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Aircraft Timeshares: Tips for Avoiding FAA Violations

November 21st, 2014

An aircraft timeshare involves a person leasing their airplane with flight crew, and no charge is made for the flights other than those specified in FAR 91.501(d). Avoid accidental FAA Regulatory violations – not to mention aircraft insurance coverage issues – by following a few basic tips for aircraft timeshares.

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Know Before You Buy: Purchasing Pre-owned is Different than Purchasing New

November 21st, 2014

If your eyes light up when you see ads for your favorite model of pre-owned aircraft and previously you always bought new aircraft directly from the manufacturer, this article will help you identify some of the differences between these two types of purchases.

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So You Want to Buy a Pre-Owned Aircraft…

August 20th, 2014

When scanning the SALE ads for pre-owned aircraft, go ahead and imagine yourself taking off from the runway but first consider the legal, financial and tax implications that differ between buying used versus new.

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Corporate Inversions and the Corporate Jet

July 24th, 2014

Corporate inversions implemented to reduce corporate taxes are a hot topic.  Congress recently held hearings on the corporate tax code.  Could this tax issue affect the corporate jet?

If your company is involved in a cross-border merger or acquisition, where over 25% of the company will be owned by individuals or entities which do not meet the FAA’s definition of US citizen, then you need to talk with your business aviation lawyer about whether your US-registered aircraft is still validly registered.

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Getting Aviation Regulatory Compliance Right

May 30th, 2014

Aviation is a highly regulated industry requiring constant monitoring. The FAA, IRS, State Department of Revenue and other governmental agencies all have laws, rules and regulations governing your aircraft and how it is owned and operated. Staying informed is critical. Focusing exclusively on taxes, on Federal Aviaiton Regulations (FARs) or on perceived liability shields creates problems.

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PREP & GO: Tips for International Aircraft Transactions

August 5th, 2013

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.

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For additional legal advice regarding international aircraft transactions, contact Kent Jackson or Michelle Wade, Jackson & Wade, LLC, 913-338-1700.


Registering your Aircraft as “Based & Primarily Used”: An Alternative to the Owner Trust

July 16th, 2013

 

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.

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Practice Tips for the International Purchase & Sale of Business Aircraft

June 1st, 2013

If your international commercial transaction involves a business aircraft, particularly where the buyer will register the aircraft in a different country than the one in which the seller had it registered, you have a lot of work in front of you. Cross-border aircraft transactions involve many hurdles that can be difficult to identify, and even harder to get over.

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Avoid A Flight Department Company

December 3rd, 2012

Flight department companies are entities that operate aircraft but have no other business purpose.  The use of these entities often has the opposite result, including exposure to FAA civil penalties, IRS excise taxes, and the possibility of the denial of coverage by an insurance company should a claim arise. Click here to download full article.

Buying and Flying Corporate Aircraft

September 4th, 2012

Looking for a replacement aircraft, and the right jet appears at the right prices?  The next thing you know, someone has placed an offer letter in front of you and says it’s time to sign, or you could lose this great deal! Is it a great deal? How do you know? We know, you just want to fly – and thinking about all of the legal jargon just gives you a headache.  This article will hopefully help you navigate the minefield of aircraft acquisition and ownership.

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