Transcript:

SIFL stands for Standard Industry Fare Level. It’s a multiplier that really does not naturally relate to any number that you would calculate in relation to your aircraft. What SIFL is, it’s the evaluation … It’s actually published by the IRS quarterly in order to determine the amount of additional income or the value of a flight that should be imputed to a taxpayer for aircraft personal use. SIFL is calculated by taking the IRS multiplier, times a number that is generated based on the gross takeoff weight of the aircraft, and then it’s also the final multiplier. That calculation is going to be the relationship of the individual using the aircraft, to aircraft ownership. There are certain individuals where the SIFL number is going to be higher because they’re an owner or related to the owner of the aircraft at the time that they’re using it. SIFL is calculated by factoring in three things: the IRS multiplier, the gross takeoff weight of the aircraft, and the relationship between the passenger and the ownership of the aircraft.