The advantages of aircraft ownership must be carefully weighed and analyzed for tax implications. At Evan S. Kagan, P.A., we work closely with our clients' tax advisors and consultants to craft transactions and structure ownership to provide advantageous treatment to aircraft owners.
Federal, state, and excise taxes need to be considered when planning the purchase of an aircraft. Each aircraft purchase or sale transaction is unique and we have the depth of knowledge to navigate the transaction team around the web of regulations, seeing that the transaction is in compliance with applicable law while considering the impact of each option.
We have working relationships with qualified intermediaries to facilitate tax-deferred exchanges of aircraft under Section 1031 of the Internal Revenue Code.
When determining the structure of ownership, our attorneys discuss the buyer's overall and specific goals. Personal use of business aircraft and Federal limitations on corporate tax deductions for entertainment use require careful consideration. If you have questions, please contact our Fort Lauderdale offices. |
