Execs owe less tax on personal use of company planes. (Executive's Briefcase).

If an executive uses a company aircraft for a nonbusiness trip, the value of the personal flight--just like the personal use of a company car--must be included in the executive's income and is subject to income and employment taxes. Just as companies can use a cents-per-mile rate to calculate business and personal use of vehicles, special cents-per-mile rates are available to value personal flights on company aircraft. These rates, known as the Standard Industry Fare Level (SIFL) mileage rates, are revised semiannually.

The rates for the first half of 2003 were recently announced--at lower levels than rates previously in effect [Rev. Rul. …