INCOME TAX

Rev. Rul. 98–49, page 4. Low-income housing tax credit. This ruling advises taxpayers that payments made to a building owner on behalf or in respect of a tenant under the Section 8 Assistance For Single-Room Occupancy Dwellings Program or under the Shelter Plus Care Program are not grants made with respect to a building or its operation under section 42(d)(5) of the Code.

Rev. Rul. 98–50, page 7. Federal rates; adjusted federal rates; adjusted federal long-term rate, and the long-term exempt rate. For purposes of sections 1274, 1288, 382, and other sections of the Code, tables set forth the rates for October 1998.