IRS Issues Revenue Ruling on Section 61 - Gross Income Defined
April 14, 2026
April 14, 2026
WASHINGTON, April 14 -- The Internal Revenue Service issued the following revenue ruling (No. 2026-8) on April 13, 2026, entitled "Section 61 - Gross Income Defined".
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For purposes of the taxation of fringe benefits under section 61 of the Internal Revenue Code, section 1.61-21(g) of the Income Tax Regulations provides a rule for valuing noncommercial flights on employer-provided aircraft. Section 1.61-21(g)(5) provides an aircraft valuation formula to de . . .
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For purposes of the taxation of fringe benefits under section 61 of the Internal Revenue Code, section 1.61-21(g) of the Income Tax Regulations provides a rule for valuing noncommercial flights on employer-provided aircraft. Section 1.61-21(g)(5) provides an aircraft valuation formula to de . . .