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Directory Results for Revenue Ruling 2004-54 - Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property. Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of to Revenue Ruling 2004-56 - Interest rates; underpayments and overpayments.. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning July 1, 2004, will be 4 per cent for overpayments (3 percent in the