Supreme Court Gives Obama Opening for New Regulations Without Notice and Comment Rulemaking
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Chartering your Company Aircraft: Have you considered the Tax Issues? Part 2
Keith continues his discussion of the many tax issues that arise when owners place their business aircraft on a management company’s charter certificate.
Chartering your Company Aircraft: Have you considered the Tax Issues? Part 2
Defending a Federal (IRS) Income Tax or Excise Tax Audit or a State Sales and Use Tax Audit
Chartering your Company Aircraft: Have you considered the Tax Issues?
What should owners know about placing their business aircraft on a management company’s charter certificate? Keith Swirsky opens a three-part discussion series.
Chartering your Company Aircraft: Have you considered the Tax Issues?
GKG Law Partner, Tom Wilcox, speaks at Argus Americas Crude Summit in Houston, Texas
On January 29, 2015, Tom Wilcox gave a presentation on railroad tank car regulations and key railroad regulatory and legislative issues affecting crude oil transportation at the Argus Americas Crude Summit held in Houston Texas.
Bonus Depreciation Update / Tax-Free Aircraft Exchanges under Code Section 1031
The webinar will consist of two parts: (i) Part 1 will consist of an update regarding the availability of bonus depreciation and rules relating to the application of bonus depreciation in the context of an aircraft acquisition; (ii) Part 2 will provide a detailed review of the rules applicable to conducting forward and reverse tax-free exchanges of aircraft.
Defending Preference Actions in Bankruptcy
Recently one of our trade association clients learned that bankruptcies can be painful for creditors, sometime even years after the debtor files for bankruptcy. Our client only discovered that a judgment in excess of $86,000 had been entered against it as a result of a preference action (a suit by a debtor or its trustee seeking to recover payments made in the 90 days before the bankruptcy was filed) when the assets in its bank account were frozen. Unlike in an ordinary lawsuit, service of a complaint in a preference action in bankruptcy can be accomplished through regular mail delivery. The client, however, failed to receive the complaint. As a result, it only discovered that suit had been brought after a default judgment had been entered and the assets in its account were frozen (for twice the amount of the judgment ($172,000)). Fortunately, we were able to negotiate a resolution based upon defenses available to our client on the underlying preference action, but it nonetheless highlights the risks posed by a trade association customer or member's bankruptcy. While you cannot prevent a member or customer from reorganization or liquidating, there are important steps that you can take to minimize your risk of suffering significant financial losses.
The full article can be read here.
Federal Income Tax Treatment of Personal Use of Aircraft
This webinar will provide an overview of federal tax issues that arise due to personal use of business aircraft including income inclusion rules, excise tax implications of cost reimbursements, effect of personal use on operating expense and depreciation deductions and common strategies to minimize negative tax consequences to an aircraft owner or passenger arising from personal use of a business aircraft. This webinar includes an update regarding the final regulations governing deduction limitations due to personal entertainment use of business aircraft.
Options for Allowing Third Parties to Use Your Aircraft: Income Tax, Excise Tax and Sales Tax Considerations
Documentation: A Necessity when Claiming Deductions
Careful implementation and thorough recordkeeping are essential when supporting tax deductions.