Fringe benefits aircraft valuation formula. For purposes of regulations section 1.61-21(g), relating to the rule for valuing non-commercial flights on employer-provided aircraft, the Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the first half of 2011 are set forth.

Life insurance contracts. This ruling concludes that if a business receives a life insurance contract in a tax-free exchange for a life insurance contract that is excepted from the pro rata interest disallowance rule of section 264(f)(1) of the Code, the new contract received in the exchange must be tested to determine whether it, too, is excepted from that rule. Exception from the pro rata interest disallowance rule is not an attribute that carries over to a contract received in a tax-free exchange.

Automobile owners and lessees. This procedure provides the depreciation deduction limitations for owners of passenger automobiles (including trucks and vans) first placed in service during calendar year 2011 and amounts to be included in income by lessees of passenger automobiles first leased during calendar year 2011. Rev. Proc. 2010-18 amplified and modified.

Weighted average interest rate update; corporate bond indices; 30-year Treasury securities; segment rates. This notice contains updates for the corporate bond weighted average interest rate for plan years beginning in March 2011; the 24-month average segment rates; the funding transitional segment rates applicable for March 2011; and the minimum present value transitional rates for February 2011.

Replacement of Schedule SSA (Form 5500) with Form 8955-SSA. This announcement designates Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits, as the form to be used to satisfy the reporting requirements of section 6057(a) of the Code for plan years beginning on or after January 1, 2009, and sets forth the due dates for filing the Form 8955-SSA for the 2009 plan year and subsequent plan years.

The IRS has revoked its determination that B & B Scholar Foundation, Inc., of Titusville, FL; Gentle Touch Ministries of Newport, TN; Harbour Credit Counseling Services, Inc., of Virginia Beach, VA; Initiatives for Community Development, Inc., of New York, NY; Past Presidents Club, Inc., of Houma, LA; Reproductive and Child Health Alliance of Henderson, NV; School in the Clouds Assisi of Coronado, CA; Waukesha Kennel Club, Inc., of Mukwonago, WI; and Xelan Foundation, Inc., of Tampa, FL, qualify as organizations described in sections 501(c)(3) and 170(c)(2) of the Code.

This document is a Competent Authority Agreement entered into on November 24, 2010, by the competent authorities of the United States of America and the People’s Republic of China with respect to the taxation of professors and teachers under the U.S.-China income tax treaty and protocol.