INCOME TAX

Rev. Rul. 2003–25, page 642. Fringe benefits aircraft valuation formula. For purposes of section 1.61–21(g) of the regulations, the Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the first half of 2003 are set forth for determining the value of non-commercial flights on employer-provided aircraft.

Rev. Rul. 2003–30, page 659. Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning April 1, 2003, will be 5 percent for overpayments (4 percent in the case of a corporation), 5 percent for underpayments, and 7 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 2.5 percent.

Rev. Rul. 2003–31, page 643. Constructive sales, short sales, transition rule. This ruling provides guidance on whether changes made to a margin account through which a short sale was effectuated will (1) cause the short sale to be deemed consummated under section 1.1233–1(a)(4) of the regulations, and (2) cause the shortagainst-the-box transaction to cease to be covered by the transition rule in the Taxpayer Relief Act of 1997.

Rev. Rul. 2003–33, page 642. LIFO; price indexes; department stores. The January 2003 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, firstout inventory methods for valuing inventories for tax years ended on, or with reference to, January 31, 2003.