Internal Revenue Bulletin:  2012-41 

October 9, 2012 

INCOME TAX


Rev. Rul. 2012-27 Rev. Rul. 2012-27

Fringe benefits aircraft valuation formula. For purposes of section 1.61-21(g) of the Income Tax Regulations, 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 second half of 2012 are set forth.

Rev. Proc. 2012-39 Rev. Proc. 2012-39

This procedure modifies the rules under section 446 of the Code in Rev. Proc. 2011-14, 2011-4 I.R.B. 330, and Rev. Proc. 97-27, 1997-1 C.B. 680, regarding certain changes in method of accounting by taxpayers that engage in a transaction to which section 381(a) applies that occurs on or after August 31, 2011. The procedure also modifies section 3.09 of the APPENDIX of Rev. Proc. 2011-14 regarding a change in method of accounting described in Rev. Proc. 2011-43 for taxpayers in the business of transporting, delivering, or selling electricity. Finally, the procedure clarifies and modifies section 8.04 of the APPENDIX of Rev. Proc. 2011-14 regarding a change in method of accounting for amounts paid or incurred for the installation of energy efficient commercial building property under section 179D. Rev. Proc. 97-27 modified. Rev. Proc. 2011-14 clarified and modified.


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