The maximum fair market value (FMV) for employer-provided automobiles, trucks, and vans first made available for personal use of company car (PUCC) in 2012 for which the vehicle cents-per-mile valuation rule may be used are:
• $15,900 for a passenger automobile (up from $15,300 in 2011); and
• $16,700 for a truck or van, including passenger automobiles such as minivans and sport utility vehicles, which are built on a truck chassis (up from $16,200 in 2011).
Taxpayers with employer-provided vehicles within the designated FMV amounts may apply the vehicle cents-per-mile rule or fleet average valuation rule, unless the employee is an owner. The mileage allowance rate for 2012 is 55.5 cents-per-mile. Owner-employees and/or employees availed of more expensive company cars may not use this method to put value on their PUCC.