This form is used when the Lessor and Lessee desire to amend the description of the Lands subject to the Lease by dividing the Lands into separate tracts, with each separate tract being deemed to be covered by a separate and distinct oil and gas lease even though all of the lands are described in the one Lease.
Annual Lease Value Table For Employer-provided Autos
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Multi-State
Control #:
US-OG-334
Format:
Word;
Rich Text
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How to fill out Annual Lease Value Table For Employer-provided Autos?
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FAQ
A vehicle's annual lease value is based on the fair market value of the vehicle when it is first available for personal use and is determined under an annual lease value table provided by the IRS.
The IRS standard mileage rate for the use of cars, vans, pickups or panel trucks driven for business use is 58 cents per mile for 2019, 57.5 cents per mile for 2020 and 56 cents per mile for 2021.
To calculate the value, divide the total number of personal miles driven by the total miles and then multiply the result by the annual lease value.
The IRS figures that to be the realistic cost of operating an automobile. So, a company vehicle should be worth about (15,098 miles x $0.54/mile) = $8,152.92 per year. To be safe, I round up to $8,500. A good rule of thumb is to value a company vehicle at $8,500/year.
The value of a vehicle that is made available to an employee for less than a year but for at least 30 days is measured by a prorated annual lease value (that is, the annual lease value multiplied by the number of days during the year the vehicle was available to the employee and divided by 365 or 366).
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(3) Services included in, or excluded from, the Annual Lease Value Table. (4) Availability of an automobile for less than an entire calendar year.Automobile Lease Valuation Rule. Driving a company vehicle for personal use is a taxable noncash fringe benefit (aka benefit you provide in addition to wages). (Lease Value Rule to be used with the Allowable Personal Use Policy).
