Revenue Procedure 2011-11 as published on January 24, 2011 (2011-4 I.R.B. 329) contains an error in Section 1. Purpose. Revenue Procedure 2011-11 provides guidance for the maximum values of employer-provided vehicles first made available for personal use in calendar year 2011. This announcement corrects section 1.01 of Rev. Proc. 2011-11.
This correction clarifies that the maximum vehicle values set forth in Rev. Proc. 2011-11 are for the calendar year 2011.
Section 1.01 of Rev. Proc. 2011-11 now reads as follows:
This revenue procedure provides (1) the maximum value of employer-provided vehicles first made available to employees for personal use in calendar year 2011 for which the vehicle cents-per-mile valuation rule provided under section 1.61-21(e) of the Income Tax Regulations may be applicable is $15,300 for a passenger automobile and $16,200 for a truck or van; (2) the maximum value of employer-provided vehicles first made available to employees for personal use in calendar year 2011 for which the fleet-average valuation rule provided under section 1.61-21(d) of the regulations may be applicable is $20,300 for a passenger automobile and $21,200 for a truck or van.
The principal author of this announcement is Don M. Parkinson of the Office of Division Counsel/Associate Chief Counsel (Tax Exempt and Government Entities). For further information regarding this announcement, please contact Don M. Parkinson at (202) 622-6040 (not a toll-free call).
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