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Rev. Rul. 2020-5 modifies Rev. Rul. 2009-13 and Rev. Rul. 2009-14 to reflect § 1016(a)(1)(B) of the Internal Revenue Code, which was added by section 13521 of the 2017 Tax Cuts and Jobs Act. Under §1016(a)(1)(B), the adjusted basis of an insurance contract is not reduced by the cost of insurance. Section 1016(a)(1)(B) reversed the position in Rev. Rul. 2009-13 and Rev. Rul. 2009-14 that the basis of an insurance contract is reduced by the cost of insurance.
These regulations set forth the procedures for employers who choose to use special valuation rules to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle. To align with changes made by the Tax Cuts and Jobs Act, these final regulations update the procedures for determining the maximum vehicle values for use with the special valuation rules and describe how employers may adopt the special valuation rules for years 2018 and 2019.
26 CFR 1.61-21 Taxation of Fringe Benefits
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