IRS Publishes Rates And Terminal Charge For Noncommercial Flights.
Rev. Rul. 2003-25; 2003-1 C.B. 642
- Institutional AuthorsInternal Revenue Service
- Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2003-7987 (1 original page)
- Tax Analysts Electronic Citation2003 TNT 61-7
Rev. Rul. 2003-25
[1] For purposes of the taxation of fringe benefits under section 61 of the Internal Revenue Code, section 1.61-21(g) of the Income Tax Regulations provides a rule for valuing noncommercial flights on employer-provided aircraft. Section 1.61-21(g)(5) provides an aircraft valuation formula to determine the value of such flights. The value of a flight is determined under the base aircraft valuation formula (also known as the Standard Industry Fare Level formula or SIFL) by multiplying the SIFL cents-per-mile rates applicable for the period during which the flight was taken by the appropriate aircraft multiple provided in section 1.61-21(g)(7) and then adding the applicable terminal charge. The SIFL cents-per-mile rates in the formula and the terminal charge are calculated by the Department of Transportation and are reviewed semi-annually.
[2] The following chart sets forth the terminal charges and SIFL mileage rates:
Period During Which Terminal SIFL Mileage
the Flight Is Taken Charge Rates
1/1/03 - 6/30/03 $37.76 Up to 500 miles
= $.2065 per mile
501-1500 miles
= $.1575 per mile
Over 1500 miles
= $.1514 per mile
- Institutional AuthorsInternal Revenue Service
- Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2003-7987 (1 original page)
- Tax Analysts Electronic Citation2003 TNT 61-7