As promised in Notice 2019-08, the U.S. Internal Revenue Service (IRS) issued proposed regulations that update the fleet-average and vehicle cents-per-mile valuation rules described in Regs. Secs. 1.61-21(d) and (e), respectively, to align the limitations on the maximum vehicle fair market values (FMVs) for use of these special valuation rules with recent statutory changes made to the depreciation limitations in Sec. 280F (REG-101378-19). Consistent with the substantial increase in the dollar limitations on depreciation deductions under Sec. 280F(a), the proposed regulations increase, effective for the 2018 calendar year, the maximum base FMV of a vehicle for use of the fleet-average or vehicle cents-per-mile valuation rule to $50,000. Read more at the Journal of Accountancy.