ADMINISTRATIVE

Notice 98–8, page 6. Eligible deferred compensation plans under section 457. This notice provides guidance relating to the new statutory requirements applicable to eligible deferred compensation plans of state and local government and tax-exempt employers under section 457 of the Code after the Small Business Job Protection Act of 1996 and the Taxpayer Relief Act of 1997.

Rev. Proc. 98–11, page 9. Insurance companies; loss reserves; discounting un- paid losses. The loss payment patterns and discount factors are set forth for the 1997 accident year, which is a determination year. These factors will be used for computing discounted unpaid losses under section 846 of the Code.

Rev. Proc. 98–12, page 18. Insurance companies; discounting estimated salvage recoverable. The salvage discount factors are set forth for the 1997 accident year. These factors will be used for computing estimated salvage recoverable under section 832 of the Code.

Rev. Proc. 98–13, page 21. Section 646 election. This procedure provides the procedures and requirements for making the section 646 election to treat certain revocable trusts as part of an estate.

Rev. Proc. 98–15, page 25. Underpayment interest; interest expense deduction; estates. Procedures are provided for estates of decedents dying before January 1, 1998, to elect, under section 503(d)(2) of the Taxpayer Relief Act of 1997, to reduce the rate of interest on estate taxes deferred under section 6166 of the Code and forgo the deduction for interest paid on the deferred estate taxes under sections 2053 and 163(h) of the Code.