If a fractional interest is used essentially for business and incidentally for personal use, how is the personal use taxed for income tax purposes?
Formerly, the individual would include an amount in personal income as a fringe benefit calculated under a formula known as “the SIFL rate” (for Standard Industry Fare Level) which is revised periodically by the IRS. This tax treatment was extremely beneficial to the individual as opposed to allocating actual aircraft operating expenses.
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