Ownership and Use of
Private Aircraft
Cathy Schrupp
Deloitte
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Copynght t, 2004 DeloitteDevelopmentLLC
EFTA01135628
Tax Considerations
• Ordinary and necessary business expense
• Deductible expenses
• Like-kind exchanges
• Personal ... Limit Copyright tt) 2004 DeloitteDevelopmentLLC
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 DeloitteDevelopmentLLC
EFTA01135630
Ordinary and Necessary
Business Expense
Favorable Facts
- Operating entity owns aircraft
- Expansive client