New Dogfight Between Obama and Private Jet Industry

[gret]

Clarification ""a brand new aircraft owner" means someone who doesn't already own a plane. Not simply a buyer of a new plane.

 

[gutshotdraw]

NJA supposed owner; for credibility issues please check spelling and grammer

When criticizing for spelling and GRAMMAR, it helps credibility to get it right yourself, first.


Jusssssssss sayin'

 

[NJAowner]

GSD -- thanks -- you beet me too it.

Gret -- you know your 1031 especially when using discussing "boot". Impressive. But also Mr. NY-PBI will probably have his company set up an small office in Palm Beach, and he will probably conduct some business in Palm Beach, which will amazingly need to be done on Fridays or Mondays (as those are the days th epeople he is meeting with in Palm Beach are there). The reverse 1031 does not affect the tax treatment, but in most cases the jet aquires (but does not take title to) the new aircraft prior to disposing of the old aircraft (they could possibly be jetless for a peeriod and no one wants that to happen -- especially pilots).

 

[gunfyter]

It shouldn't matter if pilot wages go up ... just call it a tax ....

Thanks Gret!

And for those who don't want to pay Union dues ... just think of that as a tax ...

 

[gret]

GSD -- thanks -- you beet me too it.

Gret -- you know your 1031 especially when using discussing "boot". Impressive. But also Mr. NY-PBI will probably have his company set up an small office in Palm Beach, and he will probably conduct some business in Palm Beach, which will amazingly need to be done on Fridays or Mondays (as those are the days th epeople he is meeting with in Palm Beach are there). The reverse 1031 does not affect the tax treatment, but in most cases the jet aquires (but does not take title to) the new aircraft prior to disposing of the old aircraft (they could possibly be jetless for a peeriod and no one wants that to happen -- especially pilots).

You are correct about the small office in Palm Beach. The IRS though has caught on to this trick and has implemented some unique and exhaustive (to the taxpayer) audit procedures. Some taxpayers have simply given up and just swallow the disallowance for the jet use as they don't want to open up the can of worms which may expose them to other issues with the IRS.

The issue of avoiding taxes (which is legal) versus evading taxes (which is criminal) has crept into the thought process. Owners realize that the bird is a bullseye and have been rolling over when challenged.

 

[gret]

We'll see if the beet is caught.

 

[gutshotdraw]

We'll see if the beet is caught.

I did. But just spitballing here, I'm guessing it was intentional....

 

[gret]

You know...that Michael Jordan guy was a pretty good basketball player. He turned 50 today.

Did he ever get a plane, or does he just hitch rides? I know we use to fly a charter once in awhile where he was onboard.

 

[hammer2]

You know...that Michael Jordan guy was a pretty good basketball player. He turned 50 today.

Did he ever get a plane, or does he just hitch rides? I know we use to fly a charter once in awhile where he was onboard.

You mean you haven't seen the Tar-heel Gulfstream?

 

[gret]

I had not.

Now I have and I'm disappointed.