IRS Revenue Ruling
1999-1

 
 Code Sec. 42

Status: Revoked by 2001-2


<<FULL TEXT>>

Low-income housing credit; satisfactory bond; "bond factor" amounts for
the period October through December 1998. This ruling announces the
monthly bond factor amounts to be used by taxpayers who dispose of
qualified low-income buildings or interests therein during the period
October through December 1998.


REV. RUL. 99-1

In Rev. Rul. 90-60, 1990-2 C.B. 3, the Internal Revenue Service
provided guidance to taxpayers concerning the general methodology used by
the Treasury Department in computing the bond factor amounts used in
calculating the amount of bond considered satisfactory by the Secretary
under section 42(j)(6) of the Internal Revenue Code. It further announced
that the Secretary would publish in the Internal Revenue Bulletin a table
of "bond factor" amounts for dispositions occurring during each calendar
month.

This revenue ruling provides in Table 1 the bond factor amounts for
calculating the amount of bond considered satisfactory under section
42(j)(6) for dispositions of qualified low-income buildings or interests
therein during the period October through December 1998.

TABLE 1 REV. RUL. 99-1

Monthly Bond Factor Amounts for Dispositions Expressed As a Percentage
of Total Credits

Calendar Year Building Placed in Service
or, if Section 42(f)(1) Election Was Made,
the Succeeding Calendar Year
Month of -------------------------------------------------
Disposition 1987 1988 1989 1990 1991 1992
----------- ---- ---- ---- ---- ---- ----
Oct '98 61.09 75.25 74.73 76.61 78.85 81.41
Nov '98 61.09 75.25 74.54 76.41 78.65 81.20
Dec '98 61.09 75.25 74.35 76.22 78.45 80.99


Month of
Disposition 1993 1994 1995 1996 1997 1998
----------- ---- ---- ---- ---- ---- ----
Oct '98 84.01 86.47 88.89 91.53 94.25 97.21
Nov '98 83.79 86.25 88.68 91.33 94.09 97.21
Dec '98 83.58 86.04 88.47 91.14 93.94 97.21


For a list of bond factor amounts applicable to dispositions occurring
during other calendar years, see the following revenue rulings: Rev. Rul.
95-83, 1995-2 C.B. 8, for dispositions occurring during calendar year
1995; Rev. Rul. 98-3, 1998-2 I.R.B. 4, for dispositions occurring during
the calendar years 1996 and 1997; Rev. Rul. 98-13, 1998-11 I.R.B. 4, for
dispositions occurring during the period January through March 1998; Rev.
Rul. 98-31, 1998-25 I.R.B. 4, for dispositions occurring during the period
April through June 1998; and Rev. Rul. 98-45, 1998-38 I.R.B. 4, for
dispositions occurring during the period July through September 1998.


DRAFTING INFORMATION

The principal author of this revenue ruling is Jack Malgeri of the
Office of Assistant Chief Counsel (Passthroughs and Special Industries).
For further information regarding this revenue ruling, contact Mr. Malgeri
at (202) 622-3040 (not a toll-free call).

<<END RULING>>
 

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