The Car and Truck Fleet and Leasing Management Magazine

IRS Issues Revenue Procedure for Personal Use for 2007 CY

March 6, 2007

WASHINGTON, D.C. – The Internal Revenue Service has issued a revenue procedure that provides the maximum values for employer-provided vehicles when using the cent-per-mile valuation rule or the fleet-average valuation rule, according to the NAFA Fleet Focus e-mail newsletter.

Revenue Procedure 2007-11 provides: (1) the maximum value of employer-provided vehicles first made available to employees for personal use in calendar year 2007 for which the vehicle cents-per-mile valuation rule can be used is $15,100 for a passenger automobile and $16,100 for a truck or van; and (2) the maximum value of employer-provided vehicles first made available to employees for personal use in calendar year 2007 for which the fleet-average valuation rule may be used is $20,100 for a passenger automobile and $21,100 for a truck or van.
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