Part I. Rulings — Internal Revenue Bulletin 1998-11

Section 42.—Low-Income Housing Credit

Low-income housing credit; satisfac- tory bond; “bond factor” amounts for the period January through March 1998. This ruling announces the monthly bond factor amounts to be used by tax

Rev. Rul. 98–13

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 Sec

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

payers who dispose of qualified low-in- come buildings or interests therein during the period January through March 1998. retary under § 42(j)(6) of the Internal Revenue Code. It further announced that qualified low-income buildings or inter- ests therein during the period January through March 1998.
Table 1 Rev. Rul. 98–13 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 1994 1995 1996 1997 1998
Jan ‘98 Feb ‘98 Mar ‘98	63.96 79.57 81.84 84.75 88.14 91.97 95.92 99.75 103.57 107.70 111.85 112.52 63.96 79.57 81.59 84.49 87.86 91.67 95.59 99.39 103.18 107.25 111.28 112.52 63.96 79.57 81.35 84.24 87.59 91.37 95.27 99.04 102.80 106.83 110.79 112.52

For a list of bond factor amounts applicable to dispositions occurring during other calendar years, see the following revenue rulings: Rev. Rul. 95–83, 1995–2 C.B. 8, for dispositions occurring during calendar year 1995; and Rev. Rul. 98–3, 1998–2 I.R.B. 4, for dispositions occurring during the calendar years 1996 and 1997.

DRAFTING INFORMATION

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 tollfree call).

Section 61.—Gross Income Defined

26 CFR 1.61–21: Taxation of fringe benefits.

Fringe benefits aircraft valuation for- mula. For purposes of section 1.61–21(g) of the Income Tax Regulations, relating to the rule for valuing noncommercial flights on employer-provided aircraft, the Standard Industry Fare Level (SIFL) cents-permile rates and terminal charge in effect for the first half of 1998 are set forth.

Rev. Rul. 98–14

For purposes of the taxation of fringe benefits under section 61 of the Internal Revenue Code, section 1.61–21(g) of the Income Tax Regulations provides a rule

for valuing noncommercial flights on employer-provided aircraft. Section 1.61– 21(g)(5) provides an aircraft valuation formula to determine the value of such flights. The value of a flight is determined under the base aircraft valuation formula (also known as the Standard Industry Fare Level formula or SIFL) by multiplying the SIFL cents-per-mile rates applicable for the period during which the flight was taken by the appropriate aircraft multiple provided in section 1.61–21(g)(7) and then adding the applicable terminal charge. The SIFL cents-per-mile rates in the formula and the terminal charge are calculated by the Department of Transportation and are reviewed semi-annually.

The following chart sets forth the terminal charges and SIFL mileage rates:

Period During Which Terminal SIFL Mileage the Flight Was Taken Charge Rates

1/1/98-6/30/98 $31.60 Up to 500 miles = $.1729 per mile

501-1500 miles = $.1318 per mile Over 1500 miles = $.1267 per mile

March 16, 1998 4 1998–11 I.R.B.

DRAFTING INFORMATION

The principal author of this revenue ruling is Felicia A. Daniels of the Office of the Associate Chief Counsel (Employee Benefits and Exempt Organizations). For further information regarding this revenue ruling contact, Ms. Daniels on (202) 622-6050 (not a toll-free call).

Section 6001.—Notice or Regulations Requiring Records, Statements, and Special Returns

26 CFR 1.6001–1: Records.

What are the basic requirements that the Internal Revenue Service considers to be essential in cases where a taxpayer’s records are maintained within an Automatic Data Processing (ADP) system. See Rev. Proc. 98–25, page 7.

1998–11 I.R.B. 5 March 16, 1998