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American Taxpayer Relief Act of 2012 extends bonus depreciation for aircraft

  • Sullivan & Worcester LLP
  • -
  • USA
  • -
  • January 7 2013

As part of the American Taxpayer Relief Act of 2012 -- the legislation that was the product of the "fiscal cliff" negotiations in Washington -- Congress

American Taxpayer Relief Act of 2012

  • Barnes & Thornburg LLP
  • -
  • USA
  • -
  • January 3 2013

The American Taxpayer Relief Act of 2012 (fiscal cliff legislation) provides for an extension of 50 percent bonus depreciation through the end of 2013

Aviation law alert - federal excise tax adjustments

  • Barnes & Thornburg LLP
  • -
  • USA
  • -
  • December 28 2012

Inflation adjustments to Federal Excise Tax (FET) rates were published by the IRS. Beginning Jan. 1, 2013 the rates are: Percentage Tax

Change in IRS position creates additional tax exposure for aircraft management companies and aircraft owners

  • Sullivan & Worcester LLP
  • -
  • USA
  • -
  • December 18 2012

Earlier this year, the Internal Revenue Service issued a Chief Counsel Advice (CCA 2012-10026) that addresses the taxability of aircraft management fees as amounts “paid for the taxable transportation of persons” that are subject to the 7.5 Federal Transportation Excise Tax imposed by 4261 of the Internal Revenue Code (the “FET”

2012 post-election advisory

  • Alston & Bird LLP
  • -
  • USA
  • -
  • November 9 2012

On January 2, 2013, $1.2 trillion in automatic, across-the-board spending cuts to defense and domestic programsknown as “sequestration”are set to begin as mandated by the Budget Control Act of 2011

IRS releases final regulations on deductions for personal use of business aircraft

  • Gibson Dunn & Crutcher LLP
  • -
  • USA
  • -
  • September 12 2012

Recently, the Internal Revenue Service ("IRS") published final regulations concerning the deductibility of the use of business aircraft for personal purposes

Final aircraft deduction disallowance regulations

  • McDermott Will & Emery
  • -
  • USA
  • -
  • August 21 2012

Final Internal Revenue Service regulations have at last been issued for tax deductions in connection with the entertainment use of business aircraft

Business aircraft entertainment use: final IRS regulations on disallowed deductions

  • Husch Blackwell LLP
  • -
  • USA
  • -
  • August 13 2012

On August 1, 2012, the Internal Revenue Service (IRS) released final regulations addressing the tax treatment associated with the use of business aircraft for entertainment purposes

IRS issues final tax regulations on deduction disallowances for business aircraft entertainment use

  • Wiley Rein LLP
  • -
  • USA
  • -
  • August 2 2012

Newly issued Internal Revenue Service (IRS) regulations clarify, but are also likely to reduce, a business aircraft owner’s ability to claim tax deductions to the extent that the aircraft is used for directorofficer entertainment purposes

Airplane and helicopter did not qualify for sales tax exemption for commercial aircraft

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • July 2 2012

In Matter of John P. Reilly DBA Construction Concepts, DTA No. 823544 (N.Y.S. Div. of Tax App., May 24, 2012), an Administrative Law Judge held that a sole proprietor’s purchases of an airplane and a helicopter were subject to sales and use taxes because neither qualified as commercial aircraft primarily engaged in intrastate, interstate, or foreign commerce under Tax Law 1115(a)(21) and 1101(b)(17

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