, 2022 (further Russian invasion of

Ukraine), has caused widespread loss of

human life and other loss to the citizens

and residents of Ukraine, including loss

of shelter, food, medical care, and jobs.

On March 2, 2022, the President of the

United States announced a continuation

of the national emergency with respect to

Ukraine, as established in previous executive orders, because certain actions and

policies of the Russian Federation further

threaten the peace, stability, sovereignty,

and territorial integrity of Ukraine.1 On

March 3, 2022, the Department of Homeland Security announced that it has designated Ukraine for Temporary Protected

Status.2

The Department of the Treasury and

the Internal Revenue Service are aware

that employers may have adopted or may

be considering adopting employer leavebased donation programs to aid citizens

and residents of Ukraine; individuals

working, traveling, or currently present

in Ukraine; or refugees from Ukraine,

collectively referred to in this notice as

“victims of the further Russian invasion of

Ukraine.” This notice provides guidance

under the Internal Revenue Code (Code)

on the federal income and employment

tax treatment of cash payments made by

employers under leave-based donation

programs to aid victims of the further Russian invasion of Ukraine. This guidance is

similar to the guidance provided in Notice

2001-69, 2001-46 IRB 491, as modified

and superseded by Notice 2003-1, 2003-2

IRB 257, regarding charitable relief following the September 11, 2001, terrorist

attacks.

EMPLOYER LEAVE-BASED

DONATION PROGRAMS

Under employer leave-based donation programs, employees can elect to

forgo vacation, sick, or personal leave

in exchange for their employers making

cash payments to charitable organizations

described in section 170(c) of the Code

(section 170(c) organizations). Cash payments made by an employer to section

170(c) organizations under an employer

leave-based donation program are referred

to as “employer leave-based donation

payments.”

TREATMENT OF QUALIFIED

EMPLOYER LEAVE-BASED

DONATION PAYMENTS

Employer leave-based donation payments made by an employer before

January 1, 2023, to section 170(c) organizations to aid victims of the further

Russian invasion of Ukraine (qualified

employer leave-based donation payments) will not be treated as gross income

or wages (or compensation, as applicable) of the employees of the employer.

Similarly, employees electing or with

an opportunity to elect to forgo leave

that funds the qualified employer leavebased donation payments will not be

treated as having constructively received

gross income or wages (or compensation,

as applicable). Employers should not

include the amount of qualified employer

leave-based donation payments in Box

1, 3 (if applicable), or 5 of the electing

employees’ Form W-2. Electing employees are not eligible to claim a charitable

contribution deduction under section 170

for the value of the forgone leave that

funds qualified employer leave-based

donation payments.

An employer may deduct qualified

employer leave-based donation payments

under the rules of section 170 or the rules

of section 162 if the employer otherwise

meets the respective requirements of

either section of the Code.

DRAFTING INFORMATION

For further information, please contact Clara L. Raymond of the Office of

Associate Chief Counsel (Income Tax and

Accounting) at (202) 317-4718 (not a tollfree call).

Notice of March 2, 2022: Continuation of the National Emergency With Respect to Ukraine, 87 F.R. 12387 (March 3, 2022).

https://www.dhs.gov/news/2022/03/03/secretary-mayorkas-designates-ukraine-temporary-protected-status-18-months.

June 6, 2022

1182

Bulletin No. 2022–23

Definition of Terms

Revenue rulings and revenue procedures

(hereinafter referred to as “rulings”) that

have an effect on previous rulings use the

following defined terms to describe the

effect:

Amplified describes a situation where

no change is being made in a prior published position, but the prior position is

being extended to apply to a variation of

the fact situation set forth therein. Thus,

if an earlier ruling held that a principle

applied to A, and the new ruling holds that

the same principle also applies to B, the

earlier ruling is amplified. (Compare with

modified, below).

Clarified is used in those instances

where the language in a prior ruling is

being made clear because the language

has caused, or may cause, some confusion. It is not used where a position in a

prior ruling is being changed.

Distinguished describes a situation

where a ruling mentions a previously published ruling and points out an essential

difference between them.

Modified is used where the substance

of a previously published position is being

changed. Thus, if a prior ruling held that a

principle applied to A but not to B, and the

new ruling holds that it applies to both A

and B, the prior ruling is modified because

it corrects a published position. (Compare

with amplified and clarified, above).

Obsoleted describes a previously published ruling that is not considered determinative with respect to future transactions.

This term is most commonly used in a ruling

that lists previously published rulings that

are obsoleted because of changes in laws or

regulations. A ruling may also be obsoleted

because the substance has been included in

regulations subsequently adopted.

Revoked describes situations where the

position in the previously published ruling

is not correct and the correct position is

being stated in a new ruling.

Superseded describes a situation where

the new ruling does nothing more than

restate the substance and situation of a

previously published ruling (or rulings).

Thus, the term is used to republish under

the 1986 Code and regulations the same

position published under the 1939 Code

and regulations. The term is also used

when it is desired to republish in a single

ruling a series of situations, names, etc.,

that were previously published over a

period of time in separate rulings. If the

new ruling does more than restate the substance of a prior ruling, a combination of

terms is used. For example, modified and

superseded describes a situation where the

substance of a previously published ruling

is being changed in part and is continued

without change in part and it is desired to

restate the valid portion of the previously

published ruling in a new ruling that is

self contained. In this case, the previously

published ruling is first modified and then,

as modified, is superseded.

Supplemented is used in situations in

which a list, such as a list of the names of

countries, is published in a ruling and that

list is expanded by adding further names

in subsequent rulings. After the original

ruling has been supplemented several

times, a new ruling may be published that

includes the list in the original ruling and

the additions, and supersedes all prior rulings in the series.

Suspended is used in rare situations

to show that the previous published rulings will not be applied pending some

future action such as the issuance of new

or amended regulations, the outcome of

cases in litigation, or the outcome of a

Service study.

Abbreviations

The following abbreviations in current

use and formerly used will appear in

material published in the Bulletin.

A—Individual.

Acq.—Acquiescence.

B—Individual.

BE—Beneficiary.

BK—Bank.

B.T.A.—Board of Tax Appeals.

C—Individual.

C.B.—Cumulative Bulletin.

CFR—Code of Federal Regulations.

CI—City.

COOP—Cooperative.

Ct.D.—Court Decision.

CY—County.

D—Decedent.

DC—Dummy Corporation.

DE—Donee.

Del. Order—Delegation Order.

DISC—Domestic International Sales Corporation.

DR—Donor.

E—Estate.

EE—Employee.

E.O.—Executive Order.

ER—Employer.

Bulletin No. 2022–23

ERISA—Employee Retirement Income Security Act.

EX—Executor.

F—Fiduciary.

FC—Foreign Country.

FICA—Federal Insurance Contributions Act.

FISC—Foreign International Sales Company.

FPH—Foreign Personal Holding Company.

F.R.—Federal Register.

FUTA—Federal Unemployment Tax Act.

FX—Foreign corporation.

G.C.M.—Chief Counsel’s Memorandum.

GE—Grantee.

GP—General Partner.

GR—Grantor.

IC—Insurance Company.

I.R.B.—Internal Revenue Bulletin.

LE—Lessee.

LP—Limited Partner.

LR—Lessor.

M—Minor.

Nonacq.—Nonacquiescence.

O—Organization.

P—Parent Corporation.

PHC—Personal Holding Company.

PO—Possession of the U.S.

PR—Partner.

PRS—Partnership.

PTE—Prohibited Transaction Exemption.

Pub. L.—Public Law.

REIT—Real Estate Investment Trust.

Rev. Proc.—Revenue Procedure.

Rev. Rul.—Revenue Ruling.

S—Subsidiary.

S.P.R.—Statement of Procedural Rules.

Stat.—Statutes at Large.

T—Target Corporation.

T.C.—Tax Court.

T.D.—Treasury Decision.

TFE—Transferee.

TFR—Transferor.

T.I.R.—Technical Information Release.

TP—Taxpayer.

TR—Trust.

TT—Trustee.

U.S.C.—United States Code.

X—Corporation.

Y—Corporation.

Z—Corporation.

June 6, 2022

Numerical Finding List1

Bulletin 2022–23

Announcements:

2022-3, 2022-8 I.R.B. 788

2022-4, 2022-9 I.R.B. 789

2022-5, 2022-11 I.R.B. 825

2022-6, 2022-13 I.R.B. 934

2022-7, 2022-15 I.R.B. 946

2022-8, 2022-19 I.R.B. 1056

2022-9, 2022-22 I.R.B. 1153

2022-10, 2022-22 I.R.B. 1156

AOD:

2022-1, 2022-06 I.R.B. 466

2022-2, 2022-12 I.R.B. 903

Notices:

2022-1, 2022-02 I.R.B. 304

2022-2, 2022-02 I.R.B. 304

2022-3, 2022-02 I.R.B. 308

2022-4, 2022-02 I.R.B. 309

2022-5, 2022-05 I.R.B. 457

2022-6, 2022-05 I.R.B. 460

2022-7, 2022-06 I.R.B. 469

2022-8, 2022-07 I.R.B. 491

2022-9, 2022-10 I.R.B. 811

2022-10, 2022-10 I.R.B. 815

2022-12, 2022-12 I.R.B. 906

2022-11, 2022-14 I.R.B. 939

2022-13, 2022-14 I.R.B. 940

2022-14, 2022-14 I.R.B. 941

2022-15, 2022-18 I.R.B. 1043

2022-16, 2022-18 I.R.B. 1044

2022-17, 2022-18 I.R.B. 1048

2022-18, 2022-18 I.R.B. 1048

2022-19, 2022-18 I.R.B. 1050

2022-21, 2022-20 I.R.B. 1057

2022-22, 2022-20 I.R.B. 1057

2022-23, 2022-20 I.R.B. 1062

2022-20, 2022-21 I.R.B. 1095

2022-24, 2022-21 I.R.B. 1097

2022-27, 2022-22 I.R.B. 1151

2022-25, 2022-23 I.R.B. 1178

2022-28, 2022-28 I.R.B. 1182

Revenue Procedures:

2022-1, 2022-01 I.R.B. 1

2022-2, 2022-01 I.R.B. 120

2022-3, 2022-01 I.R.B. 144

2022-4, 2022-01 I.R.B. 161

2022-5, 2022-01 I.R.B. 256

2022-7, 2022-01 I.R.B. 297

2022-9, 2022-02 I.R.B. 310

2022-11, 2022-03 I.R.B. 449

2022-8, 2022-04 I.R.B. 451

2022-10, 2022-06 I.R.B. 473

2022-13, 2022-06 I.R.B. 477

2022-12, 2022-07 I.R.B. 494

2022-14, 2022-07 I.R.B. 502

2022-15, 2022-13 I.R.B. 908

2022-17, 2022-13 I.R.B. 930

2022-17, 2022-13 I.R.B. 933

2022-20, 2022-14 I.R.B. 945

2022-21, 2022-16 I.R.B. 1015

2022-23, 2022-18 I.R.B. 1052

2022-24, 2022-20 I.R.B. 1075

2022-22, 2022-21 I.R.B. 1098

Revenue Rulings:

2022-1, 2022-02 I.R.B. 301

2022-2, 2022-04 I.R.B. 451

2022-3, 2022-06 I.R.B. 467

2022-4, 2022-10 I.R.B. 790

2022-5, 2022-10 I.R.B. 792

2022-6, 2022-12 I.R.B. 904

2022-7, 2022-14 I.R.B. 935

2022-8, 2022-14 I.R.B. 936

2022-9, 2022-18 I.R.B. 1041

2022-10, 2022-23 I.R.B. 1157

2022-11, 2022-23 I.R.B. 1159

Treasury Decisions:

9959, 2022-03 I.R.B. 328

9961, 2022-03 I.R.B. 430

9960, 2022-07 I.R.B. 481

9962, 2022-11 I.R.B. 823

Proposed Regulations:

REG-118250-20, 2022-07 I.R.B. 753

REG-105954-20, 2022-11 I.R.B. 828

REG-114209-21, 2022-11 I.R.B. 898

REG-121508-18, 2022-15 I.R.B. 996

REG-114339-21, 2022-17 I.R.B. 1030

REG-106384-20, 2022-20 I.R.B. 1076

REG-118913-21, 2022-20 I.R.B. 1089

REG-122770-18, 2022-21 I.R.B. 1104

A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2020–27 through 2020–52 is in Internal Revenue Bulletin

2020–52, dated December 27, 2021.

June 6, 2022

Bulletin No. 2022–23

Finding List of Current Actions on

Previously Published Items1

Bulletin 2022–23

A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2020–27 through 2020–52 is in Internal Revenue Bulletin

2020–52, dated December 27, 2021.

Bulletin No. 2022–23

iii

June 6, 2022

Internal Revenue Service

Washington, DC 20224

Official Business

Penalty for Private Use, $300

INTERNAL REVENUE BULLETIN

The Introduction at the beginning of this issue describes the purpose and content of this publication. The weekly Internal Revenue

Bulletins are available at www.irs.gov/irb/.

We Welcome Comments About the Internal Revenue Bulletin

If you have comments concerning the format or production of the Internal Revenue Bulletin or suggestions for improving it,

we would be pleased to hear from you. You can email us your suggestions or comments through the IRS Internet Home Page

www.irs.gov) or write to the Internal Revenue Service, Publishing Division, IRB Publishing Program Desk, 1111 Constitution Ave.

NW, IR-6230 Washington, DC 20224.

This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.