Rev. Rul. 99-24, 1999-21 I.R.B. 3.

                        Internal Revenue Service
                                 Revenue Ruling

     LOW-INCOME HOUSING CREDIT; SATISFACTORY BOND; "BOND FACTOR" AMOUNTS FOR
                       THE PERIOD APRIL THROUGH JUNE 1999

                            Published: May 24, 1999

Section 42.--Low-Income Housing Credit

Section 6012.--Persons Required to Make Returns of Income, 26 CFR 1.6012-5: Composite return in lieu of specified form.

Section 6061.--Signing of Returns and Other Documents, 26 CFR 1.6061-1: Signing of returns and other documents by individuals.

  Low-income housing credit; satisfactory bond; "bond factor" amounts for the period April through June 1999. 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 April through June 1999.

  For the requirements for participants in the Magnetic Media/Electronic Filing Program for Form 1040NR, see Rev. Proc. 99-25, page 24.

  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 § 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 § 42(j)(6) for dispositions of qualified low-income buildings or interests therein during the period April through June 1999.

                                                  Table 1
                                              Rev. Rul. 99-24
          Monthly Bond Factor Amounts for Dispositions Expressed
Calendar Year Building Placed in Service or, if Section 42(f)(1)
                                                   Year
As a Percentage of Total Credits
Election Was Made, the Succeeding Calendar
Month of       1987   1988   1989   1990   1991   1992   1993   1994   1995
Disposition                                                                
Apr '99        45.71  60.18  75.06  76.82  79.83  83.22  86.70  90.11  93.55
May '99        45.71  60.18  75.06  76.60  79.60  82.97  86.44  89.83  93.26
Jun '99        45.71  60.18  75.06  76.39  79.38  82.73  86.18  89.56  92.97

1996    1997    1998    1999
97.27  101.15  105.33  107.43
96.96  100.81  104.97  107.43
96.66  100.51  104.65  107.43

  For a list of bond factor amounts applicable to dispositions occurring during other calendar years, see the following revenue rulings: 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; Rev. Rul. 98- 45, 1998-38 I.R.B. 4, for dispositions occurring during the period July through September 1998; Rev. Rul. 99-1, 1999-2 I.R.B. 4, for dispositions occurring during the period October through December 1998; and Rev. Rul. 99-18, 1999-14 I.R.B. 3, for dispositions occuring during the period January through March 1999.

DRAFTING INFORMATION

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

Rev. Rul. 99-24, 1999-21 I.R.B. 3.