General Aviation was once deemed as used in extraordinary circumstances or by top global companies only, and is now considered an invaluable business tool in order to survive, and thrive, in today’s economic climate.
Month: August 2012
IRS Issues Final Rule on Use of Private Jet Aircraft for Entertainment
After five years in a proposal format, the IRS issued a final decision on the regulation for tax deductions for non-business, “entertainment” use of private jet charter aircraft. The IRS ruled in favor of disallowing tax deductions including variable costs, such as fuel and landing fees, and fixed costs such as depreciation, hanger fees and pilot salaries.