The IRS finalized its rules for determining maximum vehicle fair market values (FMVs) in accordance with statutory changes made in Sec. 280F.
The regulations, in effect starting with the 2018 calendar year, increase the maximum base FMV of a vehicle for use of the fleet-average or vehicle cents-per-mile valuation rule to $50,000. The IRS will annually adjust the $50,000 base value for inflation.
Notice 2020-05 provides the inflation-adjusted amount for 2020 which, at $50,400, is unchanged from 2019.