INCOME TAX

Rev. Rul. 2001–42, page 223. Fringe benefits aircraft valuation formula. The Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charges in effect for the second half of 2001 are set forth for purposes of determining the value of noncommercial flights on employer-provided aircraft under section 1.61 –21(g) of the regulations.

Rev. Rul. 2001–44, page 223. LIFO; price indexes; department stores. The July 2001 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, July 31, 2001.

REG–106431–01, page 272. Proposed regulations under section 1361 of the Code provide guidance regarding a qualified subchapter S trust election for testamentary trusts and the period for which former subpart E trusts and testamentary trusts may be permitted shareholders of an S corporation.

Notice 2001–53, page 225. 2001 marginal production rates. This notice announces the applicable percentage under section 613A of the Code to be used in determining percentage depletion for marginal properties for the 2001 calendar year.

Notice 2001–54, page 225. 2001 enhanced oil recovery credit. The enhanced oil recovery credit for taxable years beginning in the 2001 calendar year is determined without regard to the phase-out for crude oil price increases provided in section 43(b) of the Code.

Finding Lists begin on page ii.

Department of the Treasury Internal Revenue Service