Money » Taxes, Laws & Finance

February 1, 2009
You’ll have an uphill battle trying to convince the IRS that you need a Globa
What do a business jet and a stamp collection have in common? According to the Internal Revenue Service, both may be hobbies. If the IRS considers your aircraft a hobby, you won't be able to write off all the related expenses for tax purposes.
December 1, 2008
A prominent aviation lawyer complained to me recently when his outraged client discovered he was being "back-to-backed." The lawyer wasn't pleased either, but he acknowledged that so-called back-to-back transactions are common in the business jet marketplace.
October 1, 2008
A demonstration flight can help you determine whether the cabin size and conf
You probably wouldn't dream of buying a car without test-driving it. Yet people sometimes purchase airplanes they have never flown in-or even seen. Some of these buyers rely on a trusted business associate or flight crewmember to look at the aircraft for them, but this is a risky idea. If you're purchasing the airplane and will be riding in it, you'd be well advised to check it out yourself.
July 1, 2008
Taking delivery of a business jet is exciting, but maintaining that excitement can be tough, given the daunting work that awaits. Putting aside practical considerations-such as hiring a management company, finding a crew and hangar space and preparing the aircraft for operations-a host of legal, tax, risk-management and financial decisions require attention.
April 1, 2008
Bonus depreciation can save you a lot on taxes–or not. It all depends on your
Bonus depreciation was introduced in the so-called Job Creation and Worker Assistance Act of 2002 in response to the economic malaise following 9/11. Under that act, if you contracted to purchase a factory-new aircraft on or after 9/11 and satisfied certain other requirements, you could start your tax depreciation with a 30-percent "bonus" amount in year one.
February 1, 2008
Since a $10 million jet is as much work for a bank as a $40 million one, the
Uncertainty about aircraft values in the current market poses a major challenge for the companies that finance their purchase. For many new aircraft, the wait for outfitted delivery is as long as five or six years. This backlog puts a lot of pressure on the pre-owned market, where inventories for some models are at all-time lows.
February 1, 2008
Before you say yes to a candidate's request for a ride, check with your tax a
As the presidential primary season heats up and Election Day approaches, you may be asked to make your aircraft available for travel by government officials and political candidates. Before doing so, you should familiarize yourself with the many laws, regulations and rules that govern such transportation.
February 1, 2008
The least obvious and sometimes least protected liability target is the aircr
After 9/11, there is no need to invent catastrophic-damage scenarios involving airplanes. The attacks on the World Trade Center and Pentagon demonstrated conclusively that jets can cause damage on a previously unimagined scale.
December 1, 2007
Learjet 35A
Since 1963, when William Lear's Model 23 Lear Jet had its first flight, manufacturers have turned out thousands of business jets. Most of them are still flying. They give the lie to many business, accounting and tax assumptions concerning the useful life of business jets.
December 1, 2007
Proposed regulations on deductions for entertainment use of business aircraft, issued by the IRS in June, are meant to help aircraft owners comply with changes to the Internal Revenue Code that were introduced in the 2004 Jobs Act. Those changes disallow tax deductions if certain top executives, called "specified individuals," use the aircraft for "entertainment."

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“"How many leaders actively seek out and encourage views alien and at odds with their own? All too few...Who in your organization serves as your Challenger In Chief? Interrogating the choices you are considering making? Making you consider the uncontemplated, the unimaginable and that which contradicts or refutes your position? And also challenging you?"”

-Noreena Hertz, author of Eyes Wide Open: How To Make Smart Decisions in a Confusing World