APPLICABLE FEDERAL RATES - NOVEMBER 2008

INTEREST RATES FOR TAX OVERPAYMENTS AND UNDERPAYMENTS (OCTOBER 2008 QUARTER)

The IRS has announced the interest rates for tax overpayments and underpayments for the calendar quarter beginning October 1, 2008.

For noncorporate taxpayers, the rate for both underpayments and overpayments will be 6%.

For corporations, the overpayment rate will be 5%. Corporations will receive 3.5% for overpayments exceeding $10,000. The underpayment rate for corporations will be 6%, but will be 8% for large corporate underpayments.

Rev. Rul. 2008-47

APPLICABLE FEDERAL RATES - SEPTEMBER 2008

APPLICABLE FEDERAL RATES - AUGUST 2008

APPLICABLE FEDERAL RATES - JULY 2008 [CORRECTED]

July 2008 Applicable Federal Rates Summary:

SHORT TERM AFR - Semi-annual Compounding - 2.41% (2.07%/June -- 1.63%/May -- 1.84%/April -- 2.24%/March)

MID TERM AFR - Semi-annual Compounding - 3.42% (3.20%/June -- 2.72%/May -- 2.85% /April -- 2.95%/March)

LONG TERM AFR - Semi-annual Compounding - 4.55% (4.46%/June -- 4.17%/May -- 4.35%/April -- 4.23%/March)

DIRECTION OF RATES: Up

INTEREST RATES FOR TAX OVERPAYMENTS AND UNDERPAYMENTS (JULY 2008 QUARTER)

The IRS has announced the interest rates for tax overpayments and underpayments for the calendar quarter beginning July 1, 2008.

For noncorporate taxpayers, the rate for both underpayments and overpayments will be 5%.

For corporations, the overpayment rate will be 4%. Corporations will receive 2.5% for overpayments exceeding $10,000. The underpayment rate for corporations will be 5%, but will be 7% for large corporate underpayments.

Rev. Rul. 2008-27

APPLICABLE FEDERAL RATES - JUNE 2008

May 2008 Applicable Federal Rates Summary:

SHORT TERM AFR - Semi-annual Compounding - 2.07% (1.63%/May -- 1.84%/April -- 2.24%/March -- 3.09%/February )

MID TERM AFR - Semi-annual Compounding - 3.20% (2.72%/May -- 2.85% /April -- 2.95%/March -- 3.48%/February)

LONG TERM AFR - Semi-annual Compounding - 4.46% (4.17%/May -- 4.35%/April -- 4.23%/March -- 4.41%/February)

DIRECTION OF RATES: Up

APPLICABLE FEDERAL RATES - MAY 2008

May 2008 Applicable Federal Rates Summary:

SHORT TERM AFR - Semi-annual Compounding - 1.63% (1.84%/April -- 2.24%/March -- 3.09%/February -- 3.16%/January)

MID TERM AFR - Semi-annual Compounding - 2.72% (2.85% /April -- 2.95%/March -- 3.48%/February -- 3.55%/January)

LONG TERM AFR - Semi-annual Compounding - 4.17% (4.35%/April -- 4.23%/March -- 4.41%/February -- 4.41%/January)

DIRECTION OF RATES: Down

APPLICABLE FEDERAL RATES - APRIL 2008

April 2008 Applicable Federal Rates Summary:

-Short Term AFR - Semi-annual Compounding - 1.84% (2.24%/March -- 3.09%/February -- 3.16%/January)

-Mid Term AFR - Semi-annual Compounding - 2.85% (2.95%/March -- 3.48%/February -- 3.55%/January)

-Long Term AFR - Semi-annual Compounding - 4.35% (4.23%/March -- 4.41%/February -- 4.41%/January)


DIRECTION OF RATES: Mixed

APPLICABLE FEDERAL RATES - NOVEMBER 2007

November 2007 Applicable Federal Rates Summary:

-Short Term AFR - Semi-annual Compounding - 4.07% (4.15%/October -- 4.76%/September -- 4.94%/August)

-Mid Term AFR - Semi-annual Compounding - 4.34% (4.3%/October -- 4.73%/September -- 5.03%/August)

-Long Term AFR - Semi-annual Compounding - 4.83% (4.82%/October -- 5.03%/September -- 5.24%/August)

DIRECTION OF RATES: Mixed

2008 INFLATION ADJUSTMENTS REGARDING TRANSFER TAXES AND FOREIGN ITEM

The IRS has issued the following adjustments to certain transfer tax and foreign items that are adjusted annually based on the prior year's inflation:

GIFT TAX EXCLUSION - For gifts made in 2008, the annual gift tax exclusion will remain unchanged at $12,000 per recipient.

ANNUAL EXCLUSION FOR GIFTS TO NONCITIZEN SPOUSES. For 2008 gifts, the exclusion will be $128,000 ($125,000 in 2007).

REPORTING OF GIFTS FROM FOREIGNERS. For gifts from a nonresident alien individual or an inheritance from a foreign estate, reporting is required if the aggregate amount of gifts from that person exceeds $100,000 during the tax year. For gifts from foreign corporations and foreign partnerships, the reporting threshold amount will be $13,561 in 2008 ($13,258 in 2007).

ESTATE TAX SPECIAL USE VALUATION REDUCTION. For decedents dying in 2008, the maximum decrease in value of qualifying assets for special use valuation is $960,000 ($940,000 in 2007).

2% INTEREST RATE PORTION ON DEFERRED ESTATE TAX. In determining the part of the estate tax that is deferred on a farm or closely-held business that is subject to interest at a rate of 2% a year, the tentative tax will be computed on $1,280,000 ($1,250,000 in 2007) plus the applicable exclusion amount.

EXPATRIATION PRESUMPTIONS. Subject to certain exceptions, a tax avoidance motive is presumed for an expatriate whose average annual net income tax liability for the 5 tax years ending before the date of loss of citizenship or residency exceeds $139,000 in 2008 ($136,000 in 2007) or whose net worth on that date exceeds $2 million.

FOREIGN EARNED INCOME EXCLUSION. The foreign earned income exclusion amount increases is $87,600 in 2008 ($85,700 in 2007).

APPLICABLE FEDERAL RATES - OCTOBER 2007

October 2007 Applicable Federal Rates Summary:

-Short Term AFR - Semi-annual Compounding - 4.15% (4.76%/September -- 4.94%/August -- (4.91%/July)

-Mid Term AFR - Semi-annual Compounding - 4.3% (4.73%/September -- 5.03%/August -- (4.89%/July)

-Long Term AFR - Semi-annual Compounding - 4.82% (5.03%/September -- 5.24%/August -- (5.09%/July)

DIRECTION OF RATES: Down

INTEREST RATES FOR TAX OVERPAYMENTS AND UNDERPAYMENTS (OCTOBER 2007 QUARTER)

The IRS has announced the interest rates for tax overpayments and underpayments for the calendar quarter beginning October 1, 2007.

For noncorporate taxpayers, the rate for both underpayments and overpayments will be 8%.

For corporations, the overpayment rate will be 7%. Corporations will receive 5.5% for overpayments exceeding $10,000. The underpayment rate for corporations will be 8%, but will be 10% for large corporate underpayments.

Rev. Rul. 2007-56

APPLICABLE FEDERAL RATES - SEPTEMBER 2007

September 2007 Applicable Federal Rates Summary:

-Short Term AFR - Semi-annual Compounding - 4.76% (4.94%/August -- (4.91%/July -- 4.78%/June)

-Mid Term AFR - Semi-annual Compounding - 4.73% (5.03%/August -- (4.89%/July -- 4.59%/June)

-Long Term AFR - Semi-annual Compounding - 5.03% (5.24%/August -- (5.09%/July -- 4.85%/June)

DIRECTION OF RATES: Down