Corrected Standard Industry Fare Level (SIFL) For Second Half Of Calendar Year 2011
Thursday, September 15, 2011

The U.S. Department of Transportation, as reported by the National Business Aviation Association, has recently corrected the SIFL rates that were initially issued on Aug. 25, 2011 for the six-month period from July 1, 2011 to Dec. 31, 2011.

This information is necessary when applying the IRS' aircraft valuation formula to compute the value of non-business transportation aboard employer-provided aircraft. This is required under IRS Section 1.61-21(g). For additional information, see the National Business Aviation Association website at www.nbaa.org.  The corrected rates are:

Mileage Range

  Amount Per Mile

0-500 miles

  $0.2395

501-1,500 miles

  $0.1826

over 1,500 miles

  $0.1756

Terminal Charge

  $43.79

 

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TAX ADVICE NOTICE:  Tax advice, if any, contained in this e-mail does not constitute a "reliance opinion" as defined in IRS Circular 230 and may not be used to establish reasonable reliance on the opinion of counsel for the purpose of avoiding the penalty imposed by Section 6662A of the Internal Revenue Code.  The firm provides reliance opinions only in formal opinion letters containing the signature of a partner.

 

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