What's Happening in Business Aviation? May 2013


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.

LOADING PDF: If there are any problems, click here to download the file.