This webinar consisted of two parts: (i) Part 1 will provide a detailed overview of the process of preparing for, participating in, and defending a federal income/excise tax audit and a state sales and use tax audit of an aircraft owner or operator. The webinar will include a discussion of the process and procedure utilized in each type of audit and the issues that aircraft owners and operators typically confront during the course of such an audit (ii) Part 2 will consist of an update on IRS guidance regarding the imposition of federal excise tax on Part 91 managed aircraft including recent developments.
Month: February 2016
Integrating Like-Kind Exchanges into an Aircraft Transaction
The agenda features highly regarded speakers that are experts in aviation finance, aircraft utilization options, regulatory topics, and tax planning and risk management. With business aviation having a global footprint, the conference also provides strategies for evaluating aircraft registry options and managing complex international tax issues.
Integrating Like-Kind Exchanges into an Aircraft Transaction
Options for Allowing Third Parties to Use Your Aircraft – Income Tax, Excise Tax and Sales Tax Considerations
This webinar will provide an overview of (i) options available in connection with allowing affiliated persons and unaffiliated third parties to utilize a business aircraft including Part 135 aircraft charter, aircraft time sharing and interchange arrangements under Part 91.501, and aircraft dry leases under FAR Part 91, with a discussion of specific income tax, excise tax and state sales tax considerations of such arrangements and (ii) liability and risk management issues relating to such arrangements.
A Broader Tax Exemption – Excluding Income Related to Governmental Functions
There is a little-known section of the Code that excludes almost all revenue from the definition of "gross income." Moreover, if the revenue of an exempt organization qualifies for exclusion under this provision, the organization can be exemt from filing annual Forms 990. The exclusion provided by this rarely used Code section covers a much broader scope of revenue than the exclusion from the definition of unrelated businessincome, and it is easier for qualifying organizations to obtain recognition of such qualification than it is to obtain tax-exempt status. Finally, even if an organization's exemption is revoked by the Service, the exclusion of revenue from the definition of gross income may remain intact.
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