This edition of the Burns & Levinson Business Aviation Report covers new developments in the following areas of business aviation:
• Rentals from leasing aircraft may be subject to the new 3.8 percent tax on net investment income.
• Entertainment use regulations issued.
• Bonus depreciation is renewed at 50 percent for aircraft purchased in 2013 and for certain aircraft delivered in 2014.
• Owners must monitor personal use to ensure prior year bonus depreciation is not recaptured.
• FAA modifies “Schwab” rule to permit executives’ reimbursement of employers for certain personal use of aircraft.
• Legislation generally exempts fractional interests from transportation excise tax, yet IRS continues to push for excise tax on aircraft management fees.
Please see full newsletter below for more information.
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