Transcript:

When operating an aircraft there’s a bunch of authorities that we’re always paying attention to. We want to make sure we’re FAA compliant and DOT compliant. There’s also a variety of different taxing authorities that one should be aware of or conscious of when they’re operating a business aircraft. The IRS is a simple, kind of first thing we think of when we think of taxing authorities. It is important to comply with IRS rules and regulations, but we also want to be aware and mindful of state sales and use taxing authorities and also local property tax authorities that may have jurisdiction over the aircraft or the ability to reach the aircraft by taxing. Remember we’re talking not only about the state in which your aircraft is based in, but any state that you have regular transportation to or nexus with, may try to assert taxing authority over the aircraft based upon your use.