ADMINISTRATIVE — Internal Revenue Bulletin 1999-11

Rev. Proc. 99–18, page 7. Election to treat certain debt substitutions as realiza- tion events. This procedure provides for an election that will allow taxpayers to treat a debt substitution, in certain circumstances, as a realization event even though it does not result in a significant modification under section 1.1001–3 of the Income Tax Regulations.

REG–114664–97, page 21. Proposed regulations under section 42 of the Code relate to the low-income housing credit including the procedures for compliance monitoring by state and local housing agencies (Agencies), the requirements for making carryover allocations, and the rules for correction of administrative errors or omissions by Agencies. A public hearing is scheduled for May 27, 1999.

Continued on page 4

Finding Lists begin on page 58. Announcement Relating to Court Decisions begins on page 5. Announcement of Declaratory Judgment Proceedings Under Section 7428 begins on page 56.

Department of the Treasury Internal Revenue Service