IRS Revenue Ruling
1999-13

 
 Code Sec. 165

<<FULL TEXT>>

26 CFR 1.165-11: Election in respect of losses attributable to a disaster.

Insurance companies; interest rate tables. Prevailing state assumed
interest rates are provided for the determination of the reserves under
section 807 of the Code for contracts issued in 1998 and 1999. Rev. Rul.
92-19 supplemented in part.


REV. RUL. 99-13

Under section 165(i) of the Internal Revenue Code, if a taxpayer
suffers a loss attributable to a disaster occurring in an area
subsequently determined by the President of the United States to warrant
assistance by the Federal Government under the Disaster Relief and
Emergency Assistance Act, 42 U.S.C. sections 5121-5204c (1988 & Supp. V
1993) (the Act), the taxpayer may elect to claim a deduction for that loss
on the taxpayer's federal income tax return for the taxable year
immediately preceding the taxable year in which the disaster occurred.

Section 1.165-11(e) of the Income Tax Regulations provides that the
election to deduct a disaster loss for the preceding year must be made by
filing a return, an amended return, or a claim for refund on or before the
later of (1) the due date of the taxpayer's income tax return (determined
without regard to any extension of time to file the return) for the
taxable year in which the disaster actually occurred, or (2) the due date
of the taxpayer's income tax return (determined with regard to any
extension of time to file the return) for the taxable year immediately
preceding the taxable year in which the disaster actually occurred.

The provisions of section 165(i) apply only to losses that are
otherwise deductible under section 165(a). An individual taxpayer may
deduct losses if they are incurred in a trade or business, if they are
incurred in a transaction entered into for profit, or if they are casualty
losses under section 165(c)(3).

The President has determined that during 1998 the areas listed below
have been adversely affected by disasters of sufficient severity and
magnitude to warrant assistance by the Federal Government under the Act.


DRAFTING INFORMATION

The principal author of this revenue ruling is Timothy Sheppard of the
Office of Assistant Chief Counsel (Income Tax and Accounting). For further
information regarding this revenue ruling, contact Mr. Sheppard on (202)
622-4960 (not a toll-free call).

Disaster Areas in 1998 Type of Disaster Date of Disaster
---------------------- ---------------- ----------------
ALABAMA
Counties of Barbour, Severe storms March 7-21, 1998
Butler, Coffee, and flooding
Conecuh, Covington,
Crenshaw, Dale,
Escambia, Geneva,
Henry, Houston, and
Randolph

Counties of Covington, Severe storms April 8-20, 1998
Cullman, Jefferson, and tornadoes
St. Clair, Tuscaloosa,
and Walke

Counties of Baldwin, Hurricane September 25-
Butler, Choctaw, Georges October 6, 1998
Clarke, Coffee,
Conecuh, Covington,
Crenshaw, Escambia,
Geneva, Lowndes,
Mobile, Monroe, and
Washington

CALIFORNIA
Counties of Alameda, Severe winter February 2-
Amador, Butte, storms and April 30, 1998
Calaveras, Colusa, flooding
Contra Costa, Del
Norte, Fresno, Glenn,
Humboldt, Kern, Lake,
Los Angeles, Marin,
Mendocino, Merced,
Monterey, Napa,
Orange, Riverside,
Sacramento, San
Benito, San Bernadino,
San Diego, San
Francisco, San
Joaquin, San Luis
Obispo, San Mateo,
Santa Barbara, Santa
Clara, Santa Cruz,
Solano, Sonoma,
Stanislaus, Sutter,
Tehama, Trinity,
Tulare, Ventura, Yolo,
and Yuba

DELAWARE
County of Sussex Severe winter January 28-
storms, high winds, February 6, 1998
and flooding

FLORIDA
Counties of Alachua, Severe storms, December 25, 1997-
Baker, Bay, Bradford, high winds, April 24, 1998
Brevard, Broward, tornadoes, and
Calhoun, Citrus, Clay, flooding
Collier, Columbia,
DeSoto, Dixie, Duval,
Escambia, Flagler,
Franklin, Gadsden,
Gilchrist, Glades,
Gulf, Hamilton,
Hardee, Hernando,
Highlands,
Hillsborough, Holmes,
Jackson, Lafayette,
Lake, Levy, Liberty,
Madison, Manatee,
Marion, Nassau,
Okaloosa, Okeechobee,
Orange, Osceola,
Pasco, Pinellas, Polk,
Putnam, Santa Rosa,
Sarasota, Seminole,
St. Johns, Sumter,
Suwannee, Taylor,
Union, Volusia,
Walton, and Washington

Counties of Broward, Severe storms, high February 2-4, 1998
Dade, and Monroe winds, tornadoes,
and flooding

Counties of Alachua, Extreme fire hazards May 25--July 22, 1998
Baker, Bay, Bradford,
Brevard, Broward,
Calhoun, Charlotte,
Citrus, Clay, Collier,
Columbia, Dade,
DeSoto, Dixie, Duval,
Escambia, Flagler,
Franklin, Gadsden,
Gilchrist, Glades,
Gulf, Hamilton,
Hardee, Hendry,
Hernando, Highlands,
Hillsborough, Holmes,
Indian River, Jackson,
Jefferson, Lafayette,
Lake, Lee, Leon, Levy,
Liberty, Madison,
Manatee, Marion,
Martin, Monroe,
Nassau, Okaloosa,
Okeechobee, Orange,
Osceola, Palm Beach,
Pasco, Pinellas, Polk,
Putnam, Santa Rosa,
Sarasota, St. Johns,
St. Lucie, Seminole,
Sumter, Suwannee,
Taylor, Union,
Volusia, Wakulla,
Walton, and Washington

Counties of Bay, Hurricane Earl September 3, 1998
Dixie, Franklin, Gulf,
Taylor, and Wakulla

Counties of Bay, Hurricane Georges September 25-
Calhoun, Columbia, October 7, 1998
Escambia, Franklin,
Gadsden, Gulf, Holmes,
Jackson, Jefferson,
Liberty, Monroe,
Okaloosa, Santa Rosa,
Suwannee, Walton, and
Washington

Counties of Monroe and Tropical Storm Mitch November 4-5, 1998
Palm Beach

GEORGIA
Counties of Appling, Severe storms and February 14-
Atkinson, Bacon, flooding May 11, 1998
Baldwin, Baker,
Barrow, Bartow, Ben
Hill, Berrien, Bibb,
Bleckley, Brantley,
Brooks, Bryan,
Bulloch, Burke, Butts,
Calhoun, Candler,
Carroll, Charlton,
Chatham, Cherokee,
Clay, Clayton, Clinch,
Cobb, Coffee,
Colquitt, Columbia,
Cook, Crawford, Crisp,
Dade, Dawson, DeCatur,
Dekalb, Dodge, Dooly,
Dougherty, Douglas,
Early, Echols,
Effingham, Emanuel,
Evans, Floyd, Forsyth,
Fulton, Glynn, Gordon,
Grady, Gwinnett,
Habersham, Hall,
Haralson, Heard,
Henry, Houston, Irwin,
Jeff Davis, Jefferson,
Jenkins, Johnson,
Jones, Lamar, Lanier,
Laurens, Lee, Liberty,
Lincoln, Long,
Lowndes, Lumpkin,
Macon, McIntosh,
Miller, Mitchell,
Monroe, Montgomery,
Murray, Muscogee,
Newton, Paulding,
Peach, Pickens, Pike,
Pulaski, Quitman,
Rabun, Randolph,
Richmond, Rockdale,
Screven, Seminole,
Spalding, Stewart,
Sumter, Talbot,
Tattnall, Telfair,
Terrell, Thomas, Tift,
Toombs, Towns,
Treutlen, Turner,
Twiggs, Union, Walker,
Ware, Wayne, Webster,
Wheeler, White,
Wilcox, Wilkinson, and
Worth

INDIANA
Counties of Benton, Severe storms, June 11--July 7, 1998
Jasper, Lake, LaPorte, tornadoes, and
Newton, Porter, flooding
Pulaski, Saint Joseph,
and Starke

Counties of Benton, Severe storms, June 11--July 7, 1998
Clay, Crawford, tornadoes, and
Fayette, Franklin, flooding
Gibson, Greene,
Howard, Knox,
Lawrence, Madison,
Miami, Monroe,
Montgomery, Orange,
Owen, Parke, Pike,
Putnam, Rush,
Sullivan, Union, Vigo,
Wayne, and Warren

IOWA
Counties of Adair, Severe storms, June 14, 1998-
Allamakee, Appanoose, tornadoes, and July 15, 1998
Audubon, Benton, Black flooding
Hawk, Boone, Buchanan,
Buena Vista, Butler,
Calhoun, Carroll,
Cass, Cedar, Cerro
Gordo, Chickasaw,
Clarke, Clay, Clayton,
Clinton, Crawford,
Dallas, Davis,
Decatur, Delaware, Des
Moines, Dickinson,
Emmet, Fayette, Floyd,
Franklin, Fremont,
Greene, Grundy,
Guthrie, Hamilton,
Hancock, Hardin,
Harrison, Henry,
Howard, Humboldt,
Iowa, Jasper,
Jefferson, Johnson,
Keokuk, Kossuth, Lee,
Linn, Louisa, Lucas,
Madison, Mahaska,
Marion, Marshall,
Mills, Monona,
Montgomery, Muscatine,
Osceola, Page, Palo
Alto, Pocahontas,
Polk, Pottawattamie,
Poweshiek, Ringgold,
Sac, Shelby, Story,
Tama, Taylor, Union,
Wapello, Warren,
Washington, Webster,
Winnebago, Winneshiek,
and Wright

KANSAS
Counties of Bourbon, Severe storms, October 1-8, 1998
Cherokee, Douglas, flooding, and
Franklin, Jackson, tornadoes
Jefferson, Johnson,
Leavenworth, Linn,
Seward, Wabaunsee, and
Wyandotte

Counties of Butler, Severe storms and October 30-
Chase, Coffey, Cowley, flooding November 15, 1998
Douglas, Franklin,
Greenwood, Harper,
Harvey, Johnson,
Leavenworth, Lyon,
Marion, Neosho,
Saline, Sedgwick,
Sumner, Wilson,
Woodson, and Wyandotte

KENTUCKY
Counties of Adair, Severe winter storm February 4-6, 1998
Bath, Boyle,
Breathitt, Carter,
Casey, Clark, Clay,
Clinton, Elliott,
Estill, Fleming,
Garrard, Greenup,
Jackson, Johnson,
Knox, Laurel,
Lawrence, Lee, Lewis,
Lincoln, Madison,
Magoffin, McCreary,
Menifee, Mercer,
Montgomery, Morgan,
Nicholas, Owsley,
Powell, Pulaski,
Robertson, Rockcastle,
Rowan, Russell, Wayne,
Whitley, and Wolfe

Counties of Adair, Severe storms, April 16-
Barren, Bell, tornadoes, May 10, 1998
Breathitt, Casey, and flooding
Clay, Floyd, Johnson,
Knott, Knox, Lawrence,
Lee, Leslie, Letcher,
Magoffin, Metcalfe,
Owsley, Perry, Pike,
Warren, and Whitley

LOUISIANA
Parishes of Acadia, Tropical Storm September 9-
Ascension, Assumption, Frances and October 4, 1998
Baptist, Cameron, Hurricane Georges
Evangeline, Jefferson,
Lafourche, Livingston,
Orleans, Plaquemines,
St. Bernard, St.
Charles, St. James,
St. John, St. Martin,
St. Mary, St. Tammany,
Tangipahoa, Terrebone,
Vermilion, and
Washington

MAINE
Counties of Severe ice storms, January 5-25, 1998
Androscoggin, rain, and heavy
Aroostook, Cumberland, winds
Franklin, Hancock,
Kennebec, Knox,
Lincoln, Penobscot,
Piscataquis, Oxford,
Sagadahoc, Somerset,
Waldo, Washington,
and York

Counties of Severe storms and June 13--July 1, 1998
Androscoggin, flooding
Franklin, Kennebec,
Oxford, Somerset, and
York

MARSHALL ISLANDS
Ailinglaplap, Ailuk, Severe drought January 17-
Arno, Aur, Bikini, June 30, 1998
Ebeye, Ebon, Enewetak,
Jabat, Jaluit, Kili,
Kwajalein, Lae, Lib,
Likiep, Majuro,
Maloelap, Mejit, Mili,
Namorik, Namu, Ujae,
Utrik, Wotho, and Wotje

MASSACHUSETTS
Counties of Bristol, Heavy rains and June 13--July 6, 1998
Essex, Middlesex, flooding
Norfolk, Plymouth,
Suffolk, and Worcester

MICHIGAN
Counties of Bay, Severe storms and May 31, 1998
Clinton, Gratiot, straight-line winds
Ionia, Kent, Mason,
Montcalm, Newaygo,
Oceana, Ottawa,
Saginaw, and
Shiawassee

County of Muskegon Severe storms and May 29-31, 1998
straight-line winds

Counties of Macomb Severe storms and July 21-22, 1998
and Wayne high winds

MICRONESIA
State of Chuuk: Eot, Severe drought January 25-
Ettal, Etten, June 30, 1998
Fanapanges, Fefen,
Fonanu, Fono, Houk,
Kuttu, Lekinioch,
Losap, Makur, Moch,
Murillo, Nama,
Namoluk, Nomwin,
Oneop, Onou, Onoun,
Paata, Parem,
Piherach, Piis-Emwar,
Piis-Paneu, Pollap,
Polle, Polowat,
Romanum, Ruo, Satowan,
Siis, Ta, Tetiw, Tol,
Tomatam, Tonoas, Udot,
Uman, Unanu, Weno, and
Wonei.

State of Phonpei: the
areas of
Kipingamarangi,
Mwoakilloa, Nukuoro,
Oroluk, Pakin,
Pingelap, and
Sapwuahfik.

State of Yap:
Eauripik, Elato, Fais,
Faraulap, Ifalik,
Lamotrek, Ngulu,
Satawal, Sorol,
Ulithi, Wolei, and Yap
Proper.

MINNESOTA
Counties of Blue Severe storms and March 29, 1998
Earth, Brown, tornadoes
Cottonwood, LaSueur,
Nicollet, Nobles, and
Rice

Counties of Anoka, Severe storms, May 15-
Blue Earth, Carver, straight-line winds, June 28, 1998
Dakota, Faribault, and tornadoes
Fillmore, Freeborn,
Goodhue, Hennepin,
Houston, Jackson,
Mower, Olmsted,
Ramsey, Rice, Scott,
Wabasha, Washington,
and Winona

MISSISSIPPI
Counties of Covington, Hurricane Georges September 25-
Forrest, George, October 5, 1998
Greene, Hancock,
Harrison, Jackson,
Jasper, Jefferson
Davis, Jones, Lamar,
Marion, Pearl River,
Perry, Pike, Stone,
and Wayne

MISSOURI
Counties of Jackson Severe storms and July 10-31, 1998
and St. Louis; and flooding
City of St. Louis

Counties of Andrew, Severe storms and October 4-11, 1998
Barton, Caldwell, flooding
Carroll, Cedar,
Chariton, Clay, Dade,
DeKalb, Jackson, Linn,
Livingston, Macon,
Miller, Moniteau,
Morgan, Platte, Polk,
and Ray

NEW HAMPSHIRE
Counties of Belknap, Severe ice storms, January 7-25, 1998
Carroll, Cheshire, rain, and high
Coos, Grafton, winds
Hillsborough,
Merrimack, Stafford,
and Sullivan

Counties of Belknap, Severe storms and July 12--July 2, 1998
Carroll, Grafton, flooding
Hillsborough,
Merrimack, Rockingham,
and Sullivan

NEW JERSEY
Counties of Atlantic, Severe winter coastal February 4-9, 1998
Cape May, and Ocean storm, high winds,
and flooding

NEW YORK
Counties of Clinton, Severe winter and ice January 5-17, 1998
Essex, Franklin, storms, high winds,
Genessee, Jefferson, and flooding
Lewis, Monroe,
Niagara, Saratoga, and
St. Lawrence

Counties of Broome, Severe thunderstorms May 31--June 2, 1998
Chenango, Otsego, and tornadoes
Rensselaer, Saratoga,
and Wyoming

Counties of Allegany, Severe storms and June 25--July 10, 1998
Cattaraugus, Clinton, flooding
Delaware, Erie, Essex,
Franklin, Genesee,
Livingston, Monroe,
Steuben, Sullivan,
Tioga, Tompkins, and
Wyoming

Counties of Cayuga, Severe storms and September 7, 1998
Fulton, Herkimer, high winds
Madison, Monroe,
Nassau, Oneida,
Onondaga, Ontario,
Orleans, and Wayne

NORTH CAROLINA
Counties of Ashe, Severe storms and January 7-
Avery, Dare, Haywood, flooding February 12, 1998
Madison, Mitchell,
Robeson, Transylvania,
Watauga, and Yancey

Counties of Durham, Severe storms, March 20-
Edgecombe, Lenoir, tornadoes, and April 1, 1998
Nash, Rockingham, flooding
Wake, and Wayne

Counties of Beaufort, Hurricane Bonnie August 25-
Bertie, Bladen, September 1, 1998
Brunswick, Camden,
Carteret, Chowan,
Columbus, Craven,
Cumberland, Currituck,
Dare, Duplin, Greene,
Hyde, Jones, Lenoir,
Martin, New Hanover,
Onslow, Pamlico,
Pasquotank, Pender,
Perquimans, Pitt,
Robeson, Sampson,
Tyrrell, Washington,
and Wayne

NORTH DAKOTA
Counties of Barnes, Flooding ground March 2--July 18, 1998
Benson, Cass, Dickey, saturation, and
LaMoure, Nelson, severe storms
Pembina, Pierce,
Ramsey, Ransom,
Richland, Rolette,
Sargent, Stutsman,
Towner, Walsh; and
Indian Reservations of
the Spirit Lake Sioux
Tribe and the Turtle
Mountain Band of
Chippewa

NORTHERN MARIANA
ISLANDS
Island of Rota Typhoon Paka and December 16-17, 1998
associated
torrential rains

OHIO
Counties of Athens, Severe storms, June 24--July 5, 1998
Belmont, Coshocton, flooding, and
Franklin, Guernsey, tornadoes
Harrison, Holmes,
Jackson, Jefferson,
Knox, Meigs, Monroe,
Morgan, Morrow,
Muskingum, Noble,
Ottawa, Perry,
Pickaway, Richland,
Sandusky, Tuscarawas,
and Washington

OREGON
County of Crook Flooding May 28--June 3, 1998

PENNSYLVANIA
Counties of Allegheny, Severe storms, May 31--June 2, 1998
Beaver, Berks, Pike, tornadoes, and
Susquehanna, flooding
Somerset, and Wyoming

PUERTO RICO
All municipios Hurricane Georges September 20-
October 27, 1998

SOUTH CAROLINA
County of Horry Hurricane Bonnie August 25-
September 1, 1998

SOUTH DAKOTA
Counties of Brown, Flooding, severe April 25--June 22, 1998
Clark, Codington, Day, storms, and
Hanson, Marshall, tornadoes
McCook, Roberts, and
Spink

TENNESSEE
Counties of Bledsoe, Severe storms and January 6-
Bradley, Campbell, flooding February 12, 1998
Cannon, Carter,
Chester, Clay, Cocke,
Crockett, Cumberland,
DeKalb, Fentress,
Gibson, Greene,
Grundy, Hawkins,
Haywood, Jackson,
Jefferson, Johnson,
Madison, Meigs,
Morgan, Overton,
Pickett, Polk, Putnam,
Rhea, Roane, Scott,
Sequatchie, Sevier,
Sullivan, Tipton,
Unicoi, Van Buren,
Warren, Washington,
and White

Counties of Anderson, Severe storms, April 16--May 18, 1998
Blount, Bradley, tornadoes, and
Campbell, Carroll, flooding
Cheatham, Claiborne,
Crockett, Davidson,
Dickson, Dyer, Gibson,
Giles, Grainger,
Hamblen, Hancock,
Hardin, Hawkins,
Humphreys, Jackson,
Jefferson, Knox,
Lauderdale, Lawrence,
Loudon, Macon,
Madison, Maury,
Monroe, Morgan,
Pickett, Polk, Rhea,
Roane, Robertson,
Scott, Sevier, Shelby,
Sumner, Union, Wayne,
Williamson, and Wilson

Counties of Lawrence Flooding and severe July 13--July 28, 1998
and Lewis storms

TEXAS
Counties of Edwards, Tropical Storm August 22-31, 1998
Kimble, Kinney, Charley
Maverick, Real,
Uvalde, Val Verde,
and Webb

Counties of Brazoria, Severe storms and September 9-
Galveston, Harris, flooding associated October 5, 1998
Jefferson, and with Tropical
Matagorda Storm Frances

Counties of Austin, Severe storms, October 17-
Atascosa, Bastrop, flooding, and November 15, 1998
Bexar, Blanco, tornadoes
Brazoria, Burleson,
Caldwell, Calhoun,
Colorado, Comal,
DeWitt, Fayette, Fort
Bend, Galveston,
Goliad, Gonzales,
Grimes, Guadalupe,
Harris, Hays, Jackson,
Jefferson, Jim Wells,
Karnes, Kendall,
Lavaca, Liberty,
Matagorda, Medina,
Montgomery, Nueces,
Polk, Refugio, San
Jacinto, San Patricio,
Travis, Trinity,
Victoria, Walker,
Waller, Wharton, and
Wilson

U.S. VIRGIN ISLANDS
Islands of St. Croix, Hurricane Georges September 19-22, 1998
St. John, St. Thomas,
and Water Island

VERMONT
Counties of Addison, Severe ice storms, January 6-16, 1998
Chittenden, Franklin, rain, high winds,
Grand Isle, Orange, and flooding
and Windsor

Counties of Addison, Severe storms and June 17--August
Caledonia, Chittenden, flooding 17, 1998
Essex, Franklin,
Lamoille, Orange,
Orleans, Rutland,
Washington, and
Windsor

VIRGINIA
Cities of Chesapeake, Hurricane Bonnie August 25-
Norfolk, Portsmouth, September 1, 1998
Suffolk, and Virginia
Beach

WASHINGTON
Counties of Ferry and Severe storms and May 26-29, 1998
Stevens flooding

City of Kelso (Cowlitz Landslide March 6--November
County), specifically 19, 1998
the Aldercrest-Banyon
subdivision

WEST VIRGINIA
Counties of Braxton, Severe storms, June 26--July 27, 1998
Cabell, Calhoun, Clay, flooding, and
Doddridge, Gilmer, tornadoes
Harrison, Jackson,
Kanawha, Lewis,
Marion, Marshall,
Ohio, Pleasants,
Ritchie, Roane,
Tyler, Webster,
Wetzel, Wirt, and Wood

WISCONSIN
Counties of Buffalo, Severe storms, June 18-30, 1998
Clark, Crawford, Dunn, straight-line winds,
Grant, Jackson, La tornadoes, heavy
Crosse, Monroe, rain, and flooding
Pepin, Pierce,
Richland, St. Croix,
Trempealeau, and
Vernon

Counties of Milwaukee, Severe storms and August 5-15, 1998
Racine, Rock, flooding
Sheboygan, and
Waukesha

<<END RULING>>
 

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