Private aircraft used in a trade of business pose a myriad of rules and regulations to comply with, not least of all are the tax rules.  Business use aircraft are Listed Property under Section 280F, facilities for purposes of applying entertainment limitations and transportation assets with a high likelihood of providing taxable transportation fringe benefits. This course will take a 30,000-foot view of the major income tax reporting issues that arise when a business owns, leases or charters private air transportation.

Learning Objectives:

• Understand the various types of private air transportation and ownership options.


• Recognizing competing regulatory stakeholders like the FAA.


• Aircraft as depreciable listed property and the special rules for business use testing.


• Reporting personal/non business use by owners and employees and their guests.


• Income recognized by owners and employees.


• Reimbursements to the business and the terrible consequences.


• Reporting to other tax and non-tax regimes.


• Calculating deduction limitations for entertainment use.


• Learn differences in reporting based on the business’s tax return filing.


• Other notable changes to aircraft tax reporting under the 2017 TCJA.