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Pilots don’t the privileges and limitations of their certificates are separate and distinct from operational rules required to conduct a flight.
I compete in Formula One air racing, so one week out of each year, CFR means “Crash, Fire, Rescue” instead of “Code of Federal Regulations.” Each year at the air races in Reno, NV, the safety team repeats their mantra that “Maydays are Free!” The safety folks remind us that
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
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