Rev. Rul. 98-52, 1998-45 I.R.B. 4.

                       Internal Revenue Service
                                 Revenue Ruling

     FEDERAL RATES; ADJUSTED FEDERAL RATES; ADJUSTED FEDERAL LONG-TERM RATE,
                           AND LONG-TERM EXEMPT RATE.

                           Released: October 20, 1998
                          Published: November 9, 1998

Section 1274. - 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 sections 1274, 1288, 382, and other sections of the Code, tables set forth the rates for November 1998.

Section 42. - Low-Income Housing Credit

  The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of November 1998. See Rev. Rul. 98-52, on this page.

Section 280G. - Golden Parachute Payments

  Federal short-term, mid-term, and long-term rates are set forth for the month of November 1998. See Rev. Rul. 98-52, on this page.

Section 382. - Limitation on Net Operating Loss Carryforwards and Certain Built- In Losses Following Ownership Change

  The adjusted federal long-term rate is set forth for the month of November 1998. See Rev. Rul. 98-52, on this page.

Section 412. - Minimum Funding Standards

  The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of November 1998. See Rev. Rul. 98-52, on this page.

Section 467. - Certain Payments for the Use of Property or Services

  The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of November 1998. See Rev. Rul. 98-52, on this page.

Section 468. - Special Rules for Mining and Solid Waste Reclamation and Closing Costs

  The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of November 1998. See Rev. Rul. 98-52, on this page.

Section 482. - Allocation of Income and Deductions Among Taxpayers

  Federal short-term, mid-term, and long-term rates are set forth for the month of November 1998. See Rev. Rul. 98-52, on this page.

Section 483. - Interest on Certain Deferred Payments

  The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of November 1998. See Rev. Rul. 98-52, on this page.

Section 642. - Special Rules for Credits and Deductions

  Federal short-term, mid-term, and long-term rates are set forth for the month of November 1998. See Rev. Rul. 98-52, on this page.

Section 807. - Rules for Certain Reserves

  The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of November 1998. See Rev. Rul. 98-52, on this page.

Section 846. - Discounted Unpaid Losses Defined

  The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of November 1998. See Rev. Rul. 98-52, on this page.

Section 1288. - Treatment of Original Issue Discount on Tax-Exempt Obligations

  The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of November 1998. See Rev. Rul. 98-52, page 4.

Section 7520. - Valuation Tables

  The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of November 1998. See Rev. Rul. 98-52, page 4.

Section 7872. - Treatment of Loans With Below-Market Interest Rates

  The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of November 1998. See Rev. Rul. 98-52, page 4.

  This revenue ruling provides various prescribed rates for federal income tax purposes for November 1998 (the current month.) Table 1 contains the short- term, 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)(2) for buildings placed in service during the current month. 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. 98-52 TABLE 1
    Applicable Federal Rates (AFR) for November 1998
                 Period for Compounding
              Annual    Semiannual  Quarterly   Monthly
Short-Term
       AFR    4.47%       4.42%       4.40%      4.38%
  110% AFR    4.92%       4.86%       4.83%      4.81%
  120% AFR    5.37%       5.30%       5.27%      5.24%
  130% AFR    5.83%       5.75%       5.71%      5.68%
  Mid-Term
       AFR    4.51%       4.46%       4.44%      4.42%
  110% AFR    4.97%       4.91%       4.88%      4.86%
  120% AFR    5.42%       5.35%       5.31%      5.29%
  130% AFR    5.88%       5.80%       5.76%      5.73%
  150% AFR    6.80%       6.69%       6.63%      6.60%
  175% AFR    7.96%       7.81%       7.74%      7.69%
Long-Term
       AFR    5.10%       5.04%       5.01%      4.99%
  110% AFR    5.62%       5.54%       5.50%      5.48%
  120% AFR    6.14%       6.05%       6.00%      5.98%
  130% AFR    6.66%       6.55%       6.50%      6.46%

              Rev. Rul. 98-52 TABLE 2
           Adjusted AFR for November 1998
               Period for Compounding
              Annual  Semiannual  Quarterly  Monthly
Short-term
adjusted AFR  3.30%     3.27%       3.26%     3.25%
Mid-term
adjusted AFR  3.88%     3.84%       3.82%     3.81%
Long-term
adjusted AFR  4.65%     4.60%       4.57%     4.56%

                            Rev. Rul. 98-52 TABLE 3
                   Rates Under Section 382 for November 1998
Adjusted federal long-term rate for the current month                     4.65%
Long-term tax-exempt rate for ownership changes during the current month  5.02%
  (the highest of the adjusted federal long-term rates for the current
  month and the prior two months.)

                            Rev. Rul. 98-52 TABLE 4
       Appropriate Percentages Under Section 42(b)(2) for November 1998
Appropriate percentage for the 70% present value low-income housing       8.12%
  credit
Appropriate percentage for the 30% present value low-income housing       3.48%
  credit

                            Rev. Rul. 98-52 TABLE 5
                   Rate Under Section 7520 for November 1998
Applicable federal rate for determining the present value of an annuity,  5.4%
  an interest for life or a term of years, or a remainder or
  reversionary interest

Rev. Rul. 98-52, 1998-45 I.R.B. 4.