Internal Revenue Bulletin: 2011-12
March 21, 2011
Fringe benefits aircraft valuation formula. For purposes of regulations section 1.61-21(g), relating to the rule for valuing non-commercial flights on employer-provided aircraft, the Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the first half of 2011 are set forth.
Life insurance contracts. This ruling concludes that if a business receives a life insurance contract in a tax-free exchange for a life insurance contract that is excepted from the pro rata interest disallowance rule of section 264(f)(1) of the Code, the new contract received in the exchange must be tested to determine whether it, too, is excepted from that rule. Exception from the pro rata interest disallowance rule is not an attribute that carries over to a contract received in a tax-free exchange.
Automobile owners and lessees. This procedure provides the depreciation deduction limitations for owners of passenger automobiles (including trucks and vans) first placed in service during calendar year 2011 and amounts to be included in income by lessees of passenger automobiles first leased during calendar year 2011. Rev. Proc. 2010-18 amplified and modified.
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