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The following chart sets forth the terminal charge and SIFL mileage rates: The principal author of this revenue ruling is Kathleen Edmondson of the Office of Division Counsel/Associate Chief Counsel (Tax Exempt/Government Entities).For further information regarding this revenue ruling, contact Ms.The temporary regulations also amend the general asset account regulations. 8), the court stated that if the expenditure merely restores the property to the state it was in before the situation prompting the expenditure arose and does not make the property more valuable, more useful, or longer-lived, then such an expenditure is usually considered a deductible repair.The temporary regulations will affect all taxpayers that acquire, produce, or improve tangible property. In contrast, a capital expenditure is generally considered to be a more permanent increment in the longevity, utility, or worth of the property.This cookie stores just a session ID; no other information is captured.Accepting the NEJM cookie is necessary to use the website.
Please set your browser to accept cookies to continue.For purposes of the taxation of fringe benefits under section 61 of the Internal Revenue Code, section 1.61-21(g) of the Income Tax Regulations provides a rule for valuing noncommercial flights on employer-provided aircraft.Section 1.61-21(g)(5) provides an aircraft valuation formula to determine the value of such flights.The value of a flight is determined under the base aircraft valuation formula (also known as the Standard Industry Fare Level formula or SIFL) 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 section 1.61-21(g)(7) and then adding the applicable terminal charge.The SIFL cents-per-mile rates in the formula and the terminal charge are calculated by the Department of Transportation and are reviewed semi-annually.