INCOME TAX

NOTICE 2019–08, page 354. This Notice provides the maximum fair market value of a vehicle eligible to use the fleet-average and cents-per-mile special valuation rules of Treas. Reg. section 1.61–21(d) and (e), respectively, for 2018. These special valuation rules may be used to value an employee’s personal use of an employerprovided vehicle for income and employment tax purposes.

Rev. Proc. 2019–08, page 347. This revenue procedure describes how taxpayers elect to expense under section 179(a) the cost of qualified real property and how taxpayers change their computation of depreciation for certain assets to the alternative depreciation system of section 168(g), for taxable years beginning after 2017. This revenue procedure also defines qualified real property under section 179. Effective date December 21, 2018, Rev. Proc. 87–57 and Rev. Proc. 2018–31 are modified.