INCOME TAX

Rev. Rul. 2003–89, page 525. 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 2003 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. 9068, page 538. Final regulations under section 2055 of the Code amend the requirements for qualification of charitable guaranteed annuity and unitrust interests for federal income, gift, and estate tax purposes as a result of the Tax CourtÊs decision in Estate of Boeshore v. Commissioner . Rev. Rul. 76–225 revoked.

T.D. 9069, page 525. REG–138495–02, page 541. Temporary and proposed regulations under section 1.280F of the Code provide relief from the dollar limits on depreciation imposed by section 280F(a) to taxpayers that use light trucks or vans in their trade or business by amending the definition of „passenger automobile‰ in order to exclude vans and light trucks that are „qualified nonpersonal use vehicles‰ as defined in section 1.274–5T(k).

REG–138499–02, page 541. Proposed regulations under section 168 of the Code provide guidance on how to depreciate property for which the use changes in the hands of the same taxpayer. These regulations explain when a change in use occurs and how a taxpayer should determine depreciation in the year of the change in use and subsequent years. A public hearing is scheduled for December 3, 2003.

Finding Lists begin on page ii.