Transcript: Ownership interests in large US aircraft and aircraft engines should be recorded not only with the FAA but also with the international registry, also known as the Cape […]
Transcript: One of the FAA’s greatest concerns in general aviation is arrangements where one party provides air transportation to another. A so-called flight department company exists when somebody establishes […]
Transcript: When it comes to aircraft taxes, both federal and state must be taken into account. On the federal side, the most important are income tax which comes into […]
Transcript: The passive activity tax rules divide income and loss into three buckets: active, passive, and portfolio. Most income tends to be active, for example, salary income and most […]
Transcript: SIFL stands for the Standard Industry Fare level, and it’s a multiplier that’s purchased by the IRS in order to help you value personal use of business aircraft. […]
Transcript: Qualified business use is a term of art when considering business aircraft and it is most commonly used in reference section 280F of the IRS code. Qualified business […]
Transcript: The term fractional refers to a specific type of aircraft co-ownership, where operations fall under federal aviation regulations, part ninety one, sub-part K. These involve a fractional management […]
Transcript: FET is Federal excise tax, and it’s another tax to be mindful of when you’re owning or operating a business aircraft. Federal excise tax applies to the purchase […]
Transcript: The owner of an aircraft cannot begin depreciating it for tax purposes until it has been placed in service for business use. A common accounting rule of thumb […]
Transcript: A personal use disallowance is a disallowance of aircraft operating expenses, that would otherwise be taken on the return, that results from personal use of the business aircraft. […]