Rev. Rul. 98-45, 1998-38 I.R.B. 4.
INTERNAL REVENUE SERVICE
Revenue Ruling
LOW INCOME HOUSING CREDIT; SATISFACTORY BOND; "BOND FACTOR" AMOUNTS FOR THE PERIOD JULY THROUGH SEPTEMBER 1998
Published: September 21, 1998
Section 42. - Low Income Housing Credit
Low-income housing credit; satisfactory bond; "bond factor" amounts for the
period July through September 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 July through September 1998.
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 s 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 s 42(j)(6) for dispositions of qualified low-income buildings or interests therein during the period July through September 1998.
Table 1, Rev. Rul. 98 45
Monthly Bond Factor Amounts for Dispositions Expressed As a Percentage of Total Credits
| Calendar Year Building Placed in Service or, if Section42(f)(1) Election Was Made, the Succeeding Calendar Year | ||||||||||||
| Month of Disposition | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 |
| Jul '98 | 61.09 | 75.25 | 75.33 | 77.22 | 79.49 | 82.08 | 84.70 | 87.18 | 89.60 | 92.21 | 94.81 | 97.21 |
| Aug '98 | 61.09 | 75.25 | 75.13 | 77.01 | 79.27 | 81.85 | 84.47 | 86.93 | 89.35 | 91.97 | 94.61 | 97.21 |
| Sep '98 | 61.09 | 75.25 | 74.93 | 76.81 | 79.06 | 81.63 | 84.23 | 86.70 | 89.12 | 91.74 | 94.42 | 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; and Rev. Rul. 98 31, 1998 25 I.R.B. 4, for dispositions occurring during the period April through June 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).
Rev. Rul. 98-45, 1998-38 I.R.B. 4.