Thinking of operating an aircraft in a sole-purpose company to minimize liability? Think again. One of the most frequently-violated FAA regulations is found in one of the most well-known, but misinterpreted, provisions. As a general rule, Federal Aviation Regulation (FAR) Part 91 operators may not charge or accept reimbursement for flights. Owners and pilots forget that the regulation is not limited to unrelated third-parties.
April 9th, 2014 by
February 17th, 2014 by
Aircraft transactions should never be initiated without support from a trusted advisor. When attempting to purchase and register aircraft, resist the temptation to guess how to complete the required FAA forms. The process is not intuitive and many of the requirements that will delay a closing are not contained in the regulations.
January 2nd, 2014 by
Where an employee, or a guest of an employee, uses an aircraft for personal transportation, the fringe benefit rules generally require the employer to treat the value of such personal use as additional compensation to the employee. In the case of aircraft, the rules governing the calculation of these amounts are fairly complex and the rates change from year to year. Here is our annual refresher.
January 1st, 2014 by
Earlier this year on a red-eye flight from China, I had the pleasure of sitting next to a highly intoxicated and unusually talkative German. As the sun rose and breakfast was served, the flight attendant cheerfully passed him another Guinness. He was happy. She was happy. I was not. Was the FAA?
January 1st, 2014 by
The U.S. Department of Transportation (DOT) published a long-awaited Notice of Proposed Rulemaking (NPRM) entitled “Enhanced Consumer Protections for Charter Air Transportation” on Sept. 30, 2013, and then the federal government promptly shut down.
December 13th, 2013 by
Jackson & Wade, LLC, is NBAA’s newest approved Professional Development Program (PDP) provider. The firm’s course, “Regulatory Compliance and Documentation,” meets NBAA’s PDP Objective Operations 3, which is to “develop the knowledge and understanding to establish a recordkeeping system to document regulatory compliance and initiate
October 1st, 2013 by
The market adage, “Don’t try to catch the falling knife,” was born of hard experience. But in the used aircraft world, the knife seems to have finally hit the floor, and buyers are gradually emerging from the shadows of recession. There is no doubt that buyers and sellers are wary now, but are they smarter?
August 5th, 2013 by
International aircraft transactions require a high level of preparation. To improve the success of an international sale, we’ve identified 6 expert tips for buying and selling an aircraft across international boundaries. The combination of common sense, advanced planning, and a valued tax advisor can return a turbulence-free sale.
For additional legal advice regarding international aircraft transactions, contact Kent Jackson or Michelle Wade, Jackson & Wade, LLC, 913-338-1700.
July 16th, 2013 by
Very frequently a non-US citizen (at least according to the FAA’s definition of US Citizen) wants to register an Aircraft in the US. Sometimes owners unexpectedly fall into this category, such as where your corporation has a president who is not a US citizen, or your corporation is owned by individuals or entities who do not meet the FAA’s definition of US citizen. Or maybe you are a publicly traded corporation with no control over who owns your company. In any of these events, you may find yourself in a situation where the FAA says you cannot register an aircraft in the US, at least not in the traditional sense. One alternative route to registration often utilized is the “owner trust” whereby a bank or other entity serves as trustee for registration purposes, with the actual owner being the beneficiary of the trust. But for some, another alternative may provide a path to registration.