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SIFL |
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The imputed income an individual taxpayer recognizes under the SIFL formula is roughly comparable to the cost of first class airline tickets, but not surprisingly, the actual cost of operating a private jet often is substantially higher. 61-21(b) and (g), an employee must recognize income to the extent of a trip's FMV or a value computed using the SIFL guidelines. 61-21(g) (known as the Standard Industry Fare Level or SIFL rules) to determine the value of the executives' entertainment trips. |
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