The Internal Revenue Service has increased its maximum value limits for employer-provided vehicles this year.
The IRS said the maximum value of employer-provided vehicles first made available to employees for personal use in calendar year 2010 for which the vehicle cents-per-mile valuation rule may be applicable is $15,300 for a passenger automobile and $16,000 for a truck or van.
In addition, the maximum value of employer-provided vehicles first made available to employees for personal use in 2010 for which the fleet-average valuation rule may be applicable is $20,300 for a passenger automobile and $21,000 for a truck or van.
For more information, see Revenue Procedure 2010-10.
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