SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

Commission File Number 033-70814-01

FORM 10-K

Mark One

[X]	ANNUAL REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE
    ACT OF	1934

For the Fiscal Year Ended December 31, 1998

OR

[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
   	EXCHANGE ACT OF 1934

DEUTSCHE FLOORPLAN RECEIVABLES MASTER TRUST

State of Organization - New York

I.R.S. Employer Identification Number - 13-7031011

Principal Executive Offices

c\o The Chase Manhattan Bank
450 W. 33rd Street
New York, NY 10001
Telephone Number:  (212) 270-6000

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by a check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act 1934 during the preceding 12 months, and (2) has been subject to such
filing requirements for the past 90 days.  Yes  X    No ___.

Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any 
amendment to this Form 10-K.  [X]

As of March 15, 1999 the Registrant was a Grantor Trust originated by Deutsche
Floorplan Receivables, L.P., which is controlled by Deutsche Floorplan
Receivables, Inc., a Nevada corporation.

TABLE OF CONTENTS

PART		ITEM

  I		1.		Business
    	2. **
		   3. *		Legal Proceedings
		   4. *		Submission of Matters to a Vote of Security Holders					   	

 II		5. *		Market for Registrant's Common Equity and Related
      					Stockholder Matters
		   6. **
		   7. **
		   8. **
   		9. **

III 10. **
		  11. **
	  	12. **
  		13. **

IV		14. *		Exhibits, Financial Statements, Schedules
          	and Reports	on Form 8-K
	
       				Signatures
				       Exhibit Index

*  Item prepared in compliance with Exemption Request Letters of 
   April 25, 1994 and June 30, 1994 as provided in the July 1, 1994 response
   letter from the Office of Chief Counsel, Division of Corporate Finance,
   United States Securities and Exchange Commission, addressed to Registrant
   as ITT Floorplan Receivables, L.P., which name was changed to Deutsche
   Floorplan Receivables, L.P.

** Omitted pursuant to Exemption Request Letters noted in previous
   [*] footnotes.

PART I

Item 1.
Business.

The Registrant is a Grantor Trust created by Deutsche Floorplan Receivables,
L.P., a limited purpose partnership ("Partnership") formerly known as ITT 
Floorplan Receivables, L.P.

Item 3.
Legal Proceedings.* 

None

Item 4.
Submission of Matters to a Vote of Security Holders.*

None

PART II

Item 5.
Market for Registrant's Common Equity and Related Stockholder Matters.*

Registrant, on behalf of the Partnership reports that as of December 31, 1998
the Trust had $2,031,747,000.00 of such certificates outstanding bearing
identifications as follows:

Floating Rate Asset Backed Certificates, Series 1994-1 aggregating
 	$1,000,000,000.00
Floating Rate Asset Backed Certificates, Series 1996-1 Class A aggregating
 	$1,000,000,000.00
Floating Rate Asset Backed Certificates, Series 1996-1 Class B aggregating
 	$   31,747,000.00
Total  Outstanding
 	$2,031,747,000.00

Each series of Asset Backed Certificates is held by one (1) registered holder
and none of the outstanding series has a principal market.

PART IV

Item 14.
Exhibits, Financial Statement Schedules, and Reports on Form 8-K.*

(a) Financial Statements.

The Registrant includes as exhibits hereto the Annual Accountant's Statement
with respect to all series of Certificates issued and outstanding by Deutsche
Floorplan Receivables Master Trust.

(b) Reports on Form 8-K.

The Partnership has filed reports on Form 8-K for each month commencing
January 1998 and ending December 1998 reporting Item 5.  Other Events and
including therewith as an exhibit, the Distribution Date Statement for the
prior month's Collection Period with respect to
(i) the Series 1994-1 Certificates, (ii) the Series 1996-1, Class A
Certificates, and (iii) the Series 1996-1, Class B Certificates, all of which
remain issued and outstanding by Deutsche Floorplan Receivables Master Trust.

In addition, under Item 5. Other Events, the Partnership reported in Form 8-K,
certain specified distributions to Certificateholders made during such month.
Included with each Form 8-K, the Partnership filed as exhibits thereto copies of
the monthly Certificateholders' Statements required for such distributions.

SIGNATURES

Pursuant to the requirements of Section 13 of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.


DEUTSCHE FLOORPLAN RECEIVABLES MASTER TRUST

By:  	Deutsche Floorplan Receivables, L.P.

By:  	Deutsche Floorplan Receivables, Inc.
     	Its General Partner

By: 	 /s/ Richard H. Schumacher
    	 (Richard H. Schumacher)
	     President and Treasurer

     	March 16, 1999

Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed by the following persons on behalf of the Registrant
and in the capacities and on the dates indicated.

Signature/Title					                             Date

/s/ Stephen J. Gentry                            March 16, 1999
Senior Vice President & Controller
Deutsche Floorplan Receivables, Inc.,
General Partner 

/s/ Richard C. Goldman				                       March 16, 1999
Director
Deutsche Floorplan Receivables, Inc.,
General Partner

/s/ C. Don Brown					                            March 17, 1999
Director
Deutsche Floorplan Receivables, Inc.,
General Partner

/s/ Phil Stout					                              March 17, 1999
Director
Deutsche Floorplan Receivables, Inc.,
General Partner

EXHIBIT INDEX

                                          					  Incorporated by reference to
Exhibit						                                    Exhibit in Registration
Number		Title				                                Statement Number 333-10943

 2	     Plan of acquisition, reorganization,		
	       arrangement, liquidation or succession		 Not Applicable

 3	     Articles of Incorporation and By Laws		  Not Applicable
		
 4	     Instruments defining the rights of
        security	holders, including indentures			Exhibits 4.1 & 4.2

 9	     Voting trust agreements					             Not Applicable

10	     Material Contracts					                  Exhibit 10.1

11	     Statement re computation of
	       per share earnings					                  Not Applicable

12	     Statement re computation of ratios			    Not Applicable

13	     Annual report of security holders,
	       Form 10-Q or quarterly reports
       	to security holders					                 None

16	     Letter re change in certifying
        accountant		                             None

18	     Letter re changes in accounting
       	principles							                        None

21	     Subsidiaries of Registrant				           Not Applicable

22	     Published report regarding matters
	       submitted to vote of security holders		  None

23	     Consents of experts and counsel			       Not Applicable

24	     Power of attorney						                  Not Applicable

27	     Financial Data Schedule					             Not Applicable

99	     Additional Exhibits                      Filed Herewith					
       	(i) Accountants' Annual Report			        As EX-1