INCOME TAX

Rev. Rul. 2012–27, page 435. Fringe benefits aircraft valuation formula. For purposes of section 1.61–21(g) of the Income Tax Regulations, relating to the rule for valuing non-commercial flights on employer-provided aircraft, the Standard Industry Fare Level (SIFL) centsper-mile rates and terminal charge in effect for the second half of 2012 are set forth.

Rev. Proc. 2012–39, page 470. This procedure modifies the rules under section 446 of the Code in Rev. Proc. 2011–14, 2011–4 I.R.B. 330, and Rev. Proc. 97–27, 1997–1 C.B. 680, regarding certain changes in method of accounting by taxpayers that engage in a transaction to which section 381(a) applies that occurs on or after August 31, 2011. The procedure also modifies section 3.09 of the APPENDIX of Rev. Proc. 2011–14 regarding a change in method of accounting described in Rev. Proc. 2011–43 for taxpayers in the business of transporting, delivering, or selling electricity. Finally, the procedure clarifies and modifies section 8.04 of the APPENDIX of Rev. Proc. 2011–14 regarding a change in method of accounting for amounts paid or incurred for the installation of energy efficient commercial building property under section 179D. Rev. Proc. 97–27 modified. Rev. Proc. 2011–14 clarified and modified.