Second in a series of articles on “How to Survive an IRS Audit of your Aircraft” There are many valid business reasons to separate aircraft ownership from the operating […]
All tax practitioners are aware how unyielding the tax code can be to those who lack sufficient planning and learn of the law’s arcane requirements only after the fact. One […]
When a financed aircraft is owned in a special-purpose company, which lacks assets other than the aircraft, it is typical and understandable for the financing bank to insist that, in […]
A notable milestone in the cat-and-mouse game of individuals seeking to minimize tax burden and Congress making new laws to end potential shelter activity is the Passive Activity Rule, which […]
First in a Series – Federal Income Tax Examinations Introduction There has been an increase in federal income tax audit activity for high net-worth individuals and profitable small businesses. […]
The best way to protect your aircraft deductions is travel for business and thoroughly and consistently retain documents you can use on audit to show (1) the business reason for […]
Revenue Procedure 2010-13 Effective for Years Beginning After January 25, 2010 There are a number of good business reasons to isolate aircraft ownership and operation in stand alone entities. The […]
IRS EXPANDS AIRCRAFT TAX EXAMS – HOW SHOULD YOU PREPARE? The Internal Revenue Service appears to be taking increased interest in aircraft owners’ income tax returns. It may be a […]
Aircraft Income Tax, Passive Activity & Hobby Loss
Structuring Transactions to Control Liability and FAA Limitations May Require Tax Election There are often compelling reasons to own an aircraft outside the core business entity. These might include interests […]
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