Rev. Rul. 99-13, 1999-10 I.R.B. 4.
Internal Revenue Service
Revenue Ruling
ELECTION IN RESPECT OF LOSSES ATTRIBUTABLE TO A DISASTER
Published: March 8, 1999
Section 42. - Low-Income Housing Credit
Section 165. - Losses, 26 CFR 1.165-11: Election in respect of losses attributable to a disaster.
Section 280G. - Golden Parachute Payments
Section 382. - Limitation on Net Operating Loss Carryforwards and Certain Built- In Losses Following Ownership Change
Section 412. - Minimum Funding Standards
Section 467. - Certain Payments for the Use of Property or Services
Section 468. - Special Rules for Mining and Solid Waste Reclamation and Closing Costs
Section 482. - Allocation of Income and Deductions Among Taxpayers
Section 483. - Interest on Certain Deferred Payments
Section 642. - Special Rules for Credits and Deductions
Section 807. - Rules for Certain Reserves
Election in respect of losses attributable to a disaster. This ruling lists the areas declared by the President to qualify as major disaster areas during 1998 under the Disaster Relief and Emergency Assistance Act.
The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of March 1999.
Federal short-term, mid-term, and long-term rates are set forth for the month of March 1999.
The adjusted federal long-term rate is set forth for the month of March 1999.
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.
Under § 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. §§ 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 § 165(i) apply only to losses that are otherwise deductible under § 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 § 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 Date of
Disaster Disaster
Alabama
Counties of Barbour, Butler, Coffee,
Conecuh, Severe March
Covington, Crenshaw, Dale, Escambia, Geneva,
Henry, storms and 7-21,
Houston, and
Randolph flooding 1998
Counties of Covington, Cullman, Jefferson,
St.
Severe April
Clair, Tuscaloosa, and
Walke
storms and 8-20,
tornadoes 1998
Counties of Baldwin, Butler, Choctaw,
Clarke, Hurricane
September
Coffee, Conecuh, Covington, Crenshaw,
Escambia, Georges
25-Octo-
Geneva, Lowndes, Mobile, Monroe, and
Washington ber
6,
1998
California
Counties of Alameda, Amador, Butte,
Calaveras,
Severe February
Colusa, Contra Costa, Del Norte, Fresno,
Glenn, winter 2-April
Humboldt, Kern, Lake, Los Angeles,
Marin, storms
and 30, 1998
Mendocino, Merced, Monterey, Napa,
Orange, flooding
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 January 2-
winter 8-Febru-
storms, ary 6,
high 1998
winds, and
flooding
Florida
Counties of Alachua, Baker, Bay, Bradford,
Brevard, Severe December
Broward, Calhoun, Citrus, Clay, Collier, Columbia,
storms, 25, 199-
DeSoto, Dixie, Duval, Escambia, Flagler, Franklin,
high 7-April
Gadsden, Gilchrist, Glades, Gulf, Hamilton,
Hardee, winds, 24,
1998
Hernando, Highlands, Hillsborough, Holmes,
Jackson, tornadoes,
Lafayette, Lake, Levy, Liberty, Madison,
Manatee, and
Marion, Nassau, Okaloosa, Okeechobee,
Orange, flooding
Osceola, Pasco, Pinellas, Polk, Putnam, Santa Rosa,
Sarasota, Seminole, St. Johns, Sumter, Suwannee,
Taylor, Union, Volusia, Walton, and Washington
Counties of Broward, Dade, and
Monroe Severe February
storms, 2-4,
high 1998
winds,
tornadoes,
and
flooding
Counties of Alachua, Baker, Bay, Bradford, Brevard, Extreme
fire May
Broward, Calhoun, Charlotte, Citrus, Clay,
Collier, hazards 25-July
Columbia, Dade, DeSoto, Dixie, Duval,
Escambia, 22,
1998
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, Dixie, Franklin, Gulf, Taylor,
and Hurricane September
Wakulla Earl 3,
1998
Counties of Bay, Calhoun, Columbia,
Escambia, Hurricane
September
Franklin, Gadsden, Gulf, Holmes,
Jackson, Georges
25-Octo-
Jefferson, Liberty, Monroe, Okaloosa, Santa
Rosa, ber
7,
Suwannee, Walton, and
Washington
1998
Counties of Monroe and Palm
Beach Tropical November
Storm 4-5,
Mitch 1998
Georgia
Counties of Appling, Atkinson, Bacon,
Baldwin,
Severe February
Baker, Barrow, Bartow, Ben Hill, Berrien,
Bibb, storms
and 14-May
Bleckley, Brantley, Brooks, Bryan, Bulloch, Burke,
flooding 11, 1998
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, Jasper, Lake, LaPorte, Newton,
Severe June 11-J-
Porter, Pulaski, Saint Joseph, and
Starke storms,
ully7,
tornadoes 1998
and
flooding
Counties of Benton, Clay, Crawford,
Fayette,
Severe June
Franklin, Gibson, Greene, Howard, Knox,
Lawrence, storms,
11-July
Madison, Miami, Monroe, Montgomery, Orange,
Owen, tornadoes, 7, 1998
Parke, Pike, Putnam, Rush, Sullivan, Union,
Vigo, and
Wayne, and
Warren flooding
Iowa
Counties of Adair, Allamakee, Appanoose,
Audubon, Severe June
14,
Benton, Black Hawk, Boone, Buchanan, Buena
Vista, storms,
1998-Ju-
Butler, Calhoun, Carroll, Cass, Cedar, Cerro
Gordo, tornadoes, ly 15,
Chickasaw, Clarke, Clay, Clayton,
Clinton,
and 1998
Crawford, Dallas, Davis, Decatur, Delaware,
Des flooding
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, Cherokee, Douglas,
Franklin, Severe October
Jackson, Jefferson, Johnson, Leavenworth,
Linn, storms,
1-8,
Seward, Wabaunsee, and
Wyandotte
flooding, 1998
and
tornadoes
Counties of Butler, Chase, Coffey, Cowley,
Douglas, Severe October 3-
Franklin, Greenwood, Harper, Harvey,
Johnson, storms
and 0-Novem-
Leavenworth, Lyon, Marion, Neosho,
Saline,
flooding ber 15,
Sedgwick, Sumner, Wilson, Woodson, and
Wyandotte
1998
Kentucky
Counties of Adair, Bath, Boyle, Breathitt, Carter,
Severe February
Casey, Clark, Clay, Clinton, Elliott,
Estill, winter 4-6,
Fleming, Garrard, Greenup, Jackson, Johnson, Knox,
storm 1998
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, Barren, Bell, Breathitt, Casey,
Severe April
Clay, Floyd, Johnson, Knott, Knox, Lawrence,
Lee, storms, 16-May
Leslie, Letcher, Magoffin, Metcalfe, Owsley,
Perry, tornadoes, 10, 1998
Pike, Warren, and
Whitley and
flooding
Louisiana
Parishes of Acadia, Ascension, Assumption,
Baptist, Tropical September
Cameron, Evangeline, Jefferson,
Lafourche,
Storm 9-Octob-
Livingston, Orleans, Plaquemines, St. Bernard, St.
Frances er 4,
Charles, St. James, St. John, St. Martin, St.
Mary, and
1998
St. Tammany, Tangipahoa, Terrebone, Vermilion, and
Hurricane
Washington
Georges
Maine
Counties of Androscoggin, Aroostook, Cumberland,
Severe ice January
Franklin, Hancock, Kennebec, Knox,
Lincoln, storms,
5-25,
Penobscot, Piscataquis, Oxford,
Sagadahoc, rain,
and 1998
Somerset, Waldo, Washington, and
York heavy
winds
Counties of Androscoggin, Franklin,
Kennebec, Severe June
Oxford, Somerset, and
York
storms and 13-July
flooding 1, 1998
Marshall Islands
Ailinglaplap, Ailuk, Arno, Aur, Bikini,
Ebeye,
Severe January
Ebon, Enewetak, Jabat, Jaluit, Kili,
Kwajalein, drought
17-June
Lae, Lib, Likiep, Majuro, Maloelap, Mejit,
Mili,
30, 1998
Namorik, Natnu, Ujae, Utrik, Wotho, and Wotje
Massachusetts
Counties of Bristol, Essex, Middlesex,
Norfolk, Heavy rains June
Plymouth, Suffolk, and
Worcester
and 13-July
flooding 6, 1998
Michigan
Counties of Bay, Clinton, Gratiot, Ionia,
Kent, Severe May
31,
Mason, Montcalm, Newaygo, Oceana, Ottawa, Saginaw,
storms and 1998
and
Shiawassee
straight--
line winds
County of
Muskegon
Severe May 29-31,
storms and 1998
straight--
line winds
Counties of Macomb and
Wayne
Severe July
storms and 21-22,
high winds 1998
Micronesia
State of Chuuk: Eot, Ettal, Etten,
Fanapanges,
Severe January
Fefen, Fonanu, Fono, Houk, Kuttu, Lekinioch,
Losap, drought 25-June
Makur, Moch, Murillo, Nama, Namoluk, Nomwin,
Oneop, 30,
1998
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, Pingclap, and Sapwuahfik.
State of Yap: Eauripik, Elato, Fais, Faraulap,
Ifalik, Lamotrek, Ngulu, Satawal, Sorol, Ulithi,
Wolei, and Yap Proper.
Minnesota
Counties of Blue Earth, Brown, Cottonwood,
LaSueur, Severe March 29,
Nicollet, Nobles, and
Rice
storms and 1998
tornadoes
Counties of Anoka, Blue Earth, Carver,
Dakota,
Severe May
Faribault, Fillmore, Freeborn, Goodhue,
Hennepin, storms, s- 15-June
Houston, Jackson, Mower, Olmsted, Ramsey,
Rice, traight-l- 28,
1998
Scott, Wabasha, Washington, and
Winona
ine winds,
and
tornadoes
Mississippi
Counties of Covington, Forrest, George,
Greene, Hurricane September
Hancock, Harrison, Jackson, Jasper,
Jefferson Georges
25-Octo-
Davis, Jones, Lamar, Marion, Pearl River,
Perry,
ber 5,
Pike, Stone, and
Wayne
1998
Missouri
Counties of Jackson and St. Louis; and City of St.
Severe July
Louis storms
and 10-31,
flooding 1998
Counties of Andrew, Barton, Caldwell,
Carroll,
Severe October
Cedar, Chariton, Clay, Dade, DeKalb, Jackson,
Linn, storms and 4-11,
Livingston, Macon, Miller, Moniteau,
Morgan,
flooding 1998
Platte, Polk, and Ray
New Hampshire
Counties of Belknap, Carroll, Cheshire,
Coos, Severe
ice January
Grafton, Hillsborough, Merrimack, Stafford,
and storms,
7-25,
Sullivan
rain, and 1998
high winds
Counties of Belknap, Carroll,
Grafton,
Severe July
Hillsborough, Merrimack, Rockingham, and
Sullivan storms and 12-July
flooding 2, 1998
New Jersey
Counties of Atlantic, Cape May, and
Ocean Severe February
winter 4-9,
coastal 1998
storm,
high
winds, and
flooding
New York
Counties of Clinton, Essex, Franklin,
Genessee, Severe January
Jefferson, Lewis, Monroe, Niagara, Saratoga,
and winter and 5-17,
St.
Lawrence
ice 1998
storms,
high
winds, and
flooding
Counties of Broome, Chenango, Otsego,
Rensselaer, Severe thun- May
Saratoga, and
Wyoming derstorms
31-June
and 2, 1998
tornadoes
Counties of Allegany, Cattaraugus,
Clinton, Severe June
Delaware, Erie, Essex, Franklin,
Genesee, storms
and 25-July
Livingston, Monroe, Steuben, Sullivan,
Tioga, flooding 10,
1998
Tompkins, and Wyoming
Counties of Cayuga, Fulton, Herkimer,
Madison,
Severe September
Monroe, Nassau, Oneida, Onondaga, Ontario,
Orleans, storms and 7, 1998
and
Wayne high
winds
North Carolina
Counties of Ashe, Avery, Dare, Haywood, Madison,
Severe January 7-
Mitchell, Robeson, Transylvania, Watauga,
and storms
and -Februa-
Yancey
flooding ry 12,
1998
Counties of Durham, Edgecombe, Lenoir,
Nash,
Severe March
Rockingham, Wake, and
Wayne storms,
20-April
tornadoes, 1, 1998
and
flooding
Counties of Beaufort, Bertie, Bladen, Brunswick,
Hurricane August 25-
Camden, Carteret, Chowan, Columbus,
Craven, Bonnie -Septem-
Cumberland, Currituck, Dare, Duplin, Greene,
Hyde,
ber 1,
Jones, Lenoir, Martin, New Hanover,
Onslow, 1998
Pamlico, Pasquotank, Pender, Perqulmans, Pitt,
Robeson, Sampson, Tyrrell, Washington, and Wayne
North Dakota
Counties of Barnes, Benson, Cass, Dickey, LaMoure,
Flooding March
Nelson, Pembina, Pierce, Ramsey, Ransom, Richland,
ground sa- 2-July
Rolette, Sargent, Stutsman, Towner, Walsh;
and turation, 18,
1998
Indian Reservations of the Spirit Lake Sioux Tribe and
severe
and the Turtle Mountain Band of
Chippewa
storms
Northern Mariana Islands
Island of
Rota
Typhoon Paka December
and 16-17,
associated 1998
torrential
rains
Ohio
Counties of Athens, Belmont, Coshocton,
Franklin, Severe June
Guernsey, Harrison, Holmes, Jackson,
Jefferson, storms,
24-July
Knox, Meigs, Monroe, Morgan, Morrow,
Muskingum, flooding,
5, 1998
Noble, Ottawa, Perry, Pickaway, Richland, Sandusky, and
Tuscarawas, and
Washington
tornadoes
Oregon
County of
Crook Flooding May
28-June
3, 1998
Pennsylvania
Counties of Allegheny, Beaver, Berks,
Pike, Severe May
Susquehanna, Somerset, and
Wyoming
storms, 31-June
tornadoes 2, 1998
and
flooding
Puerto Rico
All
municipios
Hurricane September
Georges 20-Octo-
ber 27,
1998
South Carolina
County of
Horry Hurricane
August 25-
Bonnie -Septem-
ber 1,
1998
South Dakota
Counties of Brown, Clark, Codington, Day,
Hanson, Flooding, April
Marshall, McCook, Roberts, and
Spink
severe 25-June
storms, 22, 1998
and
tornadoes
Tennessee
Counties of Bledsoe, Bradley, Campbell,
Cannon, Severe January
6-
Carter, Chester, Clay, Cocke, Crockett,
Cumberland, storms and -Februa-
DeKalb, Fentress, Gibson, Greene, Grundy, Hawkins,
flooding ry 12,
Haywood, Jackson, Jefferson, Johnson,
Madison,
1998
Meigs, Morgan, Overton, Pickett, Polk, Putnam,
Rhea, Roane, Scott, Sequatchie, Sevier, Sullivan,
Tipton, Unicoi, Van Buren, Warren, Washington, and
White
Counties of Anderson, Blount, Bradley, Campbell,
Severe April
Carroll, Cheatham, Claiborne, Crockett,
Davidson, storms,
16-May
Dickson, Dyer, Gibson, Giles, Grainger,
Hamblen, tornadoes, 18, 1998
Hancock, Hardin, Hawkins, Humphreys,
Jackson, and
Jefferson, Knox, Lauderdale, Lawrence,
Loudon, flooding
Macon, Madison, Maury, Monroe, Morgan, Pickett,
Polk, Rhea, Roane, Robertson, Scott, Sevier,
Shelby, Sumner, Union, Wayne, Williamson, and
Wilson
Counties of Lawrence and
Lewis
Flooding and July
severe 13-July
storms 28, 1998
Texas
Counties of Edwards, Kimble, Kinney,
Maverick,
Tropical August
Real, Uvalde, Val Verde, and
Webb Storm
22-31,
Charley 1998
Counties of Brazoria, Galveston, Harris,
Jefferson, Severe September
and
Matagorda storms
and 9-Octob-
flooding er 5,
associated 1998
with
Tropical
Storm
Frances
Counties of Austin, Atascosa, Bastrop,
Bexar, Severe October
1-
Blanco, Brazoria, Burleson, Caldwell,
Calhoun,
storms, 7-Novem-
Colorado, Comal, DeWitt, Fayette, Fort
Bend,
flooding, ber 15,
Galveston, Goliad, Gonzales, Grimes,
Guadalupe, and
1998
Harris, Hays, Jackson, Jefferson, Jim
Wells, tornadoes
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, St. John, St. Thomas,
and Hurricane September
Water
Island
Georges 19-22,
1998
Vermont
Counties of Addison, Chittenden, Franklin, Grand
Severe ice January
Isle, Orange, and
Windsor storms,
6-16,
rain, high 1998
winds, and
flooding
Counties of Addison, Caledonia, Chittenden, Essex,
Severe June 17-A-
Franklin, Lamoille, Orange, Orleans,
Rutland, storms
and ugust
Washington, and
Windsor flooding 17,
1998
Virginia
Cities of Chesapeake, Norfolk, Portsmouth,
Suffolk, Hurricane August 25-
and Virginia
Beach
Bonnie -Septem-
ber 1,
1998
Washington
Counties of Ferry and
Stevens Severe May
26-29,
storms and 1998
flooding
City of Kelso (Cowlitz County), specifically the
Landslide March 6-N-
Aldercrest-Banyon
subdivision ovember
19, 1998
West Virginia
Counties of Braxton, Cabell, Calhoun,
Clay, Severe June
Doddridge, Gilmer, Harrison, Jackson,
Kanawha,
storms, 26-July
Lewis, Marion, Marshall, Ohio, Pleasants, Ritchie,
flooding, 27, 1998
Roane, Tyler, Webster, Wetzel, Wirt, and
Wood and
tornadoes
Wisconsin
Counties of Buffalo, Clark, Crawford, Dunn, Grant,
Severe June
Jackson, La Crosse, Monroe, Pepin,
Pierce, storms,
s- 18-30,
Richland, St. Croix, Trempealeau, and
Vernon
traight-l- 1998
ine winds,
tornadoes,
heavy
rain, and
flooding
Counties of Milwaukee, Racine, Rock, Sheboygan,
and Severe August
Waukesha
storms and 5-15,
flooding 1998
Rev. Rul. 99-13, 1999-10 I.R.B. 4.