CPAsOperating RegulationsPilots

Questions to Ask if You Have an Aircraft Dry Lease

By October 13, 2019 No Comments
Questions to ask if you have a dry lease

Review Your Facts & Your Leases

Check your business entities and financial operations for any changes which may affect your compliance with the Federal Aviation Regulations (FARs), tax and regulatory requirements.

 

What Information Do You Need- Ask These Questions

  • Is each lessee an entity that uses the aircraft within the scope of and incidental to its own business?
  • Is any lessee providing flights to others for consideration?
  • How does payment flow – for the aircraft and for the pilots?
  • Does anyone pay the lessee to provide transportation?
  • Is the ultimate ownership the same for the airplane and the entity that employs the crew?

What to Do With the Answers To Your Questions

If anything has changed since the last time you reviewed your aircraft’s ownership structure or aircraft operations, review the answers with your aviation counsel and tax advisor to confirm continued compliance with the FARs, tax laws and insurance policies

Contact Jetstream Aviation Law to help you analyze whether any changes impact your regulatory compliance.

 

Michelle M. Wade is a partner with the law firm of Jetstream Aviation Law and counsels clients on the acquisition, financing and operation of corporate jets operated under Part 91 and Part 135 of the Federal Aviation Regulations. Jetstream Aviation Law can be found at www.JetstreamLaw.com.

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