IRS LISTS BOND FACTOR AMOUNTS FOR LOW-INCOME HOUSING CREDIT.
Rev. Rul. 98-3; 1998-1 C.B. 248
- Institutional AuthorsInternal Revenue Service
- Cross-Reference
Rev. Rul. 97-16, 1997-13 IRB 4;
Rev. Rul. 97-25, 1997-23 IRB 4;
Rev. Rul. 97-34, 1997-34 IRB 4
- Code Sections
- Subject Areas/Tax Topics
- Index Termslow-income housing, credit
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 98-1739 (3 original pages)
- Tax Analysts Electronic Citation98 TNT 7-11
Rev. Rul. 98-3
[1] 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 section 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.
[2] This revenue ruling provides in Table 1 the bond factor amounts for calculating the amount of bond considered satisfactory under section 42(j)(6) for dispositions of qualified low-income buildings or interests therein during the period October through December 1997. Table 2 provides a summary of the bond factor amounts for dispositions occurring during the period January through September 1997. Table 3 provides a summary of bond factor amounts for dispositions occurring during the period January through December 1996.
TABLE 1
REV. RUL. 98-3
MONTHLY BOND FACTOR AMOUNTS FOR DISPOSITIONS EXPRESSED AS A
PERCENTAGE OF TOTAL CREDITS
____________________________________________________________________
Calendar Year Building Placed in Service
or, if Section 42(f)(1) Election Was Made,
the Succeeding Calendar Year
______________________________________________________
Month of
Disposition 1987 1988 1989 1990 1991 1992 1993
___________ ______ ______ ______ ______ ______ ______ ______
Oct. '97 79.95 79.99 82.52 85.46 88.88 92.76 96.76
Nov. '97 79.95 79.78 82.30 85.23 88.65 92.52 96.51
Dec. '97 79.95 79.57 82.09 85.01 88.42 92.28 96.26
[table continued]
Calendar Year Building Placed in Service
or, if Section 42(f)(1) Election Was Made,
the Succeeding Calendar Year
_____________________________________
Month of
Disposition 1994 1995 1996 1997
___________ ______ ______ ______ ______
Oct. '97 100.63 104.47 108.59 112.52
Nov. '97 100.38 104.22 108.38 112.52
Dec. '97 100.13 103.99 108.20 112.52
____________________________________________________________________
TABLE 2
REV. RUL. 98-3
MONTHLY BOND FACTOR AMOUNTS FOR DISPOSITIONS EXPRESSED AS A
PERCENTAGE OF TOTAL CREDITS
____________________________________________________________________
Calendar Year Building Placed in Service
or, if Section 42(f)(1) Election Was Made,
the Succeeding Calendar Year
______________________________________________________
Month of
Disposition 1987 1988 1989 1990 1991 1992 1993
___________ ______ ______ ______ ______ ______ ______ ______
Jan. '97 79.95 82.08 84.67 87.70 91.25 95.32 99.53
Feb. '97 79.95 81.83 84.41 87.43 90.96 95.00 99.17
Mar. '97 79.95 81.59 84.15 87.16 90.67 94.69 98.83
Apr. '97 79.95 81.35 83.91 86.90 90.40 94.39 98.50
May. '97 79.95 81.11 83.66 86.64 90.13 94.09 98.18
Jun. '97 79.95 80.88 83.42 86.40 89.87 93.81 97.88
Jul. '97 79.95 80.65 83.19 86.15 89.61 93.54 97.58
Aug. '97 79.95 80.43 82.96 85.92 89.36 93.27 97.30
Sep. '97 79.95 80.21 82.74 85.68 89.12 93.01 97.03
[table continued]
Calendar Year Building Placed in Service
or, if Section 42(f)(1) Election Was Made,
the Succeeding Calendar Year
_______________________________________
Month of
Disposition 1994 1995 1996 1997
___________ ______ ______ ______ ______
Jan. '97 103.58 107.56 111.85 112.52
Feb. '97 103.18 107.11 111.28 112.52
Mar. '97 102.81 106.69 110.79 112.52
Apr. '97 102.45 106.31 110.36 112.52
May. '97 102.11 105.95 109.98 112.52
Jun. '97 101.79 105.61 109.64 112.52
Jul. '97 101.48 105.30 109.33 112.52
Aug. '97 101.18 105.01 109.06 112.52
Sep. '97 100.90 104.73 108.81 112.52
____________________________________________________________________
TABLE 3
REV. RUL. 98-3
MONTHLY BOND FACTOR AMOUNTS FOR DISPOSITIONS EXPRESSED AS A
PERCENTAGE OF TOTAL CREDITS
____________________________________________________________________
Calendar Year Building Placed in Service
or, if Section 42(f)(1) Election Was Made,
the Succeeding Calendar Year
______________________________________________________
Month of
Disposition 1987 1988 1989 1990 1991 1992 1993
___________ ______ ______ ______ ______ ______ ______ ______
Jan. '96 82.72 85.18 87.85 91.00 94.73 99.06 103.57
Feb. '96 82.47 84.92 87.58 90.71 94.42 98.71 103.18
Mar. '96 82.22 84.66 87.31 90.43 94.11 98.38 102.80
Apr. '96 76.76 78.26 79.91 81.94 84.43 87.38 90.40
May. '96 76.54 78.03 79.68 81.71 84.19 87.12 90.12
Jun. '96 76.32 77.81 79.46 81.48 83.95 86.86 89.85
Jul. '96 81.06 83.47 86.09 89.16 92.78 96.94 101.25
Aug. '96 80.84 83.24 85.85 88.92 92.52 96.67 100.96
Sep. '96 80.61 83.01 85.62 88.68 92.28 96.41 100.68
Oct. '96 80.39 82.78 85.39 88.44 92.03 96.15 100.41
Nov. '96 80.17 82.56 85.16 88.21 91.80 95.90 100.16
Dec. '96 79.96 82.35 84.95 87.99 91.57 95.67 99.92
[table continued]
Calendar Year Building Placed in Service
or, if Section 42(f)(1) Election Was Made,
the Succeeding Calendar Year
____________________________________________
Month of
Disposition 1994 1995 1996
___________ ______ ______ ______
Jan. '96 107.87 111.88 112.52
Feb. '96 107.41 111.30 112.52
Mar. '96 106.98 110.81 112.52
Apr. '96 93.16 95.61 97.21
May. '96 92.86 95.32 97.21
Jun. '96 92.58 95.06 97.21
Jul. '96 105.33 109.16 112.52
Aug. '96 105.04 108.90 112.52
Sep. '96 104.76 108.66 112.52
Oct. '96 104.49 108.44 112.52
Nov. '96 104.25 108.24 112.52
Dec. '96 104.02 108.06 112.52
____________________________________________________________________
[3] Due to a miscalculation, Rev. Rul. 97- [illegible text] I.R.B. 4, Rev. Rul. 97-25, 1997-23 I.R.B. 4, and Rev. Rul. 97- [illegible text] 1997-34 I.R.B. 4, are in error regarding the specific bond factor amounts for buildings placed in service in calendar year 1987 and disposed of in calendar year 1997. The present revenue ruling provides a complete list of the corrected amounts. Taxpayers who posted bonds prior to the publication date of this revenue ruling based upon the above mentioned bond factor amounts may continue to rely on these figures under the authority of section 7805(b).
[4] For a list of bond factor amounts applicable to dispositions occurring during other calendar years, see the following revenue rulings: Rev. Rul. 90-60, 1990-2 C.B. 3, for dispositions occurring during calendar years 1987, 1988, and 1989.
[5] Rev. Rul. 90-88, 1990-2 C.B. 7, for dispositions occurring during calendar year 1990; Rev. Rul. 91-67, 1991-2 C.B. 13, for dispositions occurring during calendar year 1991;
[6] Rev. Rul. 92-101, 1992-2 C.B. 9, for dispositions occurring during calendar year 1992; Rev. Rul 93-83, 1993-2 C.B. 6, for dispositions occurring during calendar year 1993;
[7] Rev. Rul. 94-71, 1994-2 C.B. 4, for dispositions occurring during calendar year 1994; and Rev. Rul. 95-83, 1995-2 C.B. 8, for dispositions occurring during calendar year 1995.
DRAFTING INFORMATION
[8] 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).
- Institutional AuthorsInternal Revenue Service
- Cross-Reference
Rev. Rul. 97-16, 1997-13 IRB 4;
Rev. Rul. 97-25, 1997-23 IRB 4;
Rev. Rul. 97-34, 1997-34 IRB 4
- Code Sections
- Subject Areas/Tax Topics
- Index Termslow-income housing, credit
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 98-1739 (3 original pages)
- Tax Analysts Electronic Citation98 TNT 7-11
