EOY Valuation & AFTAP

[flosfur]

Has the IRS issued any guidance for calculating 2009 AFTAP for EOY valuation?

In the absence of guidance, do we continue with the "good faith compliance" calculation in line with what was done for 2007 & 2008?

That is the 2009 AFTAP = adjusted assets/(Adjusted FT + Target NC) where assets, FT & NC are taken from the 2008 Sch SB and adjusted for balances, transitional FT % etc.

In that case, for EOY, the AFTAP shown on line 15 of 2008 Sch SB is of no consequence and is misleading as it does not apply to 2008 or 2009!, and one need not worry if the % is less than 60% - correct?

Where does the FTAP on line 14 come into play? Is it of any consequence?