Transcription of Revenue Procedure 2001
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Revenue Procedure 2001- 56. TABLE OF CONTENTS. SECTION 1. PURPOSE AND SCOPE. Q - 1. What is the purpose of this Revenue Procedure ? Q-2 Who may use the simplified methods in this Revenue Procedure ? Q - 3. What vehicles are demonstration automobiles that qualify for the simplified methods? Q - 4. For which employees can the simplified methods be used? Q - 5. Does this Revenue Procedure describe all of the methods for determining and substantiating the value of the use of demonstration vehicles provided to employees by automobile dealerships? SECTION 2. BACKGROUND. Q - 6. What provisions of the tax law may apply to a vehicle provided to an employee by an employer? Q - 7. When is the use of an employer-provided automobile a working condition fringe? SECTION 3. FULL EXCLUSION FOR QUALIFIED AUTOMOBILE DEMONSTRATION. USE. Q - 8. What is the full exclusion for qualified automobile demonstration use? Q - 9. What are the requirements for the full exclusion of automobile demonstration use by a full-time salesperson?
1 Revenue Procedure 2001- 56 TABLE OF CONTENTS SECTION 1. PURPOSE AND SCOPE Q - 1. What is the purpose of this revenue procedure? Q - 2 Who may use the simplified methods in this revenue procedure?
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