Internal Revenue Bulletin: 2003-37
September 15, 2003
Fringe benefits aircraft valuation formula. The Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charges in effect for the second half of 2003 are set forth for purposes of determining the value of noncommercial flights on employer-provided aircraft under section 1.61-21(g) of the regulations.
Final regulations under section 2055 of the Code amend the requirements for qualification of charitable guaranteed annuity and unitrust interests for federal income, gift, and estate tax purposes as a result of the Tax Court's decision in Estate of Boeshore v. Commissioner. Rev. Rul. 76-225 revoked.
Temporary and proposed regulations under section 1.280F of the Code provide relief from the dollar limits on depreciation imposed by section 280F(a) to taxpayers that use light trucks or vans in their trade or business by amending the definition of “passenger automobile” in order to exclude vans and light trucks that are “qualified nonpersonal use vehicles” as defined in section 1.274-5T(k).
Proposed regulations under section 168 of the Code provide guidance on how to depreciate property for which the use changes in the hands of the same taxpayer. These regulations explain when a change in use occurs and how a taxpayer should determine depreciation in the year of the change in use and subsequent years. A public hearing is scheduled for December 3, 2003.
Proposed regulations under section 1042 of the Code provide guidance concerning the notarized statement of purchase requirements for taxpayers electing to defer gain from the sale of certain stock to an employee stock ownership plan.
Proposed regulations under section 1502 of the Code revise the rules for determining the basis of the stock of the former common parent of a consolidated group after a group structure change. Under the current regulations, the acquiring corporation's basis in the stock of the former common parent is generally redetermined to reflect the former parent's net asset basis. These proposed modifications permit the basis of stock acquired in a fully taxable transaction to reflect the cost of the acquired stock.
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