Internal Revenue Bulletin:  2012-50 

December 10, 2012 

ADMINISTRATIVE


Notice 2012-72 Notice 2012-72

Optional standard mileage rates. This notice announces 56.5 cents as the optional standard mileage rate for substantiating the amount of the deduction under section 274 of the Code for the business use of an automobile, 14 cents as the optional rate for use of an automobile as a charitable contribution, and 24 cents as the optional rate for use of an automobile as a medical or moving expense for 2013. The notice also provides the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate and the maximum standard automobile cost for automobiles under a FAVR allowance. Notice 2012-1 superseded.

Rev. Proc. 2012-49 Rev. Proc. 2012-49

This procedure contains the latest revision of Publication 1516, Specifications for Filing Form 8596, Information Returns for Federal Contracts Electronically. Rev. Proc. 2010-38 superseded.


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