Tax News

CCH (cch.taxgroup.com) reports:

The IRS has released the applicable terminal charge and the Standard Industry Fare Level (SIFL) mileage rates for determining the value of noncommercial flights on employer-provided aircraft in effect for the second half of 2007 for purposes of the taxation of fringe benefits. The value of a flight is determined under the base aircraft valuation formula by multiplying the SIFL cents-per-mile rates applicable for the period during which the flight was taken by the appropriate aircraft multiple provided in Reg. §1.61-21(g)(7) and then adding the applicable terminal charge.
For flights taken during the period from July 2007, through December 31, 2007, the terminal charge is $37.91, and the SIFL rates are: $.2074 per mile for the first 500 miles, $.1581 per mile for 501 through 1,500 miles, and $.1520 per mile for over 1,500 miles.
Rev. Rul. 2007-55, 2007FED ¶46,633
Other References:
Code Sec. 61
CCH Reference - 2007FED ¶5907.04
CCH Reference - 2007FED ¶5907.042
CCH Reference - 2007FED ¶5907.50
Tax Research Consultant
CCH Reference - TRC COMPEN: 33,202.10