INCOME TAX

Rev. Rul. 2016–10, page 545. 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 employerprovided aircraft, the Standard Industry Fare Level (SIFL) centsper-mile rates and terminal charge in effect for the first half of 2016 are set forth.

Notice 2016–27, page 576. This notice provides that statements required under section 6035, regarding the basis of property distributed from the estate of a decedent, need not be filed or furnished until June 30, 2016, rather than the current March 31, 2016 deadline.

Notice 2016–28, page 576. Notice 2016–28 explains how a State or local government amends the nomination of an empowerment zone to provide for a new termination date of December 31, 2016.

T.D. 9759, page 545. These regulations apply when a corporation that is subject to U.S. income tax acquires loss property tax-free from a liquidating subsidiary, from shareholders or others in a capital contribution, or from another corporation or person in a reorganization, and the loss in the acquired property accrued outside the U.S. tax system. The regulations provide guidance for preventing the importation of loss in such cases by requiring the bases of the assets received to be equal to value.

T.D. 9760, page 564. These regulations finalize without substantive change temporary and proposed regulations promulgated in 2013 that address outbound transfers of stock or securities in certain nonrecognition transactions. First, the regulations finalize modifications to the indirect stock transfer coordination rule, which generally provides that section 367(a) and (d) apply to any

Finding Lists begin on page ii.