Internal Revenue Bulletin:  2012-14 

April 2, 2012 

INCOME TAX


Rev. Rul. 2012-10 Rev. Rul. 2012-10

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 under section 61 of the Code, the Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the first half of 2012 are set forth.

Rev. Rul. 2012-11 Rev. Rul. 2012-11

Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for April 2012.

T.D. 9564 T.D. 9564

Temporary and proposed regulations under sections 162(a) and 263(a) of the Code provide guidance on the application to amounts paid to acquire, produce, or improve tangible property. The temporary regulations also provide guidance under section 168 regarding the accounting for, and dispositions of, property subject to section 168 and amend the general asset account regulations.

REG-168745-03 REG-168745-03

Temporary and proposed regulations under sections 162(a) and 263(a) of the Code provide guidance on the application to amounts paid to acquire, produce, or improve tangible property. The temporary regulations also provide guidance under section 168 regarding the accounting for, and dispositions of, property subject to section 168 and amend the general asset account regulations.

Rev. Proc. 2012-19 Rev. Proc. 2012-19

This procedure provides the procedures by which a taxpayer may obtain the automatic consent of the Commissioner of Internal Revenue to change to the methods of accounting provided in regulations sections 1.162-3T, 1.162-4T, 1.263(a)-1T, 1.263(a)-2T, and 1.263(a)-3T (T.D. 9564) for taxable years beginning on or after January 1, 2012. Rev. Proc. 2011-14 modified and clarified.

Rev. Proc. 2012-20 Rev. Proc. 2012-20

This procedure provides the procedures by which a taxpayer may obtain the automatic consent of the Commissioner of Internal Revenue to change to the methods of accounting provided in regulations sections 1.167(a)-4T, 1.168(i)-1T, 1.168(i)-7T, and 1.168(i)-8T (T.D. 9564) for taxable years beginning on or after January 1, 2012. Rev. Proc. 2011-14 modified and clarified.

Rev. Proc. 2012-23 Rev. Proc. 2012-23

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 2012 and amounts to be included in income by lessees of passenger automobiles first leased during calendar year 2012.

Announcement 2012-14 Announcement 2012-14

This announcement provides procedures for obtaining relief from allocation and accounting errors for certain issuers of tax-exempt student loan bonds through the IRS Tax-Exempt Bonds Voluntary Closing Agreement Program.


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