SIFL definition

SIFL means the Standard Industry Fare Level valuation formula set forth in Treasury Regulations Section 1.61-21(g), 28 C.F.R. Section 1.61-21(g).
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SIFL means the standard industry fare level, as set forth in 8 399.31.
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Examples of SIFL in a sentence

  • The fair market value of Personal Flight Time will be reflected as income on your W-2 in accordance with applicable IRS regulations based on the Standard Industry Fare Level formula (SIFL) pursuant to 26 C.F.R. §1.61-21(g) or a comparable successor provision.

  • The Company shall impute income to the Employee for use of the aircraft as required by applicable tax law in accordance with the SIFL method and the Employee agrees that the Company may withhold all required taxes associated therewith from amounts otherwise payable to the Employee hereunder and, in the event such amounts are insufficient to satisfy the Company’s withholding obligations, to enter into other arrangements reasonably satisfactory to the Company to fund such taxes.

  • The Company shall impute income to the Employee for use of such car and driver as required by applicable tax law in accordance with the SIFL method and the Employee agrees that the Company may withhold all required taxes associated therewith from amounts otherwise payable to the Employee hereunder and, in the event such amounts are insufficient to satisfy the Company’s withholding obligations, to enter into other arrangements reasonably satisfactory to the Company to fund such taxes.

  • Pursuant to IRS regulations based on the Standard Industry Fare Level formula (SIFL), the fair market value of flights pursuant to the TSA Allotment minus amounts paid by you under the Time Sharing Agreements, will be reflected as income on your Form W-2.

  • The Founder shall pay the SIFL rate for any personal use of such private plane.

  • Income will be imputed to the Executive for tax purposes with regard to such personal use of the Company’s aircraft at the Standard Industry Fare Level (SIFL) rate, as published by the Internal Revenue Service, or as otherwise may be required under applicable law.

  • Personal use of company aircraft by Key Executives and their non-business guests is tracked and the value reported for tax purposes for the Key Executive using the Standard Industry Fare Level (SIFL) guidelines.

  • LMC agrees with you that LMC will calculate the fair market value of each flight conducted under the Falcon Time Sharing Agreement to be billed to you based on the Standard Industry Fair Level formula ("SIFL") pursuant to 26 C.F.R. Section 1.61-21(g) or any successor provision (the "SIFL Rate"), but in no event will the fair market value of any flight to be billed to you exceed the FAR Cap.

  • Backus shall reimburse In▇▇▇▇▇▇ta for his use of company aircraft ▇▇▇▇▇nder at the Standard Industry Fare Level ("SIFL"), set by the Department of Transportation from time to time as required by IRS Rules Section 1.61-21(g).

  • The fair market value of such personal flight time will be calculated based on the Standard Industry Fair Level (or SIFL) formula pursuant to 26 C.F.R. ss.