The webinar will consist of two parts: (i) Part 1 will consist of an update regarding the availability of bonus depreciation and rules relating to the application of bonus depreciation in the context of an aircraft acquisition; (ii) Part 2 will provide a detailed review of the rules applicable to conducting forward and reverse tax-free […]
Recently one of our trade association clients learned that bankruptcies can be painful for creditors, sometime even years after the debtor files for bankruptcy. Our client only discovered that a judgment in excess of $86,000 had been entered against it as a result of a preference action (a suit by a debtor or its trustee […]
This webinar will provide an overview of federal tax issues that arise due to personal use of business aircraft including income inclusion rules, excise tax implications of cost reimbursements, effect of personal use on operating expense and depreciation deductions and common strategies to minimize negative tax consequences to an aircraft owner or passenger arising from […]
Options for Allowing Third Parties to Use Your Aircraft
Careful implementation and thorough recordkeeping are essential when supporting tax deductions. A Necessity when Claiming Deductions
Court Dismisses Demurrage Claim Against NVOCC
Carriers have recently escalated their efforts to recover demurrage claims against shippers and non‐vessel operating common carriers (NVOCCs). This places NVOCCs in a very difficult position as often NVOCCs are not able to prevent such demurrage and detention charges from continuing to accrue. For example, if Customs officials in China, India or elsewhere hold cargo for extended […]
Obtaining authorization from the FAA to conduct flights for compensation and reward,even if all passengers are employees of aparticular company, is sophisticated and time-consuming. View as PDF
Using IRS Form EZ to Set Up a New Foundation
With careful planning, a business aircraft purchaser can substantially reduce or completely eliminate sales and use tax liability on a business aircraft purchase, advises attorney Chris Younger. Business Aircraft Sales Tax Planning: Sales and use tax considerations.