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 2008 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 1, 2008, through December 31, 2008, the terminal charge is $42.26, and the SIFL rates are: $.2312 per mile for the first 500 miles, $.1763 per mile for 501 through 1,500 miles, and $.1695 per mile for over 1,500 miles.

Rev. Rul. 2008-48, 2008FED ¶46,576

Other References:

 
Code Sec. 61

  CCH Reference - 2008FED ¶5907.04

  CCH Reference - 2008FED ¶5907.042

  CCH Reference - 2008FED ¶5907.50

  Tax Research Consultant

  CCH Reference - TRC COMPEN: 33.202.10