Effective January 19, 2021, new tax regulations clarify how the charter industry should address the Commercial Aviation Federal Excise Tax (“FET”) with managed aircraft. The new regulations will give the charter industry a new sales tool: charter flights for owners in their own aircraft will not be subject to FET.
“No bucks, no Buck Rogers.” This quote from The Right Stuff neatly sums up the interrelationship between business aviation and the tax code. Many years ago, Bob Dole was a Senator from the airplane-building State of Kansas. Senator Dole was a commanding presence in the Senate, particularly when it came
Performance in simulated training can predict a pilot’s success.
Charter by the Seat? You find a complex variety of buying options within the FAR Part 135 charter. Some of the variations seem to cross over into scheduled operations. For example, if you buy an “empty leg” of an existing charter, is that a scheduled flight? How can you possibly
“As-is, where-is, with all faults accepted.” Although I believe that the origin of this phrase was an old English wedding vow for the serially betrothed, today it is common legal phraseology for the sale of used equipment without any warranty. The simpler Latin phrase is “Caveat emptor”: Buyer beware. Click here
Prior to 2009, Aircraft financing was generally straightforward and often generous. With a virtual shortage of aircraft (new and used) on the market, lenders did not shy away from supporting what are sometimes characterized as “risky,” high-dollar assets. In fact, financiers went so far as to seek out aircraft financing
The days of boilerplate aircraft purchase agreements are long over. (If they were ever here in the first place.) New regulations – whether from the FAA, IRS or from financial institutions – are continually added or change on a regular basis. Your first line of defense against unexpected difficulties at closing is
After careful consideration, you have found the jet that fits your business and lifestyle goals. Competitive terms and rock bottom interest rates have once again made aircraft financing an attractive option. Before making the decision to engage in or forgo financing, consider the following questions and discuss them with a
The last week of July, 2016 saw our attorneys attending Experimental Aircraft Association’s 64th AirVenture event in Oshkosh, Wisconsin. The event hosted approximately 563,000 attendees and brought together about 10,000 aircraft. AirVenture is where “new aviation technology and innovations are unveiled to the world,” said EAA Chairman, Jack Pelton. This year showcased
In the 1900’s, whilst the Wright brothers were changing the world as we knew it, wide-eyed people- children and adults alike, were seen dotting the outdoors, gazing into the skies each time an “air vessel”, as Lord Byron speculatively called it, passed them by. Not much has changed since- birdflight
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