SECTION 3. PROCEDURE

.01 Maximum Automobile Value for Using the Vehicle Cents-per-mile Valuation Rule. An employer providing a passenger automobile for the first time in calendar year 2010 for the personal use of any employee may determine the value of the personal use by using the vehicle cents-per-mile valuation rule in section 1.61–21(e) of the regulations if its fair market value on the date it is first made available does not exceed $15,300 for a passenger automobile other than a tuck or van, or $16,000 for a truck or van. If the fair market value of the passenger automobile exceeds this amount, the employer may determine the value of the personal use under the general valuation rules of regulations section 1.61–21(b) or under the special valuation rules of section 1.61–21(d) (Automobile lease valuation) or section 1.61–21(f) (Commuting valuation) if the applicable requirements are met. See Rev. Proc. 2008–13, 2008–6 I.R.B. 407, as modified by Announcement 2008–15, 2008–9 I.R.B. 511, for guidance on determining the maximum value of passenger automobiles first made avail

January 19, 2010 301 2010–3 I.R.B.

.08 Section 562(c) provides that the amount of any distribution shall not be considered as a dividend for purposes of computing the dividends paid deduction under section 561, unless such distribution is pro rata, with no preference to any share of stock as compared with other shares of the same class, and with no preference to one class of stock as compared with another class except to the extent that the former is entitled (without reference to waivers of their rights by shareholders) to such preference.

.09 Section 852(b)(7) provides that any dividend declared by a RIC in October, November, or December of any calendar year and payable to shareholders of record on a specified date in such a month shall be deemed to have been received by each shareholder on December 31 of such calendar year, and to have been paid by the RIC on December 31 of such calendar year (or, if earlier, as provided in section 855). The preceding sentence shall apply only if such dividend is actually paid by the RIC during January of the following calendar year.

.10 Section 855 provides, in relevant part, that if a RIC declares a dividend prior to the time prescribed by law for the filing of its return for a taxable year (including the period of any extension of time granted for filing such return), and distributes the amount of such dividend to shareholders in the 12-month period following the close of such taxable year and not later than the date of the first regular dividend payment made after such declaration, the amount so declared and distributed shall, to the extent the RIC elects in such return, be generally considered as having been paid during such taxable year. Except as provided in section 852(b)(7), the amounts distributed pursuant to this section shall be treated as received by the shareholder in the taxable year in which the distribution is made.

.11 Section 857(b)(9) provides that any dividend declared by a REIT in October, November, or December of any calendar year and payable to shareholders of record on a specified date in such a month shall be deemed to have been received by each shareholder on December 31 of such calendar year, and to have been paid by the REIT on December 31 of such calendar year (or, if earlier, as provided in section 858). The preceding sentence shall apply only if such dividend is actually paid by

ues for applying the valuation rules of regulations section 1.61–21(e)(1)(iii)(A) (the vehicle cents-per-mile valuation rule), and section 1.61–21(d)(5)(v)(D) (the fleet average valuation rule), contact Don M. Parkinson at (202) 622–6040 (not a toll-free call).

26 CFR 601.601: Rules and regulations. (Also: Part I, §§ 301, 305.)

Rev. Proc. 2010–12