INCOME TAX

Rev. Rul. 2002–15, page 668. Fringe benefits aircraft valuation formula. The Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charges in effect for the first half of 2002 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.

T.D. 8984, page 668. REG–102740–02, page 701. Temporary, final, and proposed regulations under sections 337(d) and 1502 of the Code permit certain losses recognized on sales of subsidiary stock by members of a consolidated group. The regulations apply to corporations filing consolidated returns, both during and after the period of affiliation, and also affect purchasers of the stock of members of a consolidated group. A public hearing on the proposed regulations is scheduled for July 17, 2002.