Rev. Rul. 60-348

Upon reconsideration, Revenue Ruling 59-409, C.B. 1959-2, 48, is withdrawn. It holds, in part, that (1) the value of the meals and lodging furnished to the wives and children of resident faculty members at a boarding school constitutes additional compensation which is required to be included in the faculty members' gross incomes, and (2) the exclusion with respect to meals and lodging furnished to the faculty members themselves will not apply for any term or period when the students are not in residence.