Current Federal Tax Developments

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SIFL Rates for Last Six Months of 2016 Published

The IRS has published the Standard Industry Fare Level (SIFL) rates and terminal charges for the final six months of 2016 in Revenue Ruling 2016-24.

The rate is used to value employer provided aircraft flights under the base aircraft valuation formula found at Reg. §1.61-21(g)(7).  Generally the value of the flight is computed as follows:

The table of rates and values for the final six months of 2016 are: