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Ownership and Use of Private Aircraft Cathy Schrupp Deloitte ?f- Copynght t, 2004 Deloitte Development LLC EFTA01135628 Tax Considerations • Ordinary and necessary business expense • Deductible expenses • Like-kind exchanges • Personal ... Limit Copyright tt) 2004 Deloitte Development LLC EFTA01135629 Ordinary and Necessary Business Expense •"Ordinary and necessary" not defined in Internal Revenue Code • Case law defines "ordinary" as a common ... taxpayers trade or business 50 The Sky is The Limit Copyright (D 2004 Deloitte Development LLC EFTA01135630 Ordinary and Necessary Business Expense Favorable Facts - Operating entity owns aircraft - Expansive client